Axis Auto Finance has already gone out of business, but dissolving the company is going to take more time. The Mississauga-based direct-to-consumer subprime lender will hold a meeting May 30 to ask shareholders to approve a special resolution to complete a going-private transaction, the next step toward dissolution. In December, Axis closed on the sale […] [Read More]

In a couple of specific cases, it’s been nearly four years since Black Book has seen wholesale prices for certain vehicles rise in price this much in a single week. And dealers and consignors likely don’t need too many guesses to pinpoint why it happened during the week that closed three days before individuals had […] [Read More]

In today’s economy, auto loan delinquencies are rising, leading to an increase in vehicle repossessions. However, many lenders fail to recognize a critical opportunity in the repossession process: recovering funds through the borrower’s existing insurance policy. Without an efficient strategy for filing insurance claims, lenders risk absorbing unnecessary losses on damaged collateral, ultimately impacting the […] [Read More]

BayPort Credit Union, which manages $2.6 billion in assets and services more than 154,000 individuals and businesses with 29 branch locations across the Virginia Peninsula and Southside communities, announced that Jonathan Harrell has been appointed chief information officer. In this role, Harrell will oversee BayPort’s IT strategy, ensuring its technology infrastructure supports the credit union’s […] [Read More]

On Wednesday, Nordis Technologies appointed Christiane Freese-Jones as vice president of strategic product management. The provider omnichannel customer communications management and payments technology solutions called Freese-Jones a “proven leader.” Freese-Jones will oversee key operations that are critical to meeting increasing demand for company solutions and pursuing market expansion. According to a news release, Freese-Jones will […] [Read More]

Experts at Carleton acknowledged calculating add-on interest isn’t as prevalent as it once was with finance companies and other lenders using simple-interest calculations more often nowadays. However, to help companies keep their calculations straight, Carleton recently offered guidance so managers can better understand both interest approaches. “Over the years, different methods of calculating interest have […] [Read More]

There are now three commissioners on staff at the Federal Trade Commission. Last week, the Senate confirmed Mark Meador as an FTC commissioner to serve a term that will expire on Sept. 25, 2031. That brings the active commissioner number to three with Meador being a part of the group that includes chair Andrew Ferguson […] [Read More]

ADESA is bringing its online tools together. The wholesale auto auction has added its ADESA Simulcast technology to its upgraded digital platform and mobile apps, integrating ADESA’s two flagship digital auction products — Simulcast and ADESA Clear — together in a single interface, along with a variety of value-added tools and features. “ADESA continues to […] [Read More]

New leadership is now in place at Southeast Toyota Finance. The captive finance company and subsidiary of JM Family Enterprises announced a trio of executive leadership changes created by the departure of Southeast Toyota Finance president Bill Shope, who retired at the end of March after 35 years with the company. Now serving as Southeast […] [Read More]

McGee Toyota’s new home is now open. The McGee Automotive Family this week announced the opening of McGee Toyota of Putnam in Putnam, Conn., the new home of what was previously McGee Toyota of Dudley in nearby Dudley, Mass. The Massachusetts-based dealership group said the move was made “to better serve customers through modernized amenities, […] [Read More]