Dollar Thrifty Automotive Group announced late last week that one of its subsidiaries has priced a group of rental car asset-backed notes to raise more capital. Oklahoma based Rental Car Finance Corp. priced $500 million in aggregate principal amount of medium-term Series 2011-1 rental car asset-backed notes. Company officials state that the notes will be […] [Read More]

Acknowledging it won’t recoup the full amount owed by the Old Chrysler, the U.S. Department of the Treasury said Thursday it received $560 million in proceeds from the sale of its remaining stake in Chrysler Group to Fiat. With the closing of this transaction, the Treasury declared that it has fully exited its investment in […] [Read More]

About eight months after rolling out its initial public offering, General Motors revealed a quarterly dividend on its preferred stock this week. GM’s board of directors approved a $0.59375 per share divided on the company’s Series B mandatory convertible junior preferred stock, officials noted. Series B holders of record as of Aug. 15 will be […] [Read More]

When asked Monday what impact Hertz Global Holdings acquisition of the company will have on remarketing at Donlen Corp., executive vice president of brand and UX Suzanne Deveney said that Donlen customers will likely benefit. “As of now, there are no changes planned in any area, including remarketing,” she told Auto Remarketing. “In fact, we […] [Read More]

After citing industry analyses showing how repossession trends are declining, Repo Remarketing highlighted how the company has enjoyed growth during the past six months. How much growth? Repo Remarketing says it’s been 46 percent. Jodie Dawson, Repo Remarketing’s director of repossessions, revealed that although credit union partners have seen a decrease in overall repossessions, there […] [Read More]

Manheim’s Tom Webb recently projected where repossession volumes might settle at this year, acknowledging his estimate is a little lower than anticipated. Webb predicted 2011 repo volume will include 1.3 million units, extending a decline since the industry peak two years ago. He pointed out repossessions totaled 1.9 million units back in 2009 and came […] [Read More]

A Lehman Brothers Holdings business unit reportedly filed a complaint in federal bankruptcy court in Manhattan alleging that AmeriCredit undervalued termination payments for interest rate swap agreements related to auto-loan securitizations. Bloomberg reported that Lehman Brothers Special Financing entered into swap agreements with trusts sponsored in 2005 and 2007 by AmeriCredit that issued $3.85 billion […] [Read More]

Just three days after Hertz Global Holdings pushed back the deadline of its latest offer to acquire Dollar Thrifty Automotive Group, the proposed Hertz-Dollar Thrifty merger took a major step forward late last week. Hertz revealed that it gave federal antitrust authorities the premerger notification required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as […] [Read More]

In the latest development in negotiations that have lasted more than a year, Hertz Global Holdings announced Monday that it has extended the expiration date of its exchange offer for all outstanding shares of Dollar Thrifty Automotive Group. Officials reiterated the offer is for $57.60 in cash and 0.8546 shares of Hertz common stock. They […] [Read More]

Sonic Automotive revealed revamped and extended syndicated credit facilities on Monday that allows it to tap into a pool of significantly greater funds to acquire cars, including a lift in used-vehicle inventory floor plan financing of $30 million. Breaking it down, the maturity date of the existing facilities was pushed back from August 2012 to […] [Read More]