CARMEL, Ind. — This morning, KAR Holdings announced the launch of Automotive Finance Consumer Division.  The AFCD product line provides access to a fully integrated dealer management system (DMS), Dealer Desktop® developed by Nowcom Corp., as well as virtual F&I services, lender financing, floor plan programs provided by Automotive Finance Corp., vehicle service contracts, and GAP […] [Read More]

SYRACUSE, N.Y. — XpressCredit recently announced a new business development manager. Taking on that position is Richard Weaver. With more than seven years of auto sales and finance experience, Weaver has worked with a variety of dealerships in Mississippi and New York, officials indicated. Additionally, Weaver served as a safety petty officer and project crew […] [Read More]

SALT LAKE CITY — For the second consecutive year, Earnhardt Auto Centers in Phoenix and Dallas-based DriversSelect were named the best among 12 recipients of Prestige Financial's annual True Partnership award. The awards are given to dealers who have shown an extraordinary commitment to the lender in terms of overall contract volume, origination efficiencies and portfolio performance, […] [Read More]

WESTLAKE VILLAGE, Calif. — Recent analysis from Power Information Network discovered that market share penetration by captives grew by more than 5 percent in the fourth quarter of 2007 versus the same period in 2006. "Industry-wide rates have dropped by more than .67 percent from the end of 2006 to the end of 2007, and captives […] [Read More]

SHELBY TOWNSHIP, Mich. — Michigan Auto Title Service and Recovery Database Network announced today that they have started the process of integrating their software products to will allow mutual customers to seamlessly confirm liens and process title requests.   The M.A.T.S. Request Pro Software Version 1.0 was launched in May 2007. According to officials, Ii is a […] [Read More]

SARASOTA, Fla. — CarBiz announced that it has received a dealer license for the state of Nebraska. With this approval, the company said it has begun full operations at two Nebraska locations in Omaha. "CarBiz became the fourth largest buy-here, pay-here business in the U.S. following a major acquisition last month," company officials said. "The deal included […] [Read More]

WASHINGTON, D.C. — According to the Federal Reserve, consumer credit increased at an annual rate of 7.5 percent in November. Meanwhile, revolving credit increased at an annual rate of 11.25 percent and non-revolving credit increased at an annual rate of 5 percent. More specifically, the average interest rate for new-car loans at auto finance companies averaged […] [Read More]

CAMBRIDGE, Mass. — A recent report from the National Bureau of Economic Research analyzed the trends of subprime auto defaults at a large U.S. financial institution. The data taken into account during the analysis included applications and sales from June 2001 through December 2004. This information was combined with records of loan payments, defaults and recoveries […] [Read More]

SOUTHFIELD, Mich. — Late last week, GMAC Insurance announced it is launching new additions to its suite of technology-based solutions for dealers. Combined with ongoing training and support, IntelliMenu(SM) and IntelliTracker(SM) provide a state-of-the-art, custom-designed, menu-selling process with the potential to increase dealership F&I revenue by 30 percent on average, according to officials. "During the last […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne announced today that it is entering the new year with 250 finance sources signed to its Web-based credit application management system, up nearly 75 percent from early 2007. "The tremendous growth in the number of finance sources available within such a short period of time shows that finance sources recognize the […] [Read More]