CFPB’s newest Supervisory Highlights detail numerous ‘illegal practices’ in auto finance
Tuesday, Oct. 8, 2024, 10:11 AM
Agora Data reveals 5 members of new financial institutions group
Wednesday, Oct. 9, 2024, 10:59 AM
Automotive Risk Management Partners tries to see potential positives from CARS Rule
Wednesday, Oct. 9, 2024, 11:00 AM
KAR taps former captive exec to oversee Preferred Warranties
Wednesday, Aug. 1, 2018, 03:34 PM
SubPrime Auto Finance News Staff
KAR Auction Services on Wednesday elevated one of its executives with significant captive finance company experience to lead its division that offers vehicle service contracts. KAR announced Edmund Field has been named president of the company’s Preferred Warranties business unit. ... [Read More]
EFG Companies enhances F&I training to create six-figure revenue rises
Wednesday, Aug. 1, 2018, 03:07 PM
SubPrime Auto Finance News Staff
Figures that include six digits and a comma typically catch the attention of dealership management. EFG Companies recently calculated that the average EFG trainee generates an additional $204,605 per year in F&I income through a 22-percent performance increase. To help sustain ... [Read More]
Compli launches CMS University, a free masterclass series
Wednesday, Aug. 1, 2018, 03:05 PM
SubPrime Auto Finance News Staff
Dealership and finance company managers have another free education option thanks to online availability. This week, Compli, a provider of automated HR and compliance program solutions, introduced CMS University. This four-course series of free masterclass-level online seminars focuses on how ... [Read More]
ARA rolls out newly improved CCRS program
Wednesday, Aug. 1, 2018, 03:02 PM
SubPrime Auto Finance News Staff
The next step in the collaboration involving the American Recovery Association and the National Automotive Finance Association unfolded on Wednesday. Continuing their repossession efficiency project, ARA unveiled its newly improved Certified Collateral Recovery Specialist (CCRS) program. The resulting baseline standards ... [Read More]
National Auto Care acquired by different private equity firm
Tuesday, Jul. 31, 2018, 03:08 PM
SubPrime Auto Finance News Staff
National Auto Care Corp. is changing hands again. The provider of F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators and credit unions, has entered into an agreement to be acquired ... [Read More]
IRS explains 3 activities typically done by agency scammers
Monday, Jul. 30, 2018, 03:17 PM
SubPrime Auto Finance News Staff
While it’s been more than three months since individuals and businesses had to file their federal income forms, the Internal Revenue Service warned that many taxpayers have encountered individuals impersonating IRS officials — in person, over the telephone and via ... [Read More]
Advice to reduce compensation friction during hiring process
Monday, Jul. 30, 2018, 03:15 PM
SubPrime Auto Finance News Staff
Automotive Personnel founder and chief executive officer Don Jasensky offered a strategy so finance companies and other employers can handle one of the most challenging portions of the hiring process — the potentially large chasm between the salary offered and ... [Read More]
17 credit unions join GrooveCar Direct in Q2
Friday, Jul. 27, 2018, 03:26 PM
SubPrime Auto Finance News Staff
GrooveCar Direct announced 17 new credit union partners have joined its online vehicle shopping and financing program during the second quarter. Coming aboard the program in Q2 were institutions from 12 different states, serving 137,305 members, including: — AAA Federal ... [Read More]
3 subprime ABS pool elements pushing losses to near recessionary peaks
Friday, Jul. 27, 2018, 03:24 PM
SubPrime Auto Finance News Staff
While improved recoveries in May helped to boost the overall metrics within the U.S. auto loan asset-backed securities (ABS) sector, S&P Global Ratings noticed significant turbulence is developing within the subprime space. On a static pool vintage basis, S&P Global ... [Read More]
Why finance companies should analyze static pools of dealers, not just consumers
Monday, Jul. 23, 2018, 03:09 PM
Nick Zulovich, Senior Editor
Equifax auto finance leader Lou Loquasto pictures an industry landscape where finance companies rank dealerships based on risk and potential profitability, just like they do consumers as applications arrive in the underwriting department. By extrapolating the knowledge gleaned through static ... [Read More]