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GM’s lawsuit against Fiat Chrysler raises risks for PSA deal

General Motors Co.’s surprise racketeering lawsuit against Fiat Chrysler Automobiles NV has raised the risks for the Italian-American company’s plan to combine with Peugeot-maker PSA Group of France. The suit filed in federal court in the U.S. alleges Fiat Chrysler inflicted billions of dollars in damages by bribing United Auto Workers’ brass for competitive advantages […]

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 […]

AFS 2019: Internal factors, market competition likely to disrupt lender success in 2020 

LAS VEGAS — Half of the audience at the Auto Finance Summit 2019 identified internal factors and market competition as the top challenges that could impede their company’s success in 2020, according to live poll results revealed during the Summit.  On the heels of the audiences’ response, senior executives from Consumer Portfolio Services, GM Financial, […]

Taking advantage of telematics responsibility

Portable technology — mobile phones, laptops, vehicles and aftermarket navigation devices — travel with us nearly everywhere we go, constantly exchanging data with unseen satellites above. This data is rich with potential applications, and telematics systems allow a number of industries to harness this data to accurately pinpoint the location of collateral, plan efficient routes, […]

Santander increases Chrysler penetration rate to 36%

Santander Consumer USA drove up its Chrysler Capital loan origination volume and quarterly penetration rate during the third quarter, an “indication of where we are at with our FCA partnership coming off the amendment we had last quarter,” Chief Executive Scott Powell said during the lender’s earnings call.  Chrysler Capital’s quarterly penetration rate grew to […]

Fed Cuts Rates a Quarter Point, Powell Says Policy in Good Place

Federal Reserve officials reduced interest rates by a quarter-percentage point for the third time this year and signaled a pause in further cuts unless the economic outlook changes materially. The Federal Open Market Committee altered language in its statement following the two-day meeting Wednesday, dropping its pledge to “act as appropriate to sustain the expansion,” while adding […]

Fair, the high-flying industry startup, initiates substantial staff cuts

Fair, which offers an automotive subscription app, will reduce its staff by 40% in an effort to increase profitability, according to an internal company memo sourced by TechCrunch.  TechCrunch estimated that 215 employees would lose their jobs at Fair. Among the employees let go is Chief Financial Officer Tyler Painter, brother of Chief Executive Scott […]
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