NEW YORK, N.Y. — Auto asset-backed securities declined 50.2 percent last year, according to the latest data from DBRS. However, once the capital markets improve, the company predicts that auto ABS will climb significantly. More specifically, over the past few years, auto ABS issuance was down 16.5 percent in 2006 and 18.8 percent in 2007, with […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack recently announced that it has now reached 730 finance sources on its platform. The company also reported that it has upgraded its compliance solution, added DealerSocket to its OpenTrack program and teamed up with TK Carsites. Discussing the new finance source milestone, Mark O'Neil, chairman and chief executive officer of DealerTrack, […] [Read More]

ALEXANDRIA, Va. — The majority of participants, 65 percent, in a recent American Bankruptcy Institute Quick Poll predicted that bankruptcies in 2009 would increase by at least 35 percent over the nearly 1.1 million cases filed in 2008. Fifty-three percent of respondents predicted that filings would increase by 35 percent or more, while 12 percent thought […] [Read More]

KETTERING, Ohio — GE Money, a division of GE Capital, and American Suzuki Motor Corp. announced a multi-year agreement to provide consumer financing for its motorcycles, all terrain vehicles and scooters. The Suzuki Installment Finance program, managed by GE Money's Sales Finance unit, can offer consumers an easy, convenient way to finance Suzuki powersports products, officials […] [Read More]

DEERFIELD BEACH, Fla. — JM&A Group announced it is now guaranteeing a specific profit per finance deal for new dealer customers. Those dealers now have the assurance of adding $200 to their bottom line for each deal, what company officials tout as the industry's only written guarantee. The new financial promise is being offered to new dealer customers who […] [Read More]

RANCHO CUCAMONGA, Calif. — CUDL officials announced this week that they're partnering with the creator of the "Invest in America" program, which is aimed at helping financing credit union members looking to buy vehicles from General Motors and Chrysler. The partnership links CUDL and CUcorp, which rolled out "Invest in America" nationwide earlier this month. CUDL executives contend that […] [Read More]

DETROIT — ADP and Reynolds and Reynolds this week unveiled what they hope will be another successful collaboration with the goal of enhancing the loan origination process via a new company, Open Dealer Exchange. Officials described Open Dealer Exchange as a company that can improve operational efficiencies and boost brand value thanks to a better integration […] [Read More]

SARASOTA, Fla. — Leedom Management Group announced it has acquired four buy-here, pay-here dealerships in southern Georgia and has renamed them AutoMaxx of Georgia.   Chris Leedom, chief executive officer of the Leedom Group, said the acquisition will bring to five the total number of dealerships operating under his AutoMaxx banner.   "This strategic acquisition comes […] [Read More]

AUBURN HILLS, Mich. — Thanks to the U.S Treasury Department's recent decision to provide Chrysler Financial with access to up to $1.5 billion in loans, the lender can now offer zero-percent financing on select Chrysler, Jeep or Dodge models. The loans are available as part of the Troubled Asset Relief Program. Basically, qualified new vehicle customers can apply for zero-percent financing […] [Read More]

PORTLAND, Ore. — First Advantage CREDCO recently announced that it has partnered with Compli to offer a complete compliance tool set for dealers and their mutual customers. First Advantage CREDCO will combine its consumer data with Compli's on-demand compliance management software solutions. Participating U.S. dealers can benefit from a comprehensive compliance solution that will help them meet local, […] [Read More]