Finance Office

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Create the Best Reward System for Your Team
Rebuild your dealership's employee-recognition program by offering tangible, personally valuable rewards for a job well done.
Don’t Fire Your Best F&I Manager
Looking to thin your F&I herd? Advanced analytics prove there are better ways to judge performance than PVR alone.
Data Control and the DMS
Learn how Mike Esposito changed careers from engineering to auto retail and dealer software.
President Donald Trump promised sweeping regulatory reform on the campaign trail and could play a pivotal role in easing or eliminating some regulations affecting the auto finance industry. Photo by Gage Skidmore 5 Ways Trump Can Alter Finance
Auto dealer regulations face an uncertain future under the Trump presidency. Two California-based attorneys take a look at the road ahead for the CFPB, the FTC, and state regulators.
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.

Finance Office News

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Wells Fargo Dealer Services Adds $5.4M to 2016 Military Repo Settlement
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.
John Pappanastos, president and CEO of EFG Companies EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty
EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.
Cordray Tells CFPB Staffers He Is Stepping Down
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.
US Equity Advantage Partners With Brown & Brown
The new partnership will allow USEA to offer its biweekly F&I service to automotive and recreational vehicle dealers through the AGWSmenu platform.
J.D. Power: Differing Approaches to Digital Financing Creates Wide Satisfaction Gap
While the digital application channel generated significantly higher levels of overall satisfaction in J.D. Power’s 2017 U.S. Consumer Financing Satisfaction Study, many consumers are waiting longer for a credit decision than those utilizing dealer representatives.
AutoGravity’s Car-Buying Platform Surpasses 1 Million Users
Launched in 2016, AutoGravity rapidly expanded from 100,000 users in its first six months to more than one million users less than a year later, according to officials. In 2017 alone, car shoppers have request more than $1 billion in vehicle financing through the fintech firm’s car-buying app.
Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback
Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.
Stuart Accepts AFSA’s Distinguished Service Award
TD Auto Finance President and CEO Andrew Stuart was honored with the 2017 Distinguished Service Award by the American Financial Services Association.
Craig Robinson Named President of AAGI
The 20-year industry veteran and former executive with The Warranty Group will coordinate strategy and development for AAGI’s products, services, and technology. Tim Brugh, who held the title since May 2013, named CEO.
Black Book Index Climbs for Second Straight Month
The last remaining replacement activity stemming from hurricanes Harvey and Irma drove continued vehicle value stability and shopping demand in October, with the firm’s index rising to 114.6 in October.