P&A Online
October 28, 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.
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Featured Articles
If you haven't yet read the articles in the last P&A eMagazine, don't worry! The titles below will take you to all the latest topics.
The Evil that Men Do: Players Who Abuse the System
Web Services: New Technology or New Hassle?
Understanding Risk-based Pricing Rules
Should We Create an Association?
GAP: Is there Hidden Equity in the Unearned Premium Reserve?
Warranty Basics 101
P&A Industry News
Ford Credit Earns $497 Million in Q3
DEARBORN, Mich. – Ford Motor Credit Co. reported net income of $497 million in the third quarter of 2010, an increase of $70 million from earnings of $427 million a year earlier. On a pre-tax basis, Ford Credit earned $766 million in the third quarter and $2.5 billion in the first nine months of 2010,
compared ... Read More »
Ally Financial Receives 2010 Auto Finance Excellence Award
DETROIT – Ally Financial has been honored with a 2010 Auto Finance Excellence Award for its success and contribution to the auto finance industry. The award was presented at the recent annual Auto Finance Summit by Auto Finance News.
At the event, Ally Financial was cited for completing several remarkable achievements in a very short time. These ... Read More »
NAC Hires Stephen Anderson as VP of Sales
WESTERVILLE, Ohio — NAC, a service contract sales and administration company, has hired Stephen Anderson as vice president of sales. In his new role, Anderson will expand, create and lead new sales and training initiatives for NAC, and their sales team, agents and clients throughout North America.
“From the start, I was impressed with NAC’s outstanding ... Read More »
American Guardian Goes Green
GLEN ELLYN, Ill. – American Guardian Warranty Services, Inc. has announced that its Compass Protection Plan agreements and brochures are going green.
The Compass Protection Plan brochures are printed with soy ink on FSC Certified paper. FSC certification ensures that forestry operations meet a set of environmental, social and economic criteria covering compliance with laws and ... Read More »
Automotive Industry News
Hyundai Motor Net Profit Up 38%
SEOUL — Hyundai Motor Co. Thursday posted a better-than-expected 38% rise in third quarter net profit and sounded an upbeat note for the current period, saying planned new car launches and higher selling prices will help its performance.
Hyundai is planning to launch several new models in the U.S. over the coming months, starting with ... Read More »
Foresight Leads to Ford’s Comeback
The rush to confer quasi-sainthood on Ford Motor Co. CEO Alan Mulally is understandable, given the pile of profits the automaker is amassing — standing at $6.4 billion so far this year, ahead of schedule.
But he had help, lots of it, to put Ford on the verge of becoming the world’s most profitable automaker, ... Read More »
Daimler Raises Forecast After Profit Beats Estimates
Daimler AG, the world’s second-largest maker of luxury vehicles, raised its full-year profit forecast after net income beat analysts’ estimates on demand for top-of-the-line E- and S-Class sedans in China and the United States, Bloomberg reported.
Third-quarter net income attributable to shareholders surged to 1.53 billion euros ($2.12 billion) from 41 million euros a year ... Read More »
Nissan to Fix 2.14 Million Cars in 3rd Biggest Recall
TOKYO – Nissan Motor Co. said it would recall 2.14 million March/Micra, Cube and about a dozen other models in its third-biggest recall, to fix a faulty ignition relay that could cause engine problems, Reuters reported.
No accident was reported from the defect, Nissan spokesman Toshitake Inoshita said.
Nissan said problems in the ignition relay could cause ... Read More »
AutoNation Operating Profit Up on Across-the-Board Revenue Gains
Revenue gains in all areas of the business helped drive up third quarter operating profit for AutoNation Inc., but net income dropped, primarily on higher interest expense.
The nation’s largest automotive retailer said third quarter revenues increased 13 percent to $3.3 billion. Operating income rose 2.5 percent to $120.9 million, but net income slid 12.5 percent ... Read More »
Ron Lamb Named President of Reynolds and Reynolds
DAYTON, Ohio — The Reynolds and Reynolds Co. has named Ron Lamb president of Reynolds and Reynolds. He succeeds Rob Nalley, who was named vice chairman. Both changes are effective immediately.
Lamb will report directly to Reynolds Chairman and CEO Bob Brockman. Lamb previously served as the company’s senior vice president of sales.
“Throughout ... Read More »
Group 1 ‘Won’t Be Deterred’ from Buying Toyota Stores
Despite a spat over an acquisition attempt this summer, Group 1 Automotive Inc. still wants to add Toyota stores to its network, Automotive News reported.
“If we find a Toyota dealership that meets our requirements, we won’t be deterred,” Group 1 CEO Earl Hesterberg said.
Acquisitions are how Group 1 executives would prefer to invest ... Read More »
The Break-Even Equation for GM
As General Motors Co. plans its initial public offering for next month, and readies its “road show” for the sale next week, some bankers and analysts say the shares could reach a high enough price for the U.S. to come close to breaking even on its 2009 bailout of the carmaker, The Wall Street Journal ... Read More »
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