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Scottsdale, AZ — This year, CNA National Warranty Corporation (CNAN) is celebrating 20 years as the longest-serving Affinity Partner with the American International Automobile Dealers Association (AIADA). CNAN provides dealer members with F&I products tailored to individual dealerships, along with products and services to improve F&I profits and CSI scores. By combining a comprehensive menu ... Read More »
Read More →General Motors Co began the new year by announcing three new vehicle recalls on Thursday, as the ignition switch crisis continued to dog the automaker after millions of vehicles were recalled in 2014, reported Reuters. No crashes or injuries were reported in the latest round of recalls involving 83,572 sport-utility vehicles and pickup trucks. GM ... Read More »
Read More →Hyundai Motor Co and affiliate Kia Motors Corp aim to lift global vehicle sales by 2.5 percent in 2015, as capacity constraints and a weak market recovery set up the South Korean pair for their slowest expansion in 12 years, reported Reuters. Hyundai-Kia, together the global No.5 automaker, have seen their sales growth slow since ... Read More »
Read More →DETROIT – General Motors Co. says it has completed the planned $3.9 billion purchase of 156.1 million shares of preferred stock, reported MLive. The Detroit-based automaker sold cheaper debt to pay for the purchase. GM spokesman Tom Henderson said Wednesday that the deal improves the company’s cost structure.GM has now redeemed all Series A preferred ... Read More »
Read More →BOSTON — Massachusetts Attorney General Martha Coakley has subpoenaed Santander Consumer USA, requiring that the finance source produce documents related to its subprime auto lending business. The AG is also questioning a handful of other auto lenders, which she declined to name, the Boston Globe reports. Earlier in December, Santander and six other auto lenders ... Read More »
Read More →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 »
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