FARMINGTON HILLS, Mich. — After announcing that Klaus Entenmann has become chairman of Daimler Financial Services AG in Berlin, the company named a replacement who will head up the company's Americas division, in addition to other moves. Franz Reiner, the former head of Mercedes-Benz Financial USA, has been tapped as president and CEO of Daimler Financial Services, responsible […] [Read More]

WASHINGTON, D.C. — The latest data available from the Federal Reserve reveals that the average interest rate on 48-month new-car loans at commercial banks for November was the lowest figure on record. For November, this number came in at 6.55 percent. While the figure was not available for October or September, the average APR was 6.61 […] [Read More]

WASHINGTON, D.C. — The American Bankers Association recently discovered that delinquencies for both direct and indirect auto loans dropped from the previous quarter. ABA found that direct auto loan delinquencies fell nearly half a point to 2.04 percent from 2.46 percent. Meanwhile, indirect delinquencies dropped to 3.15 percent from 3.26 percent. "It's always a good sign […] [Read More]

ATLANTA — Auto Auction Services Corp. recently hosted a focus group for the repossession industry, inviting recovery agency managers to give their feedback about how they run their businesses, and what they need to continue serving lending institutions and other clients competitively. This candid feedback session last October occurred on the heels of a nationwide recovery […] [Read More]

JACKSON, Miss. — Recovery Holdings named the president of its newly formed business unit, Remarket America. The company chose an executive with years of remarketing and auction experience. Assuming the position is David Gryglewicz, who spent more than 15 years at posts with ADT Automotive and Professional Auto Remarketing, or PAR, which is a part of […] [Read More]

WINDSOR, Conn. — Southern Auto Auction announced recently that it will be hosting five special Mercedes-Benz Financial sales between now and the end of May. These events — each of which will include 225 Mercedes-Benz units — will be held on Jan. 27, Feb. 24, March 24, April 21 and May 19. "We are very pleased to announce […] [Read More]

ATLANTA — Despite contentions that the market could be challenged to generate adequate wholesale supplies due to drops in repossessions and off-lease vehicles, Manheim chief economist Tom Webb still sees positive signs in the wholesale supply market for 2010. Webb shared the assessment during the Manheim Used Vehicle Value Index quarterly conference call late last week. Basically, […] [Read More]

DETROIT — Providing an update regarding its wholesale financing of Chrysler dealers, GMAC Financial Services said late last week that it has finished the formal underwriting for those who requested standard wholesale credit lines. Of the 1,474 U.S. Chrysler dealers that applied for this funding, the lender approved 94 percent. Breaking these numbers down a bit, […] [Read More]

DETROIT — General Motors officials have been busy this past week announcing more details about the binding arbitration program for terminated dealers, releasing a bit more news about a potential Saab wind-down and deciding to sale one of its divisions. When it comes to the special binding arbitration program for terminated dealers seeking reinstatement, officials indicated […] [Read More]

CARMEL, Ind. — ADESA and Toyota Financial Services finished 2009 on a strong note, as the companies held two record-breaking weekend sales events on DealerBlock to conclude the year, they announced late last week. As most know, ADESA DealerBlock hosts a weekend sale every Friday through Monday. This gives dealers an additional way to find inventory, […] [Read More]