Wednesday, Jul. 25, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
PHOENIX, Ariz. — Dealers Auto Auction of the Southwest announced it has created an exclusive subprime lease and repossession lane for its lender clients to run vehicles.
These lenders include Lobel and Westlake Financial, in addition to six other subprime lenders, with more to come.
Stephanie Gingras, the facility's lease and marketing manager, is in charge of the new lane. She is expected to both market to and support subprime dealers who will find the new lane useful for business.
"With new-car sales slowing, the older vehicles, when marketed to a targeted niche, can create incremental value for those vehicles. Dealers can do this because we focus on this market and not on six others at the same time," Gingras explained.
Moreover, DesRochers, vice president and general manager of the auction, said the location has been selected as the exclusive Arizona auction to upload inventory to GMAC's Open Smart auction platform, which officials said will increase the units' exposure in the subprime market.