WFS NET FALLS 7%
WFS Financial Inc. net income fell 7 percent in the first quarter ended March 31. Net income was $8.6 million, compared with $9.3 million in the first quarter of 1996. Revenues for the quarter increased 24 percent, to $58.8 million, from $47.5 million in the first quarter of 1996. The Irvine, Calif., company has developed a centralized credit review program to improve the quality of its loans, and expects improvement in the second half of 1997, said President Joy Schaefer.
Donna Lawrence Harris
NEW COO FOR AUTOINFO
AutoInfo Inc. of Fair Lawn, N.J., has appointed Phillip Durham as chief operating officer of its CarLoanCo nonprime auto finance operations. Durham's most recent post was chief operating officer with First Investor Financial Services Inc., a nonprime auto finance company in Houston.
NET INCOME SOARS 162%
Atlanta-based Automobile Protection Corp. reported a 40 percent increase in revenues and a 162 percent increase in net income in the first quarter ended March 31. Revenues for the quarter were $20.1 million, compared with $14.4 million in the year-ago quarter. Net income was $629,303, compared with $239,976 in the first quarter of 1996. Larry Dorfman, president and CEO, pointed to the successful launch of EasyCare Certified, a merchandising program for used cars.
ABADIE JOINS BANC ONE
John Abadie, a 27-year veteran in automotive finance, has been named president and CEO of Banc One Credit Co., a subsidiary of Finance One Corp. Finance One is the consumer and commercial finance subsidiary of Banc One Corp. in Columbus, Ohio. Abadie will manage Banc One Credit Co.'s $17 billion portfolio of dealer retail loans and leases, in addition to its commercial loans - most of which are auto-related. He comes to Banc One from NationsBank, where he was president of the dealer financial services group.
RODRIGUEZ NAMED CFO
FORT LAUDERDALE, Fla. - First Financial Acceptance Inc. has hired a new CFO, Cecilio Rodriguez, formerly the CFO for Bank of North America. The company also hired Renee LaFrance, formerly the controller of the Morse Operations dealer group, as a field representative, and Michelle Simmons, who had been a credit union branch manager, as a senior credit analyst. First Financial is a captive finance company for a dealership network.