Archive | Auto Industry News

GM to pay ex-Wall Street Analyst $900k a Year in Stock

General Motors Co. will pay former Wall Street analyst Stephen Girsky $900,000 per year in company stock for his services as adviser to the chairman, reported The Associated Press. The automaker said in a filling with the Securities and Exchange Commission that Girsky will get ... Read More » Tags:

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Congress Puts Pressure on Japanese 'Clunkers' Program

WASHINGTON - A group of 40 House Democrats -- part of the New Democrat Coalition -- wrote a letter Friday to the Japanese ambassador to the United States, Ichiro Fujisaki, calling for the country to allow U.S. manufacturers to participate in Japan's "cash for clunkers" ... Read More » Tags: ,

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US Fidelis Purchased by Service Contract Financer, Faces Civil Suit

Chicago-based Mepco Finance Corp. has purchased the Wentzville, Mo.-based property of US Fidelis at a foreclosure auction held outside of St. Charles County’s courts administration building, reported the St. Louis Post-Dispatch. Mepco, a subsidiary of the publicly traded, Michigan-based Independent Bank Corp., financed most of ... Read More » Tags: ,

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Western Sierra and Experian Help Dealers Reach Creditworthy Consumers

SCHAUMBURG, Ill. — Western Sierra Acceptance Corp., a consumer lender based in Northern California that specializes in automotive financing, and Experian Automotive will provide credit prescreen services to dealers to help them more easily and effectively market to auto finance consumers. Using Experian's credit prescreening ... Read More » Tags: ,

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Nationwide Acceptance Corp. Joins RouteOne

FARMINGTON HILLS, Mich. — RouteOne LLC has completed integration with independent subprime lender Nationwide Acceptance Corporation (NAC) and dealers in all markets served by NAC may now process credit applications electronically to NAC through the RouteOne platform. NAC comprises a group of companies specializing in ... Read More » Tags: ,

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Auto ABS Performs Well in 2009 Despite Pressure from High Unemployment

The U.S auto loan ABS sector has performed relatively well in 2009 compared to other ABS asset classes despite the increase in unemployment, bankruptcies of GM and Chrysler and the volatility in the used car market, according to ratings firm DBRS. Late 2008 and 2009 ... Read More » Tags:

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