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Rich Porrello has served as managing director of the bank’s auto finance organization since 2010, overseeing 180 associates serving nearly 4,500 dealerships across 23 states in the Midwest and New England. He retains those duties while assuming oversight of the business unit’s business strategy.
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RouteOne officials said the availability of finance sources like Exeter has led to notable growth in the tech firm’s noncaptive econtracting share, which has more than doubled every year since 2014.
Read More →Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.
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The bank’s announcement comes seven months after it rolled out a new strategy designed to increase earnings predictability. The company’s chief executive said the bank’s decision was based on a less favorable financial outlook for the indirect auto origination business.
Read More →For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.
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According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.
Read More →The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.
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The Edmond, Okla., Cadillac dealership is one of two Cadillac stores in the Bob Moore Auto Group, a 14-rooftop dealer group founded by Robert W. Moore.
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In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.
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Thanks to a tight supply of late-model used vehicles, values don’t dramatically drop once the odometer crosses six figures, according to a new report from vehicle information site.
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