DriveTime Automotive Group is one example of how much the subprime auto finance market has bounced back since the deepest point of the last recession. The company often caters to deep subprime customers as buyers attached to contracts with a rating of A+ had an average credit score of 556, according to its 2012 annual […] [Read More]

Three members of Lithia Motors' management team all voiced strong opinions about the Consumer Financial Protection Bureau's recent guidance on indirect auto lending and dealers' role in retail vehicle sales. All three reiterated not only their own processes but how the dealer body as a whole works with lenders to originate loans to help buyers […] [Read More]

The Securities and Exchange Commission on Thursday charged Capital One and two senior executives for understating millions of dollars in auto loan losses incurred during the months leading into the financial crisis. Officials said an SEC investigation found that in financial reporting for the second and third quarters of 2007, Capital One failed to properly […] [Read More]

In the six years since Automobile Protection Corp.’s management team and Stone Point Capital came together to buy APCO back from Ford Motor Co., APCO has been searching for the right acquisition to complement its business. It found that ideal partner in GWC Warranty Corp., says Larry Dorfman, the chairman and chief executive officer of […] [Read More]

When the Consumer Financial Protection Bureau issued guidance regarding the auto finance market in March, many legal observers and dealer principals saw it as a direct attack on dealer participation, a strong income driver for stores’ F&I revenue. However, Dealertrack Technologies associate general counsel Randy Henrick attempted to quell fears that federal regulators were going […] [Read More]

Going into this week’s fifth annual North American Repossessors Summit, the executive director of the American Recovery Association made a call for what he described as “industry unity” in terms of fees and services offered. ARA’s Les McCook stressed that it’s time for all repo associations to “step up and support their members in every […] [Read More]

The next free Market Intelligence Webinar from POADA is focusing on a top-of-mind subject for dealers nowadays: compliance. POADA is hosting 700Credit — a leading provider of credit reporting and compliance products and services — for this free webinar, which is set for next Thursday at 2 p.m. EDT. This informational, data-driven webinar with 700Credit […] [Read More]

MBSi Capital, the developers of the Re-Pros and iRepo repossession software suites, rolled out a new program that aims to make it easier for repossession companies to become and remain compliant with a variety of new government mandates. The company highlighted the Compliance Made Easy program addresses three key areas — complaint tracking, recurring training […] [Read More]

The North Carolina Automobile Dealers Association on Monday announced an endorsement of its preferred retirement plan administrator. Named for the role is NADART, the retirement plan and benefits division of the National Automobile Dealers Association. In the new venture, NCADA and NADART said they will work together to deliver investment and employee benefit options specifically […] [Read More]

Primeritus Financial Services, which offers recovery management, skip-tracing and remarketing services, announced this week it has sold its remaining direct recovery repossession business. Primeritus sold the business to Connect 1 Recovery, finalizing Primeritus’ exit from the direct recovery business. “Connect 1 Recovery LLC will be an important service provider for Primeritus as a multi-state network […] [Read More]