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Tuesday, 19 December 2017 21:51

IAA Expands in Mississippi

Insurance Auto Auctions Inc. announced the relocation of its Jackson, Miss., branch to a larger facility in nearby Byram, as well as the expansion of its Grenada, Miss., facility. 
The new facilities go from a combined 32 acres to more than 130 acres – offering expanded vehicle selection and inventory space for market growth as well as catastrophic events.
The new IAA Jackson facility in Byram will include two new run and drive lanes, a vehicle inspection center with covered vehicle inspection areas, space for on-site insurance customer staff, and increased security with thermal imaging cameras. The newly expanded IAA Grenada facility provides additional inventory and storage space.
Published in Auctions
Tuesday, 19 December 2017 01:10

AMS Signs Auctions

Auction Management Solutions (AMS) has partnered with Alliance Auto Auction for business development consulting.Founded in Texas in 2011, the Alliance is a rapidly growing family of auctions providing vehicle-remarketing services to wholesale dealers and for commercial consignors.Adding this location brings the firm’s client list to 22 total locations.
Published in Auctions
Credit Acceptance Corp. recently completed a $150 million revolving secured warehouse facility with an institutional investor.  Under this facility, Credit Acceptance will contribute loans to a wholly owned special purpose entity (SPE) and the SPE may generally borrow up to the lesser of 80 percent of the net book value of the contributed loans or $150 million during the facility’s revolving period.  The facility will cease to revolve on Dec. 1, 2019, and must be repaid by Nov. 30, 2021.  No borrowings were initially made on the facility.    Credit Acceptance will receive a servicing fee of 6 percent of the cash flows related to the underlying consumer loans.  The remaining 94 percent, less amounts due to dealers for payments of dealer holdbacks, will be used to pay principal and interest on the notes as well as the ongoing costs of the financing.  Using a unique financing structure, the company’s contractual relationships with its dealers remain unaffected with the dealers’ rights to future payments of dealer holdback preserved.
Published in Finance
Monday, 18 December 2017 01:39

NHTSA Updates Airbag Recall

The National Highway Transportation Safety Administration recently released its latest update on the progress of the Takata air bag recall.Currently, the recalls involve approximately 34 million vehicles and approximately 46 million defective Takata air bags. Additional air bags are scheduled to be recalled by December 2019, bringing the total number of affected air bags to between 65 and 70 million. Vehicle manufacturers are currently prioritizing repair parts for older air bags - believed to be higher risk - while working to replace them all.
Published in Compliance News
Monday, 18 December 2017 01:38

Ally Hires Finance Exec

Ally Financial Inc. announced that Jenn LaClair will join the company as chief financial officer designate, effective Dec. 18, with the intent that she be appointed to succeed Ally\\\\\\\'s chief financial officer, Chris Halmy. Halmy will retire as chief financial officer after eight years of service with Ally, effective March 1. LaClair will report to Ally\\\\\\\'s chief executive officer, Jeffrey Brown, and be based in Charlotte, N.C.LaClair joins Ally from PNC Financial Services Group Inc.
Published in Finance
Thursday, 14 December 2017 23:28

Spireon Upgrades GoldStar Offerings

Spireon, Inc. announced the latest enhancements to its GoldStar GPS solution for the vehicle finance industry. 
New GoldStar Enterprise adds enhanced workflow automation for lenders, credit unions, and large buy-here, pay-here dealerships with multiple locations. The company also added a new, nationwide Impound Lot database, prebuilt into the platform, and available for both GoldStar Pro and GoldStar Enterprise customers.
Lenders can provide account access to dealers they finance, enabling them to use GoldStar\'s secure, online portal to manage and monitor vehicles under contract. Lenders can place GPS installation requests on behalf of their dealers or delegate their dealers to make their own requests in the portal. Automated workflows will notify and schedule the Spireon installation team on behalf of the lender, and will also notify the lender when the installation is completed. 
Device orders can be placed via Web portal by the lender on the dealer\'s behalf, or delegated to their dealers for self-service ordering. Post-installation, lenders can ensure devices are reporting correctly and vehicle information is entered into the system correctly before funding loans.
The upgrade also enables grouping of the device/vehicle population into subsets by dealer branch, assigned collection agent, or portfolio. Asset groups allow lenders to limit vehicle data to a specific set of users, preventing access to information for vehicles outside the group. Spireon also has added a new Impound Lots feature to GoldStar Pro and GoldStar Enterprise which alerts dealers and lenders when vehicles have been taken to an impound lot. The feature includes the largest pre-built database of Impound Lots in the nation, with ongoing additions to the repository on a regular basis. 
GoldStar users can submit additional local impound lots to the system using an online button. 

Published in Finance
Thursday, 14 December 2017 00:43

Carvana Adds Another Operation

Carvana has launched operations in Fort Myers, Fla. This expands Carvana’s free, as-soon-as-next-day vehicle delivery to five markets in the state, joining Jacksonville, Miami, Orlando and Tampa. Carvana made its Florida debut less than two years ago.The company now operates in 42 markets.
Published in buy here
Tuesday, 12 December 2017 23:20

Fiserv Partners with TransUnion

Fiserv Inc. announced a partnership with TransUnion to improve price, decision accuracy and expand the customer base within the automotive lending space. Integrating Automotive Loan Origination System from Fiserv with CreditVision Link from TransUnion will help increase precision of scoring and risk modeling.By including additional data points to evaluate credit applications, lenders can better identify high-risk and high-opportunity consumers, including emerging credit populations often overlooked or denied by lenders due to insufficient data in traditional credit files.CreditVision Link leverages new alternative data sources to its risk scoring analysis, including address stability, checking account history, microloans/alternative lending and property ownership. Fiserv has implemented a select number of trended and alternative data scores, which include up to 30 months of historical information on each loan with actual payment history and amount borrowed over time.
Published in Tech News
Tuesday, 12 December 2017 23:20

Small Businesses Support Tax Cuts

CNBC and SurveyMonkey announced the results of their quarterly CNBC/SurveyMonkey Small Business Survey. Each quarter, CNBC and SurveyMonkey poll over 2,000 small business owners aiming to measure the vitality of the American economy as well as the view from Main Street on jobs, taxes and other hot topics. In addition to measuring small business confidence nationwide, the large sample size gives CNBC the power to uncover trends by geographic region and among specific small business cohorts.More than half of small business owners support the GOP tax plan making its way through Congress.Support rises to 73 percent among firms with 50 or more employees.When asked what they\'re most likely do with the extra money from a tax cut, only 10 percent of small business owners say they\'ll raise employee wages, and even fewer – 5 percent - say they\'ll use it to increase employee headcount.
Published in Finance
Monday, 11 December 2017 22:02

Cox Automotive Names Autotrader GM

Cox Automotive named Jessica Stafford senior vice president and general manager of Autotrader. Stafford will lead the business and work cross-functionally across product, sales, marketing and operations.Stafford joined Autotrader in 2007 as an associate manager of digital marketing before moving to various other marketing positions within the company, including her most recent role as vice president of marketing for Cox Automotive's portfolio of brands in the Media Solutions Group, which includes Autotrader, and Kelley Blue Book. Greta Crowley will take over as vice president of marketing for Cox Automotive's Media Solutions Group. Crowley previously led all media efforts for Autotrader and Kelley Blue Book, managing the consumer marketing team. She developed and directed all digital and traditional media programs, including search engine marketing and optimization, social media, mobile marketing, TV, radio, out-of-home, broadcast integrations, analytics, agency management, sports partnerships and sponsorships with other large corporations.
Published in Tech News