Latest OnLine Editon  Read Here

Santander Delays Filing

Santander Delays Filing Featured

Santander Consumer USA Holdings Inc. is delaying the filing of its quarterly report on Form 10-Q for the second quarter beyond the Aug. 15 extended filing date.

As previously disclosed by the company in its Form 12b-25 filed with the Securities and Exchange Commission on Aug. 9, Santander is in the pre-filing submission process with the SEC's Office of the Chief Accountant, regarding the company's accounting treatment for consideration of net discount in estimating the allowance for credit losses.

The resolution of this and other accounting matters disclosed in the Form 12b-25 is expected to impact prior period financial statements.

Santander will file the Form 10-Q as soon as possible.

The company has reviewed all critical relationships and does not foresee a material interruption in or change to normal business activities related to the delayed filing. In addition, the aforementioned accounting matters relate only to non-cash items in financial statements.

If the outcome of the pre-filing submission process is consistent with Santander's proposed accounting treatment, the company expects to file its Form 10-Q immediately.

Last modified on Friday, 09 September 2016 19:56
Rate this item
(0 votes)
ADESA Adds Dealer Services Exec

ADESA Adds Dealer Services Exec

ADESA has named Steve Dudash vice president of dealer services. In this role, Dudash will lead the company’s more than 300 dealer sales professionals nationwide...

Mercedes Recalls One R320

Mercedes Recalls One R320

Mercedes-Benz USA LLC is recalling one 2013 R320 4MATIC CDI vehicle equipped with a six-cylinder diesel engine. In the event of a crash where the primary communication pathway between the...

  • CarMax CEO Retires
    CarMax CEO Retires CarMax Inc. announced that Tom Folliard retired as chief executive officer of CarMax, effective Aug. 31. As part of this previously reported management succession plan, CarMax’s Board of Directors elected…
    Written on Friday, 02 September 2016 14:35
  • Autotrader Spotlights Best CPO Deals
    Autotrader Spotlights Best CPO Deals Autotrader announced its Top Picks for Certified Pre-Owned Deals for September. In September, Acura is offering a new car financing rate for used vehicles: 0.9 percent interest for up to…
    Written on Friday, 09 September 2016 19:35
  • FTC Hosts Disclosure Workshop
    FTC Hosts Disclosure Workshop The Federal Trade Commission has announced the agenda for its Sept. 15 workshop, Putting Disclosures to The Test, which will include 22 presentations covering a wide variety of topics on…
    Written on Tuesday, 23 August 2016 14:09
  • EFG Names Judges for Northwood Contest
    EFG Names Judges for Northwood Contest EFG Companies announced the judging panel in the 2016 F&I Innovator of the Year competition. The judges will select a winning F&I product idea from one of six teams currently…
    Written on Wednesday, 02 November 2016 18:39
  • Carvana Expands To Virginia
    Carvana Expands To Virginia Following a series of launches in Florida, used-car retailer Carvana is expanding into Richmond, Va. The launch in Richmond marks Carvana’s fourteenth market, and the company’s first location in the…
    Written on Saturday, 02 July 2016 21:08
  • Firm Offers Inventory Solution
    Firm Offers Inventory Solution Drivin now offers DealerSelect, an exclusive program that offers custom vehicle recommendations for dealerships based on customer purchase behavior, dealer demographics and local market demand.The program gives dealers access to…
    Written on Tuesday, 06 September 2016 14:48
  • MANHEIM Adds Retail Solutons Site
    MANHEIM Adds Retail Solutons Site Manheim opened its new Retail Solutions Center in a renovated 50,000-square-foot facility in Flat Rock, Mich., to provide Detroit-area dealers with greater access to high-quality services that produce retail-ready vehicles.…
    Written on Tuesday, 19 July 2016 15:31
  • AG Sues Dealer for Missing Titles
    AG Sues Dealer for Missing Titles The Ohio attorney general announced a lawsuit against a Dayton used-car dealer accused of failing to deliver motor vehicle titles to consumers. The lawsuit seeks reimbursement from Ashley Alexander, doing…
    Written on Wednesday, 21 September 2016 19:11
  • Vendor Sets Record with Dealer Program
    Vendor Sets Record with Dealer Program GWC Warranty, provider of used vehicle service contracts and related finance and insurance products sold through automotive dealers, has set a new record for the number of dealers who have…
    Written on Monday, 01 August 2016 12:46
  • Independent Dealer Travels Famous Route For Birthday
    Independent Dealer Travels Famous Route For Birthday Some people celebrate their 60th birthday with a cake and a family party. But independent dealer Guy Strohmeier instead went on a month-long hike from the French Pyrenees to northwestern…
    Written on Wednesday, 10 August 2016 17:34