May 24, 2018 - Industry News
The fintech firm’s executive previously served as vice president of product development engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.
Tags: auto finance, AutoGravity, digital retailing, online F&I, technology
May 21, 2018 - Industry News
The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.
Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups
May 17, 2018 - Industry News
Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.
May 15, 2018 - Industry News
On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.
Tags: Attorneys General, compliance, dealer participation, Federal Trade Commission, regulation
May 14, 2018 - Industry News
The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.
Tags: auto finance, Auto Loan Balances, delinquencies, TransUnion
DCA voting has begun in earnest as auto dealers nationwide recognize their favorite vendors, suppliers, and finance sources.
May 10, 2018 - Industry News
Asbury Automotive executives reported on a busy first quarter that included a 2% increase in F&I revenue and gross profit per vehicle and the full embrace of two ‘omnichannel’ ecommerce tools.
Group 1 Automotive’s 117 U.S. dealerships averaged $1,718 in F&I gross profit per retail unit, a 4.9% increase from a year ago and a new company record.
May 8, 2018 - Industry News
As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA
The new facility is located just outside Montreal in St. Laurent, Quebec. It features a boardroom to host corporate and dealer personnel, a large training room, and business offices staged like real F&I offices to simulate real-world scenarios.
Tags: Canada, F&I manager, F&I office, F&I training, Safe-Guard
The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.
Tags: auto finance, compliance, Nation Independent Dealers Association, tax season
May 7, 2018 - Industry News
January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.
Tags: auto finance, auto loan origination, Equifax, Subprime Financing
Mike Howse will serve as a senior vice president for First Extended Resource Automotive, replacing the recently departed John Luckett.
When a financed or leased vehicle is in a licensed mechanical or collision repair facility for more than seven days, Charter Warranty’s new program will reimburse a portion of the vehicle’s monthly payment for up to three months per eligible repair.
Tags: auto finance, Car Payment Reimbursement, Charter Warranty, F&I products
May 3, 2018 - Industry News
The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.
Tags: Federal Reserve, interest rates
Executives said dealers using Dealertrack’s credit app solution will benefit from faster decisions thanks to a new partnership with Megasys.
US Equity Advantage now offers F&I managers bonus income in addition to standard commissions.
May 2, 2018 - Industry News
The latest forecast from Wantalease.com says factory incentives will spur lease originations for compact and mid-size vehicles throughout May.
Voting for this year’s DCAs has commenced with the launch of a survey open to dealers and dealership professionals until May 31.
May 1, 2018 - Industry News
Current CEO Colin Brown, the first non-Moran family member to hold the titles of president and CEO, will maintain his role as chairman of the company’s board while providing guidance and counsel to Burns during the transition. Burns' appointment takes effect July, 1.
Tags: Brent Burns, Colin Brown, F&I products, JM Family, Southeast Toyota Distributors, World Omni Financial Corp.
The bank has served as Jaguar Land Rover’s exclusive auto finance provider for 10 years, providing customized retail, lease and commercial financing to the automaker's more than 330 U.S. dealers through Jaguar Financial Group and Land Rover Financial Group.
Tags: auto finance, captive finance, Chase Auto Finance, Jaguar Land Rover
April 26, 2018 - Industry News
SNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.
Tags: auto finance, CRM, desking, F&I menu, inventory management, ProMax Unlimited, SNH Capital Partners, special finance
Chicago-area dealers are throwing their support behind a new registered apprenticeship program that includes real-world training in auto retail, F&I, accounting, fixed ops, and wholesaling.
April 23, 2018 - Industry News
NADAguides.com now features J.D. Power's quality, reliability and performance ratings, and reviews. The planned site enhancements occur just eight months after J.D. Power acquired NADAguides.com.
Tags: digital retailing, J.D. Power, NADAguides.com
April 20, 2018 - Industry News
Wells Fargo has consented to pay federal regulators $1 billion to settle charges pertaining to sales of automotive collateral protection insurance and mortgage interest rate-lock extensions.
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