P&A Online
May 19, 2010
Welcome to P&A eNews, your source for industry news and updates. P&A eNews is dedicated to the interests and concerns of providers and administrators of automotive finance and insurance products.
Be sure to visit P&A's website at www.pa-magazine.com regularly for the latest updates.
You can also join the P&A Linkedin Group here.
P&A Industry News
F&I Admin Signs Classic to SCS Auto GAP
CHICAGO ─ F&I Administration Solutions, a provider of software for the administration of automotive F&I products, has signed Norman & Co. to F&I Admin’s SCS Auto platform.
Norman & Co. is a Florida-based provider of GAP and other products, all of which are sold under the Classic brand. The SCS Auto platform will be used ... Read More »
AIG Hires Airbus Vet to Head ILFC
Government-controlled American International Group Inc. has appointed Henri Courpron, an aviation investment banker and former top Airbus executive, as chief executive of its giant airplane-leasing unit, International Lease Finance Corp., The Wall Street Journal reported.
Courpron, a 47-year-old French citizen who has worked extensively in the U.S., stepped in to fill the top job at ILFC ... Read More »
Big “D” Auto Parts Announces Redesigned Website
DALLAS – Big “D” Auto Parts launched its redesigned website, offering a new look and feel to users. Visitors will benefit from improved navigation and quicker, easier access to a wide range of information.
“We are excited to deliver the Big “D” Auto Parts information in a format that creates a superior experience for potential customers ... Read More »
Chrysler Financial Parent Repays $1.9B in Government Loans
WASHINGTON – The parent company of Chrysler Financial LLC repaid the Treasury Department $1.9 billion. The partial payment clears the way for Cerberus Capital Management LP to find a new use for the company, The Detroit News reported.
Cerberus, a New York private equity firm, acquired an 80.1 percent stake in Chrysler and its finance ... Read More »
Automotive Industry News
GM Tells Union It Won’t Pay Workers to Leave
General Motors Co. has told the United Auto Workers it will no longer pay union employees to leave the company, a reversal for an auto maker that has spent billions of dollars over the years coaxing workers to quit, reported The Wall Street Journal.
The UAW has been pressing GM to consider another round of buyouts ... Read More »
Study Says U.S. Car Sales to Return to Pre-recession Level
DETROIT — U.S. auto sales should reach 11.7 million new vehicles this year and may return to historic levels of near 17 million over the next two years, fueling more profitability for the more cost-efficient car companies and auto-parts makers, according to a new study reported in The Wall Street Journal.
The projection, released by A.T. ... Read More »
Toyota Pays $16.4M Government Fine; Does Not Admit Fault
WASHINGTON – Toyota Motor Corp. has paid a $16.4 million fine to settle allegations by U.S. regulators that the company was too slow to recall vehicles with defective gas pedals, Reuters reported.
The civil penalty payment, the maximum allowed under auto safety regulations, came two days before Toyota’s U.S. sales chief, Jim Lentz, was expected to ... Read More »
Chrysler Dealers to Get Nonprime Loans through Santander Bank
DETROIT – Seeking to broaden its customer base and add momentum to U.S. sales gains, Chrysler Group on Monday told dealers that it has reached an agreement with Santander Bank to offer financing to customers who don’t qualify for prime loans, reported Automotive News.
The agreement, with Santander Consumer USA Inc., takes effect Thursday. The bank, ... Read More »
Dealer Exemption in Financial Oversight Bill Altered to Address Military’s Concerns
WASHINGTON – A Senate proposal to exempt car dealers from oversight by a proposed consumer protection agency has been changed to add a requirement that military families’ complaints about dealers be monitored and shared by the new agency, Automotive News reported.
Under the new proposal, filed by Sen. Sam Brownback, R-Kan., the proposed agency’s military liaison ... Read More »
Car-safety Bill May Be Tamed
WASHINGTON — Congressional Democrats may scale back some provisions of an auto-safety bill after carmakers criticized the measure for mandating rapid and costly rollouts of new technology and eliminating their right to question government-imposed vehicle recalls, The Wall Street Journal reported.
Proposals unveiled in the House and Senate this month would require fundamental changes to ... Read More »
GM Posts $865 Million Net Income in Push for Offering
General Motors Co. reported first-quarter net income of $865 million, helped by higher production and smaller discounts, as the maker of the GMC Terrain and the Chevrolet Equinox works toward an initial public offering, Bloomberg reported.
Operating profit was $1.2 billion in the first three months of the year, and the company generated $1 billion ... Read More »
Chrysler Wins Two More Dealer Arbitration Cases
WASHINGTON – Chrysler Group prevailed in arbitration last week against two Texas dealerships, bringing the company’s arbitration record to five victories and one defeat, Automotive News reported.
In Chrysler’s win over Manuel Dodge, of Richardson, Texas, the arbitrator endorsed the company’s Project Genesis strategy of trying to consolidate all brands under a single roof.
“Chrysler’s new business ... Read More »
P&A Featured Companies
Monthly Survey Questions
Cast Your Vote
Question 1: What % of your business is remitted electronically?
Question 2: Please rank the items below in order of importance to your business in 2010, starting with “1″ for the highest:
Question 3: How often do you pay agent commissions?
