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Ally’s Doug Timmerman named Auto Finance Executive of the Year

Auto Finance News is pleased to announce Doug Timmerman, Ally Financial’s president of auto, as the inaugural Auto Finance Executive of the Year. Timmerman first joined Ally — then General Motors Acceptance Co. — back in 1986 and is now at the helm of an $80 billion auto portfolio. Under Timmerman’s leadership, Ally broke a […]

Wells Fargo hires new COO from Santander

Scott Powell, the head of Banco Santander SA’s U.S. business, is joining Wells Fargo & Co. to be a top deputy to new Chief Executive Officer Charlie Scharf. He will take Wells Fargo’s chief operating officer role on Dec. 9, the bank said in a statement Monday. He will be based in New York and […]

SunTrust, Westlake Financial execs offer career advice

The executives of two of the top 30 auto financiers in the U.S. offered up guidance to industry veterans and those just entering the business. Auto Finance Excellence spoke with Westlake Financial Services President Ian Anderson and SunTrust Banks’ head of indirect lending, Chuck Jones, who, together, carry 60 years of industry experience. Advice for new hires: Entering the highly competitive and complex […]

Resolvion recruits Ally’s Russi following merger

On the heels of completing a merger last week, Resolvion has beefed up its ranks with a 30-year auto finance executive, said Chief Executive Michael Levison. Tim Russi, whose career has spanned institutions including Bank of America and GMAC, has been named to Resolvion’s board, the company announced yesterday. Prior to joining the repossession management […]

PE firm Cerberus buys stake in Florida used-car chain

Private equity firm Cerberus Capital Management has acquired an 80% interest in independent used-car dealership chain Off Lease Only LLC with plans to expand the company’s footprint and “further strengthen the business through strategic investments and the integration of operations and technology initiatives,” according to a press release. Off Lease Only has four Florida dealership […]

Nicholas Financial maps growth trajectory

Nicholas Financial  has outlined expansion plans for its direct loan product and branch network, according to a Nov. 14 SEC filing. Nicholas plans to roll out its direct loan product in Indiana, Missouri, South Carolina and Kentucky this quarter, according to the filing. “We remain focused on proliferating our direct loan product to all of […]
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