Widely predicted in numerous reports, Ally Financial reiterated the strength of its auto finance business when announcing that mortgage subsidiary, Residential Capital, decided to file for Chapter 11 bankruptcy. Officials emphasized the decision has no impact on Ally’s U.S. auto finance arm nor its direct banking businesses. Ally said it believes these key strategic actions […] [Read More]

As auto loan defaults piled up stemming from the recession that began back in 2008, recovery operations managers at lenders large and small had to tighten up procedures and more in order to handle the added volume. Now four years later, the amount of delinquencies might have slackened, but by and large recovery industry executives […] [Read More]

Specifically geared for auto lenders, Digital Recognition Network is hosting a free Webinar the company is titling, “Data That Puts Your Company in the Driver’s Seat.” Orchestrated by DRN chief executive officer Chris Metaxas, the online event is scheduled for 2 p.m. on May. 23. DRN reiterated that it specializes in delivering vehicle location data […] [Read More]

J.D. Power and Associates discovered little changed on the new-vehicle leasing front in April when comparing month-over-month and year-over-year. Senior director Thomas King indicated the fact that leasing stayed flat was consistent with recent levels “and in line with our expectations. “Although there was some movement, the changes were modest, and we consider them within […] [Read More]

Consolidated Asset Recovery Systems is offering another free Webinar to highlight its new open-source, freeware version of its IBEAM Web portal for the agent and lender communities. CARS management will host an hour-long session beginning at 3 p.m. ET on Wednesday. The company explained this new version of IBEAM will be specific to repossession and […] [Read More]

Repo Remarketing aims to be a full-service operation, so about nine months ago it began to create a division geared to complete its offering portfolio for lenders. The resulting product is sister company Find Track Locate, a nationwide skip-tracing partner to credit unions and financial institutions. “We really noticed that there was a gap as […] [Read More]

Announced this week, Innovative Funding Services has teamed up with fleet management company PHH Arval. Through this partnership, PHH will offer IFS as a potential funding source for its clients’ employees wishing to purchase their fleet vehicles, officials explained. [Read More]

AutoCanada Inc. announced earlier this week that its plan to buy a non-voting equity interest in an Edmonton, Alberta Chevrolet dealership has been given the OK from General Motors of Canada. This marks AutoCanada’s first investment with a GM Canada store. The purchase will be for a 31-percent non-voting equity stake in Nicholson Chevrolet, which […] [Read More]

Thanks to the higher-than-projected residual values of its vehicles, Avis Budget Group’s adjusted EBITDA has hit “record levels,” the company said Tuesday as it reported preliminary first-quarter earnings results. More specifically, Avis Budget said — based on preliminary findings — that it pulled in about $119 million in adjusted EBITDA for the first quarter, a […] [Read More]

Digital Recognition Network recently rolled out a new offer to its affiliates — an equipment upgrade program that can allow repo agents to utilize the next generation of the company’s license-plate recognition camera kits at a significantly discounted price. The program details include: —Discounted LPR camera kit prices. —Raptor II Two Camera Kit: Credit of […] [Read More]