Digital Recognition Network recently gained a new director of client development. Tapped for the position is Jeremiah Wheeler, who will be will be responsible for developing and managing the company’s relationships with auto lenders and LPR2.0 service partners. DRN highlighted Wheeler has considerable industry experience, most recently as senior manager of business development for Recovery […] [Read More]

The International Automotive Remarketers Alliance revealed Friday that it has welcomed a new member. Joining the alliance is Dealer Services Corp. of Indiana. Other companies to have joined IARA recently include U.S. Bank, Remarketing of America and GE Commercial Finance and Fleet Services, among others. Meanwhile, DSC of Indiana made another big move a few weeks […] [Read More]

As long as it gains the necessary approvals, Canada’s Carfinco Income Fund will become a corporation at the start of next year, the company revealed Thursday. Carfinco’s board of trustees approved the proposal that would change the company to a corporation instead of being an income fund. The conversion must first be green-lighted by the […] [Read More]

Saab Automobile AB is filing for voluntary reorganization today in hopes of staving off creditors in the short term while it waits for the arrival of its Chinese investors’ equity contributions. The reorganization only includes Saab Automobile AB, Saab Automobile Powertrain and Saab Tools AB. Saab Cars North America and other overseas operations are not […] [Read More]

With BMW and Mercedes-Benz threatening to dethrone the luxury brand, Lexus cranked up the incentives during August with its eye clearing out 2011 model-year units and “making up some lost ground,” according to Edmunds.com. But how will what Edmunds called a “Hail Mary” play impact resale values for Lexus? [Read More]

Just before departing for Labor Day weekend, Hertz Global Holdings announced it completed the acquisition of Donlen. Officials recapped the acquisition was funded by $177 million in cash proceeds from Hertz and the assumption of $770 million in Donlen fleet debt. The companies stressed Donlen provides Hertz an immediate leadership position in long-term car, truck […] [Read More]

Some Ontario dealers who regularly make out-of-province sales may actually benefit from a new tax law, according to the Used Car Dealers Association of Ontario. UCDA pointed out in its latest Front Line report that the new HST rule can allow eastern and northwestern Ontario dealers to apply lower tax rates when they sell to […] [Read More]

The “virtual freeze” in dealership merger and acquisition activity in the preceding three years has thawed in dramatic fashion during 2011, according to the automotive wing of The Presidio Group financial services firm. Presidio’s report says it is an ideal time to buy dealerships — which are currently enjoying record per-store profits and healthier sales — and […] [Read More]

Contained within its latest update to the Securities and Exchange Commission, CarMax shared details of a new unsecured revolving credit facility with Bank of America. Officials said CarMax, CarMax Auto Superstores and certain other subsidiaries of the company terminated the previous credit agreement with Bank of America, the lender and administrative agent. The event came […] [Read More]

Better Business Bureaus Auto Line — a national program which resolves auto warranty and lemon law disputes — announced Tuesday it is celebrating its 30th birthday. Officials noted the program has helped nearly 2 million consumers find solutions to their automotive-related problems. [Read More]