The Treasury Department is receiving a hefty sum thanks to a decision announced late last week by Ally Financial’s board of directors. The board declared quarterly dividend payments for certain outstanding preferred stock.   Members revealed a quarterly dividend payment was declared on Ally’s fixed rate cumulative mandatorily convertible preferred stock, Series F-2 (Series F-2 preferred […] [Read More]

Five federally appointed overseers for the expenditure of Troubled Asset Relief Program (TARP) funds reported Thursday that success of the Treasury Department’s assistance to General Motors and Chrysler is on “a promising course.” The Congressional Oversight Panel released its January oversight report and insisted the financial state of taxpayers’ investments has improved starkly. While still […] [Read More]

As its dealer body strives to kick 2011 off on a strong note, Chrysler unveiled a few new incentives for January that may help its stores drive more sales. The automaker said recently that it is offering $750 Owner Bonus Cash on the 2011 Chrysler Town & Country minivan, for instance. [Read More]

The Federal Trade Commission appears to be “uncertain” about the competitive issues surrounding the proposed merger of Dollar Thrifty Automotive Group and Avis Budget Group, the two companies report in an update Tuesday regarding their ongoing dealings with regulators. In seeking the green light from the FTC to move ahead with the acquisition, Avis and DTAG […] [Read More]

General Motors will be NBC’s sole automotive advertiser for the network’s U.S. coverage of the 2012 London Olympic Games thanks to a new media partnership deal reached this week between NBC Universal and the automaker. Olympic coverage on NBC’s network and cable channels will feature a “major advertising presence” from GM brands Chevrolet and Cadillac, which will […] [Read More]

A Pennsylvania woman and her brother apparently had a very un-merry Christmas Eve. State police in Indiana County are investigating the incident that took place on Christmas Eve. According a story published by the Pittsburgh Post-Gazette, law enforcement indicated two men came to Diane Howard’s White Township home and told her brother they were sent by […] [Read More]

A Pennsylvania woman and her brother apparently had a very un-merry Christmas Eve. State police in Indiana County are investigating the incident that took place on Christmas Eve. According a story published by the Pittsburgh Post-Gazette, law enforcement indicated two men came to Diane Howard’s White Township home and told her brother they were sent by […] [Read More]

Stemming from recent growth thanks to contracts with three auto lenders and more expected, USA Recovery Solutions and Skip Masters announced the expansion of their operation last week. Executives said they have added 13,000 square feet to their headquarters, raising the total amount to 40,000 square feet. They noted the site is expected to handle the operation’s needs […] [Read More]

DataScan Field Services revealed this week that Toronto-based Clubb Finance Corp. has chosen the company to supply Canadian dealer networks with floor plan verification services. Explaining the services of CFC, officials noted that company serves as a short-term floor plan lender for franchised dealers, brokers and wholesalers. Per CFC DataScan’s client base, dealers utilizing CFC […] [Read More]

Group 1 Automotive announced this week it amended and restructured its $235 million, five-year revolving mortgage facility. Executives explained the amended facility is a $42.6-million, five-year, variable-rate, term loan, financing specific dealership properties with Bank of America N.A. and Comerica Bank. They said the facility may be expanded to $75.0 million in total availability. In […] [Read More]