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Westlake Acquires Lessor

Friday, 16 June 2017 01:17

Westlake Financial Services recently acquired Credit Union Leasing of America (CULA).
The purchase of CULA raised Westlake’s total managed assets to $5.5 billion from $4 billion.
Founded by Terry Bowdler nearly 30 years ago, CULA is an automobile lessor in the credit union market. Westlake’s investment will support the continued growth of CULA by providing additional resources and financial stability.

Westlake Financial appointed Ken Sopp, current vice president of Midway Leasing – Fleet, as chairman and managing general partner of CULA. John Thomas will remain CEO of CULA, and Terry Bowdler will transition to a strategic advisor role.
 Credit Union Leasing of America will remain headquartered in San Diego, Calif.

Wholesale Prices Rise Year-over-Year

Friday, 16 June 2017 01:17

Average wholesale prices in May were flat versus April but up on a year-over-year basis, primarily due to the strength of truck prices and a younger mix resulting from off-lease supply growth.
According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicles averaged $11,138. That is flat compared April, but up 3.9 percent relative to May 2016. The rise came mostly from larger vehicles, including cars, midsize SUVs, CUVs and full-size pickups.
Average wholesale prices for used vehicles remarketed by manufacturers were up 3.3 percent month-over-month and up 4.9 percent year-over-year. Prices for fleet-lease consignors were down 0.2 percent month-over-month and up 3.5 percent year-over-year.
Average prices for dealer consignors were up 0.2 percent versus April and up 5.9 percent relative to May 2016.

 
 

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NextGear Offers Transportation Financing

Wednesday, 14 June 2017 21:35

NextGear Capital is partnering with Ready Logistics to deliver transportation financing.
Now available nationwide, clients of both Cox Automotive brands can buy, floor and transport vehicles in one transaction. NextGear is offering a deferred payment option that keeps transportation costs on hold until the vehicle is sold.
Available to NextGear Capital clients who buy vehicles anywhere Ready Logistics services, dealers can see transport costs associated with a vehicle and take advantage of an in-lane or online checkout.
They only pay NextGear Capital for their financed vehicle and transportation purchase.