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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Black Book/Fitch: Vehicle Depreciation to Reach 17.8% in 2017
The vehicle valuation firm said the depreciation rate will rise from 17.3% in 2016 to 17.8%, while Fitch said Auto ABS performance will continue to slow in 2017 as losses slowly rise to more normalized levels.
CNA National Distributed $40 Million to Dealers in 2016
CNA National Warranty Corp. (CNAN) returned more than $40 million to automobile dealers across the U.S. through its various participation plans for 2016, the company announced this week.
AutoFi Adds iLendingDIRECT Network
AutoFi today announced the addition of iLendingDIRECT and its network of credit unions to its point-of-sale auto finance solution. The fintech firm also announced its entrance into the used-vehicle market.
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.
Spireon Reports ‘Outstanding’ 2016
Spireon Inc. reported second-half gains in revenue, profitability and multiple segments in 2016. The company is also in the midst of a 14-year run of top-line growth and 'outstanding' financial and operational performance, officials said.
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.