Direct Automotive Services has named Steve Watson as chief financial officer. Direct Automotive Services, formerly named Direct Auction Services, serves wholesale auto auctions, retail auto dealerships and final mile logistics companies throughout the lifecycle of vehicles, including local pickup and deliveries, vehicle reconditioning, auction labor and vehicle inspections and production optimization. Watson was previously with […] [Read More]

Back in March when the coronavirus pandemic was beginning to intensify, Ally Financial rolled out a relief package for its consumer contract holders that included the option of deferring payments for as long as 120 days. On Wednesday, Ally Financial unveiled a package of seven initiatives intended to help dealerships in their efforts to return […] [Read More]

CarGurus senior editor Matt Smith says the company intends its Best Used Car Awards to help shoppers as they search for a used vehicle. The company aims for its awards to “provide an extra level of trust during their shopping process,” Smith said in a news release. Smith says this year’s winners and finalists are […] [Read More]

Many automotive lenders face challenges today associated with maintaining compliance in all facets of their business. Automotive loan compliance requires knowledge of federal regulations that govern applications, processes and practices. While it can be assumed lenders strive to remain compliant to the rules and regulations that govern them, remaining compliant can become a struggle if regulations […] [Read More]

Preferred Warranties Inc. (PWI) is looking to give dealers more tools as they resume used-vehicle sales in the face of a COVID-19 retail slowdown. The KAR Global business unit on Wednesday announced comprehensive enhancements and savings on protection plan offerings. “Many dealers are feeling the pain as COVID-19 takes its toll on the auto remarketing industry,” […] [Read More]

Roughly two months after revealing new branding for its cloud-based consumer platform to buy, sell, lease and trade vehicles, PowerBand Solutions continued to develop its automotive technology portfolio — this time with an announcement on Tuesday involving MUSA Auto Finance. PowerBand controls 60% MUSA’s leasing platform in the United States and is expecting to begin lease […] [Read More]

On Tuesday, Carzato, a leading automotive online services provider, announced its integration with RouteOne, a leading F&I technology provider, in an effort to furnish an optimal experience for consumers and dealers in North America. With the collaboration, Carzato explained its online retailing experience (ORE) platform integrates with RouteOne’s credit aggregation system to present indirect auto-financing […] [Read More]

After being one of the experts who participated during a webinar orchestrated by DRN in April, Receivables Management Association International executive director Jan Stieger discussed collections and more during this special episode of the Auto Remarketing Podcast. Stieger also touched on how well auto-finance companies and other creditors have worked with their customers who have […] [Read More]

Wells Fargo closed 2019 by holding 3.67% of the auto-finance market, according to data from Experian Automotive shared exclusively with SubPrime Auto Finance News. That market share positioned the bank to rank sixth in Experian’s data set. But the decision Wells Fargo made to stop accepting financing applications from many independent dealerships might make it […] [Read More]

After announcing its plans to go public last month, online auto retailer Vroom said Tuesday it has launched the initial public offering of 18.75 million shares of its common stock. Vroom said the expected price for the shares is between $15 and $17 per share. It is expected that underwriters will have 30 days to buy […] [Read More]