WASHINGTON — According to the latest statistics released from the Federal Reserve, the average amount financed at auto lenders in May came in at the lowest point it has been since 2004 and 2005. This trend is likely indicative of the increased consumer interest and purchases of smaller, more fuel-efficient vehicles that are costing less. More […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack announced Wednesday that it has developed and implemented a new interface linking dealers with credit unions served by Aimbridge Lending Solutions, which is a provider of lending technology and premium services to credit unions throughout the country. The relationship will combine DealerTrack's extensive network of more than 22,000 dealers nationally with […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne announced this morning that it will integrate with XpressCredit, a Web-based credit application management system. The goal of this integration is to allow RouteOne's finance sources to use their existing connections to conduct business with XpressCredit's 400 motorcycle, ATV, snowmobile and personal watercraft dealers, as well as the 2,000 independent auto […] [Read More]

CARY, N.C. — Looking at the first half of this year, the SubPrime Auto Finance News team found that unique visitors to the site are up 97.36 percent over the same period of last year. This basically means that the number of new visitors to SubPrimeNews.com doubled over last year. "This has been an unbelievable year […] [Read More]

CHICAGO — Overall, consumers may not be struggling as much financially as some reports have indicated, according to TransUnion. In fact, while auto delinquencies generally go down from the fourth quarter of year-end to the first quarter of the following year, this year's data indicates a double-digit drop. "For the past six years, TransUnion's Trend Data […] [Read More]

HANOVER, Md. — At its second meeting, the newly formed Payment Assurance Technology Association named an interim board of directors, elected leadership and appointed auto association executive Jack Tracey as its executive director. Board officers are: President: Stan Schwarz, PassTime Vice President: Ashley Herndon, Sekurus ON TIME and people resources Inc. Secretary: Rick Loftsgard, CAR Financial […] [Read More]

SARASOTA, Fla. — CarBiz announced recently that it has sold its software division to Constellation Homebuilder Systems, a division of Constellation Software Inc., for $2.5 million. According to officials, the sales price is more than double what the software division had contributed to the company in gross profit last year. As part of its product offerings to […] [Read More]

CARY, N.C., and PHOENIX — Tomorrow is the deadline for all non-prime lenders looking to participate in the special August SubPrime Auto Finance News edition that will be mailed out to thousands of dealers throughout the country. To be sure to be included, e-mail SubPrime Auto Finance News editor Jennifer Reed at jreed@subprimenews.com by Wednesday of […] [Read More]

WASHINGTON — In an interesting turn, the American Bankers Association announced that indirect auto loan delinquencies are down for the first quarter; however, direct auto loan delinquencies are up slightly. More specifically, the association's latest Consumer Credit Delinquency Bulletin found that indirect auto loan delinquencies fell from 3.13 percent to 3.09 percent, while direct auto loan […] [Read More]

LEXINGTON, Ky. — Dealers' Financial Services recently announced that it named a new president and chief executive officer, along with other initiatives. The company's new president and CEO is Robert Nelson. Prior to joining DFS, Nelson served as chief operating officer and chief financial officer for several companies in the public and private sectors. According to […] [Read More]