Archive | Auto Industry News

GMAC Reports 3Q Loss of $767 Million

GMAC Financial Services reported a third-quarter 2009 net loss of $767 million, an improvement from the net loss of $2.5 billion in the year-ago period. While overall third-quarter results were adversely affected by losses in GMAC’s mortgage operations, the company made improvements in its automotive ... Read More » Tags: ,

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Class Action Suit Filed in Tires for Life Debacle

DALLAS — When Millennium Protection Group Inc. founder Wilbur “Tray” Harrison Jr. launched the Tires for Life tire replacement program in 2005, few dealers who signed up to sell the policies could have guessed that claims would be paid from a Texas checking account and ... Read More »

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Tschippert to Head Zurich’s Automotive Center of Excellence

SCHAUMBURG, Ill. — Bob Tschippert has been named to lead Zurich Financial Services Group’s newly created Automotive Center of Excellence in North America. Zurich is a commercial property and casualty insurance provider. “Bob’s dedication to helping automotive businesses successfully manage their ever-changing industry made him ... Read More » Tags: ,

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Protective Life Selects Dylan Doran as Western Division VP

CHESTERFIELD, Mo. — Dylan Doran has joined the Asset Protection Division of Protective Life Corp. as a divisional vice president. He will be responsible for the Western division. “We are very happy to have Dylan on our team,” said Rick Kurtz, vice president of dealer ... Read More » Tags:

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Indirect Lending Key for Growth, Say Banks and Credit Unions

MINNEAPOLIS – Indirect lending will be critical to the overall growth of U.S. banks and credit unions during the next two years, according to a recent survey by Wolters Kluwer Financial Services. With auto loans becoming more attractive to some lenders following the mortgage crisis, ... Read More » Tags: , ,

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Ford Credit Earns $427 Million in 3Q

DEARBORN, Mich. — Ford Motor Credit reported net income of $427 million in the third quarter, an increase of $332 million from earnings of $95 million a year earlier. On a pre-tax basis, Ford Credit earned $677 million in the third quarter, compared with $161 ... Read More » Tags: ,

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