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Protective and MAPFRE to Cooperatively Develop Insurance Products

CHESTERFIELD, Mo. – The Asset Protection Division of Protective Life Insurance Co. has entered into an agreement with MAPFRE Asistencia, under which the companies will work together to develop and market vehicle service contracts and related insurance products outside of the United States and Canada. The two companies are collaborating on product development, retail distribution, … Read More »

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Mercedes-Benz Financial Enhances Lease Turn-in Process

FARMINGTON HILLS, Mich. — Mercedes-Benz Financial is enhancing its lease vehicle turn-in process, called First Class Finish, by providing new software for its dealers hand-held Dynamic PDA (personal data assistant). Mercedes-Benz USA provided the Dynamic PDAs to all dealers in 2009. They have been using the device for various services, such as a pre-delivery inspection … Read More »

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GMAC Execs to Testify About Taxpayer Bailout

WASHINGTON – GMAC Inc.’s CEO will testify before a congressional panel next week on the government’s $17.2 billion bailout of the troubled Detroit auto finance company, reported The Detroit News. The Congressional Oversight Panel, created to oversee the $700 billion Wall Street and auto bailout fund, will hold a hearing Thursday attended by GMAC CEO … Read More »

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Open Dealer Exchange Acquires Provider Exchange Network

Dearborn, Mich. – Open Dealer Exchange, LLC has acquired the Provider Exchange Network (PEN) from MenuVantage, LLC. This popular network service enables F&I product providers to transmit rates and receive contract information from any participating dealer system. The service is currently in use by 60 leading providers of finance and insurance products such as service … Read More »

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Toyota May Lengthen Warranties to Keep Customers

ORLANDO, Fla. – Toyota Motor Corp. may offer incentives or increase the length of its warranties as it tries to recover from an embarrassing string of safety-related recalls, The Associated Press reported. Group Vice President Bob Carter said the company has not decided exactly what it will do after it gets past the recalls, which … Read More »

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GMAC Returns to Capital Markets, Raises $2 Billion

GMAC Financial Services received a major cash infusion this week, raising $2 billion through a bond issue Wednesday, Feb. 10, CEO Michael Carpenter told Automotive News. The transaction represents the first time GMAC has been able to access the capital markets since May 2007 and is a major step toward profitability, Carpenter said. The bond … Read More »

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