Used Car News

Wolters Kluwer Financial Services has announced that finance company Consumer Portfolio Services, Inc. (CPS) has joined its AppOne platform.

AppOne automates the indirect lending, credit approval and compliance processes for lenders and the auto, RV and marine dealers they serve. CPS is an independent specialty finance company that provides indirect automobile financing.

The Law Office of Vincent Wong is investigating the board of directors of AmeriCredit Corp.  for possible breaches of fiduciary duty and other violations of state law.

AmeriCredit announced that it had agreed to be acquired by General Motors Co. for $24.50 in cash per share. The transaction is expected to close by the end of the fourth quarter of 2010, pending certain closing conditions, including the approval of AmeriCredit shareholders.

The U.S. Commerce Department’s Bureau of Economic Analysis today released the first estimate of gross domestic product (GDP) for the second quarter of 2010.

Penske Automotive Group Inc. reported second quarter income from continuing operations attributable to common shareholders of $29.2 million.

Total revenue in the second quarter increased 16.6 percent to $2.7 billion. The revenue growth was driven by a 16.2 percent increase in new and used retail unit sales.

Total new retail unit sales increased 19.6 percent, including increases of 20.5 percent and 17.2 percent in our U.S. and International operations, respectively, resulting in a 24.4 percent increase in total new retail revenue.
Used retail unit sales increased 12 percent, including increases of 17.1 percent and 4.2 percent in our U.S. and International operations, respectively, resulting in a 13.8 percent increase in total used retail revenue.