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WILKES-BARRE, Pa. — GWC Warranty, a provider of vehicle service contracts and related finance and insurance products sold through automotive dealers, has announced the expansion of its headquarters. GWC’s state-of-the-art facility has been expanded to almost 20,000 square feet. The new space was built adjacent to the existing area in Coal Street Park in Wilkes-Barre, ... Read More »
Read More →ALBUQUERQUE, N.M. – SouthwestRe, a leading Third Party Administrator based in Albuquerque, New Mexico, is pleased to announce that 2015 marks its 30th year in business. Plans are currently being made to recognize this important anniversary with events throughout the year, beginning with a kick-off celebration during the NADA convention in San Francisco later this ... Read More »
Read More →NEW YORK — The New York State Department of Financial Services (NYDFS) submitted last week a final consent judgment to settle its lawsuit against Condor Capital Corporation, a subprime auto lender based in Long Island, and its sole shareholder, Stephen Baron. Among other violations, the defendants deceptively retained millions of dollars owed to vulnerable borrowers ... Read More »
Read More →WASHINGTON, D.C. — According to a report from the U.S. Treasury Department released Monday, the government lost a total of $9.26 billion on its bailout of the auto industry during the Great Recession. The program closed after the Treasury sold its final shares of Ally Financial on Dec. 19, The Detroit News reports. The Treasury ... Read More »
Read More →Volkswagen’s flagship Audi division is to increase spending on new models, plants and technology through 2019 to push its goal of surpassing German rival BMW as the world’s largest luxury-car manufacturer, reported Reuters. Audi, which contributes 40 percent of operating profit at Europe’s biggest automotive group, said on Saturday it will push up investment in ... Read More »
Read More →Weathering General Motors’ severest crisis since its 2009 bankruptcy earned CEO Mary Barra another accolade today as Fortune magazine called her crisis manager of the year, reported Detroit Free Press. GM has repaired more than 60% of the 2.4 million cars it recalled for a defective ignition switch that has been linked to 42 deaths, ... Read More »
Read More →Embattled Japanese air bag manufacturer Takata Corp. named a new general counsel for its North American unit Monday — less than a week after its president and chief operating officer resigned, reported The Detroit News. Takata said Bruce D. Angiolillo, a longtime lawyer at Simpson Thacher & Barlett LLP, has been named general counsel at ... Read More »
Read More →Volkswagen’s premium Audi division aims to bring two purely electric vehicles to market by 2018 as it tries to catch up with rivals such as Tesla Motors and BMW, reported Reuters. Audi’s Chief Executive Rupert Stadler told German daily Frankfurter Allgemeine Zeitung (FAZ) in an interview to be published on Saturday that the launch of ... Read More »
Read More →SAN FRANCISCO, Calif. — A1 Software Group announced its new dealership sales solution, Selly, a mobile focused, lightweight platform for automotive sales. Selly is designed for small- to medium-sized dealerships and was initially distributed as a mobile app. “The majority of vendors have built complicated legacy systems that have been selling for years with minimal ... Read More »
Read More →WESTLAKE VILLAGE, Calif. — New-vehicle retail sales in December are expected to reach a SAAR of 14.2 million units, the highest level since 2006, according to a monthly sales forecast released by J.D. Power and LMC Automotive. J.D. Power projects sales of 1.3 million units for December, which represents a 7% increase on a selling ... Read More »
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