The American International Automobile Dealers Association on Monday announced a new affinity relationship with Wells Fargo Bank N.A., doing business as Wells Fargo Dealer Services. Through this relationship aimed at boosting their Member Benefits Program, officials highlighted WFDS is the only lender endorsed by AIADA to provide dealer members with commercial floor plan financing, indirect […] [Read More]

Recent automotive retail growth is among the factors cited by DealerTrack as contributing to the company’s achievement of a milestone in number of lenders. On Thursday, DealerTrack announced that more than 1,200 U.S. lenders are now connected to its credit application network. Surpassing this mark sets a new standard in the company’s history, officials said, […] [Read More]

TD Auto Finance has rolled out a vehicle return program this week in Canada that may offer a bit more peace-of-mind when a customer steps on a dealer’s lot. In essence, TD Auto Loan Protection lends a financial hand if a Canadian consumer were to go through a life-changing event like losing their job or […] [Read More]

In an effort to ramp up leasing activity for a specialized model and more, Mitsubishi Motors North America selected Ally Financial Wednesday to be a preferred provider of leasing and financing for the automaker’s electric-powered 2012 Mitsubishi i. As a preferred financing provider, officials highlighted Ally will begin offering leasing for other vehicles in the […] [Read More]

As lenders and trade associations look to get a handle on what the regulatory body might do, a Texas bank and two advocacy organizations joined forces last week to file a lawsuit in U.S. District Court in hopes of proving the Consumer Financial Protection Bureau is unconstitutional. [Read More]

Illinois repossession agents and recovery professionals are bracing for the state’s new Collateral Recovery Act to go into effect. The new law requires agents to become licensed through the Illinois Commerce Commission. The law officially goes into effect on July 1, but states regulators attempted to alleviate agents’ concerns about filling out paperwork to be […] [Read More]

Earlier today, Sonic Automotive announced pricing of its private offering of $200 million in aggregate principal amount of 7.00 percent senior subordinated notes due in 2022 to qualified institutional buyers. Officials explained the notes were priced at 99.110 percent of the principal amount thereof, resulting in a yield to maturity of 7.125 percent in an […] [Read More]

Under a partnership between EasyCare and Carfax announced Monday, Carfax Vehicle History Reports will automatically be included in the CoVideo video email tool from EasyCare. This means that dealers who use EasyCare CoVideo and Carfax can immediately pass this information along to customers on their websites or through personalized videos sent in response to Internet […] [Read More]

Porsche Cars North America/Porsche Financial Services revealed this week it has chosen an exclusive provider of off-lease vehicle inspections. Chosen for the position is  floorplan inventory verification and vehicle inspection company DataScan Field Services. The company contends that by selecting DataScan, “Porsche reinforces its commitment to developing a stronger, more transparent end-of-lease process. [Read More]

Black Book has selected a new director of automotive licensing, tapping an industry veteran with deep roots in the automotive world. Black Book on Wednesday announced that Jared Kalfus has joined the company in this director role, in which he is responsible for leading Black Book’s efforts to increase data licensing revenue to OEMs, dealers […] [Read More]