P&A Online

November 11, 2010

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GAP: Is there Hidden Equity in the Unearned Premium Reserve?

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US Fidelis, AGs Reach Settlement

HARRISBURG, Pa. — Pennsylvania Attorney General Tom Corbett has announced that he and the attorneys general for 10 other states have reached a settlement with US Fidelis, the St. Louis-based vehicle service contract provider that was forced into bankruptcy in April after being charged with false and deceptive business practices. Nils Frederickson, spokesman for the Pennsylvania ... Read More »

Ally to Build its Used-Vehicle Finance Business after Strong Q3 Profits

DETROIT - Ally Financial Inc., the former GMAC Financial Services auto and home mortgage lender, has been a small player in used-vehicle financing but intends to target that business for growth, CEO Michael Carpenter said. Ally, which became a bank holding company in December 2008, boasted that it was the top new-vehicle retail lender in the ... Read More »

Allstate Dealer Services Launches iPhone App for F&I Industry

Allstate Dealers Services has introduced the CarMor Vehicle Care Center application for the iPad, iPhone and iPod Touch. This free app is available immediately and exclusively to CarMor Vehicle Service Agreement (VSA) holders. To activate, VSA customers enter their agreement number, zip code and current vehicle mileage to start receiving information such as maintenance reminders. The ... Read More »

Ally Financial Reports Q3 Net Income of $269M, Core Pre-Tax Income of $636M

NEW YORK – Ally Financial Inc. reported net income of $269 million for the third quarter of 2010, compared to a net loss of $767 million for the third quarter of 2009. Core pre-tax income, which reflects income from continuing operations before taxes and original issue discount (OID) amortization expense from bond exchanges, totaled $636 ... Read More »

GM Profit Tops Toyota, Trails Ford as World Sales Seek Record

Ford Motor Co. widened its lead as the world’s top-earning automaker in the third quarter, and General Motors Co. overtook Toyota Motor Corp. amid record global sales for the industry, Bloomberg reported. Ford has earned $6.37 billion in the nine months ended Sept. 30, already more than doubling last year’s profit of $2.72 billion. Honda ... Read More »

GM Reports $2.16 Billion Profit Ahead of Share Sale

General Motors Co. reported third-quarter net income of $2.16 billion, in line with preliminary results given last week, as the largest U.S. automaker prepares for an initial public offering, Bloomberg reported. Earnings before interest and taxes rose to $2.28 billion from $2.03 billion during the previous three months of the year, the Detroit-based company ... Read More »

Wolters Kluwer Offers Universal Lease Agreements

Wolters Kluwer Financial Services is now offering captive finance companies, lenders and auto dealerships universal closed-end motor vehicle lease agreements for all 50 states. Wolters Kluwer’s universal close-end motor vehicle lease agreements are designed to meet Regulation M requirements and any other state and federal requirements on auto leasing. Offered in both print and e-form, the ... Read More »

Vehicle Finance Conference to Focus on Evolving Marketplace

WASHINGTON — To help industry executives anticipate and deal with changes in the vehicle finance marketplace, the American Financial Services Association’s (AFSA) said its 15th Annual Vehicle Finance Conference and Exposition will focus on evolving with the changing market. AFSA’s 2011 Vehicle Finance Conference will be held Feb. 2-4 at the Westin St. Francis Hotel in ... Read More »

GM’s Profit Outlook Has Big Pension Gains

NEW YORK — General Motors Co. on Monday pitched its initial public offering to investors, presenting the automaker as a way to buy into a recovery in the U.S. economy and providing new detail of its profit outlook, The Wall Street Journal reported. GM executives reiterated statements from last week that the company expects to ... Read More »

Bush Book Defends Auto Bailout, Criticizes Detroit Three

WASHINGTON — Two years after leaving office, former President George W. Bush remains a harsh critic of the executives he believes led the U.S. auto industry down the path to self-destruction. His new book, “Decision Points,” will be released today, and it includes a behind-the-scenes look at the government’s Troubled Asset Relief Protection (TARP)-enabled bailout ... Read More »

GM Is Saying Goodbye to Mr. Goodwrench

For more than three decades, Goodwrench has been the name of the service department of General Motors’ dealers. Its ad mascot was Mr. Goodwrench, a pleasant, clean-cut mechanic (though he was played with more sass by Stephen Colbert in a series of commercials in 2003). But now that GM and its new marketing boss, Joel ... Read More »

Industry Could See Solid First Quarter 2011, Says CNW

BANDON, Ore. — In his state of the industry report, CNW Research’s Art Spinella said several indicators point to a solid first quarter 2011. What his data doesn’t point to, however, is the industry cracking the 13 million-unit mark next year. In October, according to CNW, the industry realized its third month-over-month increase in retail sales. ... Read More »