The old General Motors is nearly finished with the bankruptcy process. The U.S. Bankruptcy Court for the Southern District of New York orally ruled late last week that it would confirm the Chapter 11 Plan of Motors Liquidation Co., which is often referred to as the Old GM. The court indicated it also would issue […] [Read More]

The leasing market is expected to see a boom this year and then ride that wave over the next five years, ALG said in analysis released Thursday. What individual brands will reap the benefits? According to ALG, the luxury brand that will show the largest uptick this year will be Land Rover, thanks to the […] [Read More]

Penske Automotive Group made a statement Thursday to holders of the $150,602,000 outstanding principal amount of its 3.5 percent senior subordinated convertible notes due in 2026. The notification indicated that pursuant to the terms of the notes, Penske said these holders have a put option to require the company to purchase all or a portion […] [Read More]

Thanks to stronger payment performance, commercial banks and captive finance companies found it less necessary to go after assets in the fourth quarter. Basically, the quarterly repossession rates pushed downward as 2010 closed. According to Experian Automotive’s analysis of the vehicle credit market, fourth-quarter repossession rates edged 6.1 percent lower. The fourth-quarter rate settled at 0.67 […] [Read More]

Since auto finance and recovery industry professionals still seem to consistently ask a variety of questions about license-plate recognition technology, Auto Remarketing recently did a Q&A with Scott Jackson, founder and chief executive officer of MVTRAC. Jackson’s company is one of the largest LPR providers to the repossession industry. He considered four questions: How Does LPR Make Agencies More […] [Read More]

KAR Auction Services chief executive officer Jim Hallett challenged his management team in 2010 with a long list of objectives. In sharing how the company grew its income and revenue year-over-year, Hallett mentioned one of these goals and immediately followed by saying, “and we did." “As I reflect on 2010, I’m very proud of the […] [Read More]

Hertz Global Holdings closed 2010 with quite a fourth-quarter financial turnaround, making significant improvements in adjusted pre-tax income, adjusted net income and worldwide revenue. Along with speculating on how this year might unfold, the company shared this week that its fourth-quarter worldwide revenues came in at $1.8 billion, an increase of 5.5 percent year-over-year or […] [Read More]

Canadian auto finance company RIFCO recently announced record financial results for the third quarter ending Dec. 31, 2010, including record revenue, record net income, record loan originations, record managed assets, record low interest costs, record book value per share and a record of $90 million in available credit facilities. The company also noted that it […] [Read More]

Seen as a way to encourage as many repossession agencies as possible to participate, the American Recovery Association extended the deadline for companies to submit data for its next industry scorecard. Pitched as an initiative to compete against forwarding companies, agencies now have until March 15 to gather information about company activity from Jan. 1 […] [Read More]

Manheim didn’t hesitate when compiling this year’s Used Car Market Report to emphasize what it believes is the more important element to remarketing repossessions. The auction company insisted days-to-sale remains the key focus. Manheim explained that even though wholesale used-vehicle pricing was exceptionally strong in 2009 and 2010 — meaning that used units were depreciating […] [Read More]