WFS Financial Announces Equity Investment in DealerTrack
May 9, 2002
IRVINE, Calif.--May 8, 2002--WFS Financial Inc , a nationwide independent automotive finance leader, announced its alliance with DealerTrack, the Web-based auto finance enabler for automotive dealers. Through an equity partnership, WFS, with other lender owners, will provide the strategic direction and advancement of D ... Continue reading
E-LOAN Unveils 'Apply Today, Drive Off Today' Electronic Auto Loans
May 7, 2002
DUBLIN, Calif., May 7 E-LOAN, Inc., a leading online lending company, today unveiled its completely electronic loan process for auto financing: Apply Today, Drive Off Today. The new process makes the entire experience -- from application to funding -- simpler, faster and more convenient for consumers and dealers. For c ... Continue reading
Mercedes-Benz Credit Names Mark Korman Vice-President of Marketing
May 7, 2002
SOUTHFIELD, Mich., May 6 -- Mercedes-Benz Credit, a DaimlerChrysler Services business unit, named automotive veteran Mark Korman to the newly created position of Vice-President Mercedes-Benz Credit Marketing effective May 1, 2002. In this position Korman will report directly to Richard Wardwell, Vice-President of Merce ... Continue reading
Study Shows Higher Credit-risk Consumers Share Same Financial Optimism as Average Consumers
May 1, 2002
Asset Caption: Recession Has Same Impact on All Consumers; Credit Status is Irrelevant Asset Caption: Web-ready logo Asset Caption: Press releaseAsset Description: Word document Asset Caption: Downloadable headline & body textAsset Description: Text file containing headline & body text Business Editors NOTE TO MEDIA: G ... Continue reading
Debt Rating For General Motors Group of Companies
May 1, 2002
Press Release: General Motors Group of Companies Date of Release: Apr 30, 2002 Confirms at "A" & R-1 (low), L.T. Trend Remains Negative Kam Hon, David Schroeder / 416-593-5577 ext.2243, ext.2232 / e-mail: khon@dbrs.com DBRS is confirming the above ratings based on the ultimate parent General Motors Corporation ("GM" or ... Continue reading
DealerTrack Completes $30 Million Equity Financing Round
May 1, 2002
MELVILLE, N.Y.--April 30, 2002--DealerTrack Holdings, Inc., the leading technology services company enabling finance transactions between automobile dealers and lenders, has raised over $30 million in additional equity financing. This significant investment round indicates strong investor support for DealerTrack's mult ... Continue reading
Fitch: Credit Challenges Remain For Auto Finance Companies
Apr 25, 2002
NEW YORK--April 25, 2002--Despite the efforts of auto finance companies to control credit quality, Fitch Ratings expects asset quality measures to remain pressured during 2002, according to a new report published today by Fitch Ratings. Nonetheless, should industry and economic conditions improve, Fitch sees a potentia ... Continue reading
DaimlerChrysler Group Reports Improved Earnings in the First Quarter - Good
Apr 25, 2002
In the first quarter of 2002, DaimlerChrysler achieved an Operating Profit excluding one-time effects of$0.9 billion. This represents an improvement of $1.4 billion compared with theloss sustained in the first quarter of 2001. Operating Profit includingone-time effects reached $2.7billion. The sale of the Group's remai ... Continue reading
Ford Credit Earns $256 Million in the First Quarter
Apr 17, 2002
DEARBORN, Mich., April 17-- Ford Credit earned $256 million in the first quarter of 2002. First quarter 2002 earnings were down $137 million from earnings of $393 million in the same period a year ago.Excluding favorable adjustments related to SFAS No. 133 (Accounting for Derivative Instruments and Hedging Activities), ... Continue reading
Westcorp Reports First Quarter Earnings
Apr 15, 2002
IRVINE, Calif.--April 15, 2002--Westcorp , the financial services holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank, today reported GAAP net income of $16.9 million, or $0.46 per diluted share for the first quarter of 2002 compared with $17.7 million, or $0.55 per diluted sha ... Continue reading
Hilton HHonors Hits the Highway With GMAC Insurance
Apr 9, 2002
BEVERLY HILLS, Calif.--April 9, 2002--Hilton HHonors®, one of the world's leading guest reward programs, has added GMAC Insurance to the program's family of partners. HHonors members in the U.S. now can earn 1,000 bonus points simply by requesting an auto insurance quote from GMAC Insurance. One of the best-known name ... Continue reading
GMAC To Exercise Option To Buy CARAT
Apr 8, 2002
FOR RELEASE: April 8, 2002 DETROIT - GMAC, a wholly-owned subsidiary of General Motors Corporation, announced today that it will exercise its option to purchase the remainder of the Capital Auto Receivables Asset Trust 1999-1 on April 15, 2002. This will result in a termination of all of the outstanding Capital Auto Re ... Continue reading
The Major Automotive Companies Announces Credit Agreement with HSBC
Apr 1, 2002
LONG ISLAND CITY, N.Y.--April 1, 2002--The Major Automotive Companies, Inc. announced today that it has concluded a credit agreement with HSBC Bank, USA (``HSBC'') pursuant to which HSBC will provide the floor plan credit for the financing of the Company's Chrysler/Jeep, Dodge and Kia dealerships' new and used vehicle ... Continue reading
Comerica Names Elizabeth S. Acton as Chief Financial Officer
Mar 12, 2002
DETROIT, March 12 Comerica Incorporated today announced Elizabeth S. Acton will join the company April 15 as Executive Vice President and Chief Financial Officer. Acton also will join the company's Management Council. The announcement was made by Ralph W. Babb Jr., president and chief executive officer. Acton joins Com ... Continue reading
Acton Resigns as Ford Treasurer
Mar 12, 2002
DEARBORN, Mich., March 12 -- Elizabeth S. Acton, vice president and Treasurer, announced today her resignation from Ford Motor Company . She will join Comerica Incorporated as executive vice president and chief financial officer. During the next several weeks, she will work with Malcolm Macdonald, who is named interim ... Continue reading
The Auto Channel content library (since 1996) has grown to become the world’s most extensive and complete interactive archive of automotive centric news, articles, reviews and intense event coverage, presented to viewers as Text, Video and Images.
