 ÛÛ�ÛÛOctober 6, 2014
USED CAR NEWS
NEWS BRIEFS Exeter Increases Warehouse Facility
Exeter Finance Corp. announced that Exeter Funding II, a specialpurpose Delaware limited liability company and wholly owned subsidiary of the company, completed the renewal and extension of its warehouse funding facility. In conjunction with the re-
newal, Exeter increased available capacity to $1.65 billion, a $575 million increase, from its previous facility. The new facility has a three-year term, with a final maturity date of September 2017. Citi acted as structuring agent and administrative agent on the transaction. In addition to Citi, Wells Fargo,
MILESTONES Ohio Independent Automobile Dealers Association executive director James R. Mitchell, 65, died on Sept. 14 after a long battle with brain cancer. Jim M i t c h e l l Mitchell served as the IADA’s executive director until 2013, when he retired due to health problems. In 2011, the National Independent Automobile Dealers Association named Mitchell its Association Executive of the Year after bringing the group’s membership to the highest level in its history. Mike Linn, NIADA’s CEO Emeritus, recruited Mitchell to take over the struggling group in 2004. “Jim, in a short time, was able to
turn the association around and he built the Ohio IADA into one of NIADA’s strongest affiliated state associations,� Linn said. Tim Swift, an NIADA past president, said he felt “sincere sadness� over Mitchell’s death, adding Mitchell’s passion is what distinguished him as a top association executive. “When he took over that association, they had nothing,� Swift said. “They had no money. Membership was down. He worked the first couple or three years out of his briefcase in a car.� C R O S S WO R D by Myles Mellor
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Goldman Sachs, Deutsche Bank and forms as well. Customers can view run lists, Barclays are lenders in the facility search vehicles by year/make and BSCAmerica Introduces App model, and bid on vehicles via siBSCAmerica, the parent company mulcast sale. The mobile app also has a VIN of Bel Air Auto Auction and Tallahassee Auto Auction has announced scanning capability, and allows a the development of a mobile app dealer to order and send condition that allows dealers to access auction reports to the dealership. information, perform search functions and purchase vehicles online Another Auction Joins ServNet from their mobile devices. ServNet has announced the addiThe new app is a companion to tion of Winchester Auto Auction to BSCAmerica’s website. the ServNet Auction group. The app will be available in early The auction is located in Bunker October for IOS in the iTunes app Hill, W.Va. It is owned by the Angelstore. The app will be available icchio family, also owners of Pittsshortly afterward for Android plat- burgh Auto Auction. Published By General Media LLC USED CAR NEWS (ISSN 1555-7413) is published at 24114 Harper, St. Clair Shores, MI 48080 Phone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400 www.usedcarnews.com Charles M. Thomas Founder (1947-2002) Lynda R. Thomas, Publisher Colleen Fitzgerald, General Manager Editorial: Ted Craig, Managing Editor Jeffrey Bellant, Staff Writer Contributing Writers: Ed Fitzgerald, Jenny King, Sheila McGrath Columnist: Tony Moorby Advertising: Shannon Colby, Account Manager Megan Frump, Account Manager Marie Hingst, Account Manager Circulation: Helen Thomas Production: Josie Godlewski, Media Manager Tim Montie, Graphic Designer ———
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