As its president delays retirement, Ally Financial shuffled its top management structure late last week as four executives received new appointments effective immediately. Among those appointments is the newly created position of senior executive vice president of finance and corporate planning, which is being filled by Jeffrey Brown, formerly Ally’s corporate treasurer. In addition to […] [Read More]

It’s official. The U.S. Treasury has agreed to end its ownership share in Chrysler, inking a deal late last week for Fiat to buy its remaining 6 percent interest in the Detroit automaker for $500 million. While this certainly is a landmark for the automaker, what kind of impact will it have in the long […] [Read More]

Canadian auto borrower debt for the first quarter jumped more than 12 percent year-over-year, but TransUnion indicated in its quarterly analysis one mitigating factor that is offsetting this moderate increase. Furthermore, auto delinquency rate was down, which is also good news. [Read More]

General Motors dealers could have a choice for new inventory floor planning besides Ally Financial. Auto Remarketing confirmed Wednesday that GM Financial intends to create its own floor planning program for franchise dealers. The company hopes to have at least a pilot program in place by the end of this year. “There are not many […] [Read More]

Coming within days of Chrysler announcing it would completely pay off its U.S. and Canadian government loans, Fiat notified the U.S. Department of Treasury of its intent to secure a larger stake in the Big 3 OEM. The Italian automaker said late last week it plans to exercise its option to purchase the Treasury’s interest […] [Read More]

Celebrating 25 years of providing protection to Canadian auto shoppers, the Motor Vehicle Dealers Compensation Fund commemorated its silver anniversary earlier this week at the Annual and General Meeting of the Ontario Motor Vehicle Industry Council. “We can actually say that Ontario’s consumers are learning to ‘Buy with Confidence’ from provincially-registered dealers who maintain this […] [Read More]

The president of van Wagenen Financial Services is stepping down at the end of this month, the company revealed this week. Retiring after several decades with the company, Mary Wood — who has served as president since 2004 — will be replaced by William Nutt, who formerly served as president and chief executive at United Guaranty […] [Read More]

KAR Auction Services revealed an amendment for a Canadian subsidiary’s securitization facility. Company officials explained this week that the Canadian floor plan finance company Automotive Finance Canada (AFCI), a subsidiary of Automotive Finance Corp., has entered into an amended and restated receivables purchase agreement dated May 24 by and among AFCI, KAR and a Canadian […] [Read More]

In another development to this ongoing saga of two rental giants pursuing Dollar Thrifty Automotive Group, Hertz Global Holdings said late Tuesday afternoon that its exchange offer for the Tulsa, Okla.-based rental company’s outstanding shares has officially begun. In the proposed deal, Hertz is offering $57.60 cash, along with 0.8546 Hertz shares, for each DTAG […] [Read More]

Debt collection association ACA International recently appointed a new chief executive officer. Assuming the post on June 1 is Patrick Morris. ACA International highlighted that Morris has been an association executive for the past 16 years and brings a wealth of experience in financial services, regulatory and legislative issues, international affairs and insurance. Morris is […] [Read More]