The previously announced all-stock merger of two companies describing themselves as equals came to fruition this week. On Monday, RateGenius Loan Services and AUTOPAY Direct announced that the companies have successfully completed their merger transaction. Upon closing, the two companies became operating units of The Savings Group, creating what executives believe is the most diversified […] [Read More]

The American Recovery Association announced that nominations still are open for the 2021 NARS Industry Awards, which will honor exceptional members of the repossession industry during the North American Repossessors Summit set for October. Submissions can be made for five different accolades, and the association is accepting nominations through Aug. 1 Once award submissions close, […] [Read More]

Perhaps one of the most difficult challenges for finance companies to overcome through the pandemic was verifying an applicant’s employment and income. Michele Bodda, president of Experian Mortgage, Employer Services and Verification Solutions, appeared on this episode of the Auto Remarketing Podcast to describe the latest trends involving these two crucial pieces of the underwriting […] [Read More]

Larry H. Miller Dealerships said that its employees and 89 of its vendors and business partners raised a record $500,000 for charity through the recent Larry H. Miller Dealerships Golf Classic. The group presented a check for that amount to Larry H. Miller Charities, which is the philanthropic arm of its parent company. “The funds […] [Read More]

LMP Automotive Holdings announced Monday it has entered a definitive agreement to buy dealerships in Texas representing General Motors and Nissan brands, along with the associated real estate of those dealerships, for a grand total of about $141 million. The deal is expected to add approximately $250 million in annualized revenues and $27 million in […] [Read More]

Of the 22 different vehicle segments Black Book tracks for its Market Insights, only three posted higher values last week compared to a week earlier. The smallest two gains were connected with vehicles likely on either end of the buyer spectrum — subcompact cars for individuals on budget and premium sporty cars for those people […] [Read More]

To say that 2021 has been a wild year for the automotive industry so far would be an understatement. Record-low inventories and record-high listing prices have created challenging circumstances for both car buyers and manufacturers. Yet at the same time, these circumstances also have presented a wealth of opportunity for dealerships with available inventory that […] [Read More]

IAA is trying to make the situation easier for finance companies and insurance providers when a leased vehicle is severely damaged and considered to be a total loss. On Tuesday, IAA announced an enhancement of the IAA Loan Payoff tool with the ability for insurance carriers to pay off leases from participating finance companies. IAA […] [Read More]

If finance companies based their decisions on how to run and staff their collections and recovery departments based only the metrics included in the S&P/Experian Consumer Credit Default Indices, they truly might be a one-man — or woman — band within their operations. [Read More]

AutoNation increased its used-vehicle sales by more than 32% in the first half of the year and pulled in nearly 22% higher gross profits on those cars, according to quarterly earnings from the dealer group released Monday. [Read More]