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Cox Automotive Names CFO

Monday, 04 December 2017 03:34
Cox Automotive named Mark F. Bowser, executive vice president and chief financial officer, effective Dec. 4. Bowser will assume leadership of the Finance and Strategy teams, as well as several corporate functions. In addition, Bowser will have responsibility for NextGear Capital.Over his 30-year career, Bowser has been responsible for a portfolio of diverse strategic areas including finance, operations, sales, marketing and business development for several Fortune 500 companies. He has held an extensive number of senior-level financial positions including accounting, financial analysis, and mergers and acquisitions at various companies.

Spireon Wins Award

Monday, 04 December 2017 03:34
Spireon Inc.  announced the company’s FleetLocate solution earned the silver award for Enterprise Service of the Year in the 2017 Best in Biz Awards.Spireon’s FleetLocate solution provides real-time visibility to the location, activity and status of remote vehicles, assets and drivers to improve utilization and operational efficiency. The solution is used by thousands of companies of all types and sizes, from local plumbing and HVAC businesses to the largest transportation companies in the U.S.  FleetLocate has garnered mass appeal due to its simple, yet powerful, user interface that supports mixed fleets of vans, trucks, trailers, containers, and more, all within the same Web dashboard or mobile app.

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TCF Exits Indirect Auto Finance

Wednesday, 29 November 2017 22:49
TCF Financial Corp. will discontinue all indirect auto finance originations, effective Dec. 1. TCF will continue to service existing auto loans on its balance sheet and auto loans serviced for others. Concurrent with the discontinuation of indirect auto originations, TCF’s board of directors has approved the replacement of its previous share repurchase program with a new authorization to repurchase up to $150 million of TCF common stock. As a result of the decision to discontinue all indirect auto finance originations, TCF expects to recognize a one-time, after-tax charge in the fourth quarter of 2017. Actions to wind down operations that support indirect auto originations will begin immediately and the servicing operations will be adjusted over time to support business requirements, including the retention of the necessary staff.

Chains Buy Fewer Stores, Pay More

Wednesday, 29 November 2017 22:48
The number of dealerships that sold in the U.S. through the first nine months of the year has declined to 228 from 278 in the same period in 2016, according to Haig Partners.Despite the decline in rooftops purchased by the public companies during this period, they ended up spending significantly more money. For the year to date ended Sept. 30, the publicly traded retailers had spent $935 million on auto dealerships in the U.S., an increase from the $578 million spent in the same period in 2016. Lithia was the most active of the publicly traded companies and continues to target underperforming large platforms in different parts of the U.S. Continuing the trend from 2016, demand for dealerships shifted from luxury brands to domestic brands that are heavier in trucks and SUVs. Luxury dealerships accounted for 14 percent of acquisitions through the third quarter, down from 17 percent through the third quarter of 2016, and purchases of domestic stores increased to 50 percent through the third quarter from 46 percent through the third quarter of 2016.