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]

MVTRAC received a significant capital injection before 2010 expired by selecting its new long-term financial partner. The license plate recognition technology provider decided to go with Village Bank & Trust, which officials said has provided $6 million in preliminary funding. MVTRAC leadership believes Village Bank & Trust adds invaluable resources and brings a wealth of […] [Read More]

The immediate past president of American Recovery Association rolled out a new full-service facilitation and management company just before the close of 2010. Jim Hall explained his plans for All Technology Recovery is to be an operation to serve collateral recovery professionals and financial institutions. He pointed out All Technology Recovery was formed in collaboration […] [Read More]

Competition between Ally Financial and Chrysler Financial for dealer relationships and market share could heat up in the near future. The former GMAC is expected to push out an initial public offering sooner than initially anticipated by the government and Chrysler Financial just recently received renewed capital in the form of its new parent TD […] [Read More]

TD Bank Group announced this morning that it is acquiring Chrysler Financial for cash consideration of about $6.3 billion. This purchase includes net assets of $5.9 billion and about $400 million in goodwill. [Read More]

General Motors has officially finished buying back all of  the GM preferred stock that the U.S. Treasury owned as part of the Troubled Asset Relief Program, the government and the automaker announced. The automaker repurchased 84 million shares of its stock for a combined total of $2.1 billion. The $25.50 paid for each share was […] [Read More]

On Tuesday afternoon, Ford revealed the leader who will assume the role of chief financial officer for Ford Motor Credit at the start of 2011 when K.R. Kent moves into the position of executive director of investor relations for Ford. The captive’s new CFO, effective Jan. 1, will be Michael Seneski, whose current post is Ford’s controller […] [Read More]

Calling it one of the largest donations in the company’s 34-year history, Mark Reuss announced that General Motors is handing out almost $30 million to ensure more Detroit-area students obtain a high school diploma. The foundation plans to give $27.1 million to the United Way for Southeastern Michigan to create Networks of Excellence at five existing area […] [Read More]

The American Recovery Association revealed the first nine dates and locations for its daylong training session on wide array of industry subjects. The Collateral Recovery and Remarketing Accreditation Program is aimed at lenders, ARA members and their employees. Focused on innovation and education, ARA explained it developed the accreditation program to provide its members with […] [Read More]

Repo Remarketing recently finalized an agreement with Credit Union Resources, an affiliated company of the Texas Credit Union League, to be its preferred provider of repossession and remarketing needs for Texas credit unions. Linda Winkfein, vice president of lending resources and business development for Credit Union Resources, elaborated about why the company went with Repo […] [Read More]