Finance Office

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Photo: IStockPhoto.com/Brauns CFPB Still Needs Schooling on Credit Sales
The Consumer Financial Protection Bureau is taking baby steps toward financial literacy, but it remains far from the head of the class.
Minimize Your Loaner Losses
Accounting expert offers a three-step plan for recovering loss of use and value on loaner car damage claims.
Hudson: My Job Application to Mr. Trump
In response to rumors that President-elect Donald Trump is preparing to oust the Consumer Financial Protection Bureau's director, the magazine’s legal eagle says he’s the right man for the job.
NADA Economist: Trump Needs to Clarify Economic Policy Goals
NADA Chief Economist Steven Szakaly says a clear set of economic policy goals delivered before the New Year would go a long way to ensuring that any immediate uncertainties are smoothed over.
Magazine Offers Details on Compliance Summit Program
Scheduled for Aug. 29-30, Compliance Summit is designed to deliver a crash course in federal regulations and enforcement action to help dealers, agents and industry execs build sustainable sales and F&I processes without sacrificing productivity and profitability.
Certified for the Future
The magazine’s compliance pro breaks down Compliance Summit’s new certification component. He explains how it’s designed to address the industry’s true regulator.
4 Benefits of Centralized Accounting
Multistore dealers are using centralized accounting practices to improve consistency, productivity, and customer and partner relationships — and, most importantly, save time and money.
Feed the Need
The time to reexamine your fair credit compliance policies and programs has come. Expert identifies five crucial areas of exposure.
In the finance office, products that fit the needs of the customer, their vehicle and your market offer real value and drive real profits.  The Why of F&I
Justifying the existence of the F&I department requires dealers to take a hard look at the value it offers to customers and its effect on the sales process.
David Gesualdo Pushing Boundaries
New technology is not a substitute for salesmanship, but it can create more opportunities to do business the right way.

Finance Office News

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F&I Digital Media Awards Now Accepting Entries
Entries are now being accepted for the 2017 F&I Digital Media Awards, organizers announced Friday. The submission deadline is Friday, March 31, 2017.
New York Fed: Auto Originations Reach 18-Year High in 2016
Every type of debt posted a quarter-over-quarter increase, with auto loan balances increasing by $22 billion ($93 billion from a year ago) to $1.16 trillion. Much of that growth was driven by originations, which totaled $142 billion. That’s the highest level recorded in the 18-year history of New York Fed’s data.
Dallas Compliance Summit Set to Break Attendance, Certification Records
Organizers of Compliance Summit say an 'unprecedented' response to the announcement that the next event will be held alongside Industry Summit at the Gaylord Texan in Grapevine, Texas, all but guarantees the Sept. 11, 2017, event will set new marks for attendance and Automotive Compliance Specialist certification.
Sonic Reports Recordbreaking Fourth Quarter
The nation’s fourth-largest auto retailer reported annual and quarterly records for pre-owned sales, F&I gross profit and fixed ops gross profit.
Randy Henrick Joins Mosaic Compliance Services
Attorney Randy Henrick has joined Mosaic Compliance Services, where he will serve as vice president and compliance counsel.
Interstate Title Solutions Partners With NIADA
The technology solution provider is the association’s newest National Member Benefit partner, which means association members will have discounted access to the firm’s out-of-state tax, title and registration tool, DMV Nationwide.
EFG Launches Multimedia Compliance Platform
The company today announced the launch of Common Sense Compliance, a platform designed to break through the legalese of automotive compliance with practical and actionable information. The platform will feature a video series and podcast hosted by Steve Roennau, the company’s vice president of compliance.
RoadVantage Appoints Mike Essig Director of Risk Management
Mike Essig is a 13-year industry veteran who specializes in actuarial analysis and risk management. He most recently served as risk management director and actuary at CNA National. He now joins a firm that's expanding contract volume, programs, staff and offices.
National Auto Care Names Steve Verney CFO
The company’s new executive retired from Allstate Insurance in 2015 after a 34-year career. Now he’ll head the F&I product provider’s finance, accounting, and reinsurance teams. His main goal, officials said, will be to help amplify the company’s recent profitable growth.
AutoGravity Announces Partnership With Westlake
The subprime finance source’s auto financing options will now be available through the FinTech firm’s digital platform, which allows car buyers to select a vehicle, find nearby dealerships that carry the vehicle, apply for financing, and choose from up to four personalized financing options on their mobile device.