Archive | Auto Industry News

ACS Launches Lending Gateway for Dealers

CINCINNATI — Automobile Consumer Services Inc. (ACS) launched a new lending platform aimed at giving auto dealers access to financing and leasing sources. Called DriveItNow.net, the network helps alleviate the problem dealers are having with a tightened credit market by providing a platform of financing and leasing sources they can offer to their customers. Over … Read More »

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Prestige Financial Securitizes $151 Million Loan Portfolio

SALT LAKE CITY — Prestige Financial Services Inc. completed its seventh rated term securitization, issuing $140.5 million in notes backed by $151.1 million in subprime automobile installment loans. Underwritten by BB&T Capital Markets, the notes were purchased in a private offering, with the transaction closing on Dec. 10. The two note classes carried Standard & … Read More »

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Economist: Auto Sales May Rise on ‘Enormous Pent-up Demand’

U.S. auto sales will rise 20 percent in 2010, buoyed by pent-up demand and stronger credit markets, as the industry starts recovering from its worst year in almost three decades, reported Bloomberg News. Deliveries will climb to 12.4 million from 10.3 million in 2008, the Ann Arbor, Mich.-based Center for Automotive Research said. U.S. sales … Read More »

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GM to Repay Loans From U.S., Canada by End of June

General Motors Co., the automaker that restructured in a 40-day bankruptcy, plans to repay government loans by the end of June, CEO Ed Whitacre said. The automaker owes the United States $6.7 billion and Canada $1.14 billion out of $50 billion in government aid. The loans have a scheduled maturity of July 2015. GM, 61 … Read More »

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Auto Dealers Excluded from House Financial Reform Bill

WASHINGTON — Led by NADA’s strong grassroots efforts, auto dealers would be exempt from oversight by a new Consumer Financial Protection Agency (CFPA) under a sweeping overhaul of the nation’s financial regulatory system passed by the U.S. House of Representatives on Dec. 11. An amendment supported by NADA and sponsored by Rep. John Campbell, R-Calif., … Read More »

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Ford Chairman Praises Obama’s Handling of Struggling Auto Industry

Ford Motor Co. executive chairman Bill Ford met with President Barack Obama on Monday and endorsed the administration’s handling of the struggling auto industry, reported The Associated Press. Ford credited Obama for stepping in to help General Motors and Chrysler and prevent auto suppliers from collapsing. Ford said the administration acted “swiftly and forcefully and … Read More »

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