Noel Watson has resigned as chief financial officer of automotive digital marketplace TrueCar to accept another business opportunity. Watson, whose new opportunity will be with a privately held company “outside of the automotive vertical,” according to TrueCar, expects to remain in his current position through Nov. 16. That is to ensure a smooth transition for […] [Read More]

This week, Open Road Capital and Bain Capital Credit announced the formation of a strategic partnership to make long-term equity investments in automobile, heavy truck, recreational vehicle and heavy equipment dealerships and other transportation companies, especially operations that have been in family hands for decades. And these firms already made their first move by making […] [Read More]

One of the largest non-public dealer groups in California resolved some legal matters this week. Trophy Automotive Dealer Group announced that it has reached a settlement with Byron Moldo, the court appointed receiver for the Sage Group of dealerships. According to a news release, various TADG subsidiaries filed complaints in June and October against the receiver […] [Read More]

Earlier this week, the Office of the Comptroller of the Currency assessed a $85 million civil money penalty against USAA Federal Savings Bank. According to a news release, the OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance […] [Read More]

Companies that build commercial fleets with the most efficient vehicles available and financed by BBVA USA now can save in another way. The Sunbelt-based financial institution on Thursday unveiled its second product geared toward environmental sustainability, announcing a rate discount on secured term loans for fuel-efficient commercial vehicles. BBVA USA said the loan provides a […] [Read More]

This year’s turmoil certainly isn’t slowing acquisition activity by National Auto Care. This week, NAC announced its third acquisition since July, finalizing a deal to secure Assurance Marketing, Inc., an independent automotive F&I agency based in Oklahoma that has provided products, services and training to dealers for 30 years. The moves arrived after NAC added […] [Read More]

Ally Financial certainly is familiar with getting signatures for retail installment contracts. The company used its knowledge of that process to honor one of the best race car drivers ever. As seven-time NASCAR champion Jimmie Johnson concludes his final full-time NASCAR season, Ally revealed a new paint scheme for the No. 48 Ally Chevrolet, featuring […] [Read More]

Ignite Consulting Partners chief legal and compliance officer Steve Levine explained two of the most important potential ramifications stemming from the Consumer Financial Protection Bureau’s settlement with Nissan’s captive finance company. To recap, the bureau said it found several violations by Nissan Motor Acceptance Corp. in connection with vehicle repossessions, leading to a settlement totaling $5 […] [Read More]

Exactly seven months ago Friday, KAR Global announced all ADESA auction locations in the U.S. and Canada would temporarily, but immediately, move to simulcast-only amid the COVID-19 pandemic.  Four days later, KAR would temporarily halt all ADESA physical auction operations, including simulcast, before gradually resuming some simulcast activities beginning in early April.  Operations have been opening up […] [Read More]

The chief executive officer of Reynolds and Reynolds allegedly was involved in one of the largest tax evasion schemes ever to be prosecuted by the Justice Department and the Internal Revenue Service. According to a news release distributed on Thursday afternoon, a federal grand jury in San Francisco returned a 39-count indictment, charging Bob Brockman […] [Read More]