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Friday, 19 January 2018 15:17

CPS Closes Securitization

Consumer Portfolio Services Inc. closed its first term securitization of 2018.  The transaction is CPS's 27th senior subordinate securitization since the beginning of 2011 and the 10th consecutive securitization to receive a triple "A" rating on the senior class of notes from at least two rating agencies.  In the transaction, qualified institutional buyers purchased $190 million of asset-backed notes secured by $193.6 million in automobile receivables originated by CPS.  The weighted average coupon on the notes is approximately 3.46 percent.
Published in News Now
Wednesday, 17 January 2018 23:02

LotLinx Names COO

LotLinx announced Gee Leung has joined the company as chief operating officer. Leung has been a trusted advisor to hundreds of digital media and technology companies over a career spanning multiple decades. Leung joins LotLinx as it transitions from an innovative start-up to an established technology leader in the automotive digital marketing sector.Leung began his technology career in the late 1990s, and had a front row seat during the early Internet technology boom. Most recently he served as partner at AGC Partners, one of the leading boutique technology investment banks in the country. Leung will work out of LotLinx’ newly expanded Chicago headquarters.“We are extremely pleased to add Gee’s caliber of experience to the team,” says Len Short, founder of LotLinx. “I am confident his energy and dynamic background will resonate with our customers, and our team will greatly benefit from his skillset and unique perspective.”
Published in Latest News
Sunday, 14 January 2018 22:17

Chase Partners with Fintech

Chase announced a partnership with d, a financial technology company that helps customers select and finance vehicles through their automotive dealers’ website and reduce the time it takes to complete the sale. Chase is the first national bank on the AutoFi platform.The AutoFi digital retailing platform connects dealers with buyers and lenders. Chase will deliver financing terms online through the AutoFi platform.
Published in Tech News
The Mississippi Insurance Department and the Mississippi Collision Repair Association have teamed up to protect residents from buying cars damaged by Hurricanes Harvey and Irma.
In an effort to stop these kinds of sales, the Insurance Department and repair shops that are members of the state's Collision Repair Association are working together to offer free inspections for potential buyers.
In addition to checking the hidden areas of the car for signs of damage, the shops can also run a scan of the car's computer system to look for any codes that might indicate it had been exposed to water.
Published in Finance
Friday, 12 January 2018 01:42

Cox Automotive Promotes Exec

Cox Automotive has promoted Zach Hallowell to vice president, Manheim Digital Marketplace and RMS Automotive.
 In this role, Hallowell will direct and coordinate the overall domestic and global operational activities for digital channels – OVE, and Simulcast and OEM-specific marketplaces – along with RMS Automotive and its global business. In his previous role as general manager of RMS Automotive, Hallowell was responsible for directing and coordinating the overall global activities of RMS to ensure optimum efficiency and productivity to maximize growth, profitability and customer satisfaction.Hallowell is a graduate of Middlebury College and is the named inventor on numerous patents related to wholesale remarketing systems, including vehicle lifecycle management, electronic marketplaces, and third-party vehicle inspection processes.
Before joining RMS Automotive in 2015, Hallowell held several senior leadership roles at Openlane and served as vice president of product management for ADESA.
Published in Auctions
Friday, 12 January 2018 01:41

Dent Wizard Offers Add-On Products

Dent Wizard International recently introduced new F&I programs that expand beyond the appearance protection menu offerings the company is known for. AlwaysNu features base coverage for road hazard tire & wheel, plus cosmetic wheel repair, roadside assistance service and rental car reimbursement up to $50 per day. Customers then have the option to add on any or all of the following coverages: dent repair with a hail benefit; windshield repair; interior repair; and key protection featuring Tile technology. Tile uses Bluetooth to communicate with a companion app on a smart phone or tablet.Ding Shield One features base coverage for dent repair, plus a hail benefit and rental car reimbursement up to $50 per day. Add-on optional coverages include: cosmetic wheel repair; windshield repair; interior repair; cosmetic bumper repair; and key protection featuring Tile.
Published in Dealers
Wednesday, 10 January 2018 00:50

Black Book Offers New Valuations

Black Book has debuted VIN-specific history-adjusted valuations, an analytics-driven process for determining the impact a vehicle’s history has on its value.These valuations analyze multiple factors and events in a vehicle’s history such as number of owners, vehicle usage, accident and accident severity, title issues, flood/hail/fire damage, certified pre-owned history, and other variables that are not obvious when physically inspecting a vehicle.Black Book says that history-adjusted values are 31 percent more precise on average when compared to the auction transaction price than valuations without a history adjustment included.
Published in Dealers
Monday, 08 January 2018 19:08

DriveTime Seeks New CEO

DriveTime announced an executive succession process.DriveTime and Ray Fidel, its CEO, entered into definitive agreements in November for Fidel's transition out of his role in December.  The transition process is completed. The company is currently searching for a CEO for its retail operations.State Charges Employees with Tire TheftSeven men were arrested on a total of 21 felony charges for their roles in a tire theft ring that involved the Nevada Department of Transportation.According to the complaint, during his employment at the Department of Transportation, Anthony Canada used a State of Nevada credit card to make unlawful purchases of new tires. Canada would then, along with fellow NDOT employees Steve Pappas, David Dinicola and Dale Wageman submit false work orders or labor hours to justify the purchases. The complaint further alleges that Benito DeSantiago, Virgilio Quezada and Richard Matters illegally took possession of these fraudulently obtained tires.Quezada was the only non-NDOT employee.The alleged frauds were committed between December 2014 and April 2015.
Published in Tech News
Monday, 08 January 2018 19:07 Adds Tech Vet to Board announced the appointment of Bala Subramanian as a non-executive member of its Board of Directors. The addition of Subramanian follows a comprehensive search process that concluded when the board approved his candidacy on Dec. 15.Subramanian has more than 15 years of leadership and management experience in the technology and digital retail fields. Subramanian is currently the chief digital officer of Best Buy and previously served as its chief technology officer.
Published in Tech News
Friday, 05 January 2018 00:18

Penske Closes Deal in U.K.

Penske Automotive Group Inc. has completed the acquisition of The Car People, one of the U.K.'s leading retailers of used vehicles. The Car People has been in operation since 2000 and has four large-scale retail locations. The Car People sells approximately 18,000 vehicles annually and is expected to generate estimated annualized revenue of approximately $300 million. On a combined basis, the company's Used Car Supermarket business in the U.K. is expected to sell more than 55,000 vehicles annually. 
Published in Auctions
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