Finance Office

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March 22, 2017 - Industry News

Black Book: Cars Continue to Outperform Truck Segment

This week’s Black Book Market Insights report shows the car segment retaining its value better than the truck segment as a whole. However, compact vans saw their values strengthen by 1.17%, outperforming all other vehicle segments.

Tags: Black Book, used-vehicle values, vehicle depreciation, Wholesale Values

March 22, 2017 - Industry News

KAR Doubles Down on TradeRev

KAR Auction Services extended $15 million in credit to TradeRev, the digital auction platform in which KAR acquired a 50% stake in 2014.

Tags: Auto Auctions, Kar Auction Services, TradeRev

March 21, 2017 - Industry News

Aaron Riddle Joins RoadVantage

RoadVantage has expanded its sales team with the addition of industry veteran Aaron Riddle.

March 20, 2017 - Industry News

AUL Corp. Releases 2017 F&I Training Schedule

The warranty and vehicle service contract provider released its 2017 F&I training schedule, which includes a three-day live course that will cover compliance, objecting handing, sales-to-F&I turnovers, and menu selling. It will be led by Kirk Manzo, director of global training for Assurant’s Vehicle Protection Services group.

Tags: F&I manager, F&I products, F&I sales, F&I training, F&I Turnover

March 20, 2017 - Industry News

Wise F&I Product Suite Now Available Through MaximTrak

Wise F&I’s voluntary protection products are now accessible through MaximTrak, a RouteOne company. According to officials, connecting the firm's F&I protections to MaximTrak’s F&I menu system demonstrates its focus on compliance, technology and simplicity for the customer.

Tags: F&I manager, F&I menu, F&I process, MaximTrak, RouteOne, Wise F&I

March 20, 2017 - Industry News

ACE Certifies American Financial Agents

Automotive Compliance Education (ACE) and American Financial & Automotive Services partnered to certify American Financial’s entire agent roster.

March 16, 2017 - Industry News

Fed Raises Interest Rates a Quarter Point

The Federal Open Market Committee (FOMC) voted 9-1 on March 15 to raise the target range for the federal funds rate by a quarter percentage point to 0.75% to 1% — a move that was widely expected.

Tags: Federal Reserve, interest rates, Monthly Payments

March 16, 2017 - Industry News

EasyCare Launches SelectCare for Retail and Lease Customers

SelectCare was designed to cover parts not covered by the factory warranty, vehicle service contract or prepaid maintenance plan.

Tags: F&I products, vehicle service contracts, vehicle warranties

March 14, 2017 - Industry News

CUDL Holds Onto No. 2 Spot in Auto Finance Rankings

The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.

Tags: Auto Finance, Credit Unions, CUDL, powerbooking

March 14, 2017 - Industry News

Sage to Pay $3.6 Million to Settle FTC Charges

The nine-store, Los Angeles-based Sage Automotive Group will pay $3.6 million to settle charges of deceptive and unfair sales and financing tactics, including yo-yo financing and payment packing.

March 9, 2017 - Industry News

Lease Credit Approvals Jump 33.3% in February

Car lease credit applicants registered a 72.2% approval rate in February, a 33.3% increase from January’s 50% approval rate but flat with a year ago, according to Swapalease.com.

Tags: Lease, Swapalease.com

March 8, 2017 - Industry News

AAGI Unveils New Branding, Exclusionary VSC

AAGI unveiled a corporate rebrand and the AutoGuard Plus exclusionary vehicle service contract at a recent event.

March 8, 2017 - Industry News

Wise F&I Partners With Darwin Automotive

The F&I product provider’s full suite of F&I protections will now be available through Darwin’s prescriptive-based F&I selling software. The F&I tech firm will also provide erating and econtracting capabilities of Wise F&I’s products.

Tags: Darwin Automotive, F&I menu, F&I products, F&I technology, Wise F&I

March 7, 2017 - Industry News

Manheim: Wholesale Prices Slip in February

Given last February's sharp dip in pricing, the Manheim Index shows a year-over-year gain of 1.1%, putting it at 124.6 for the month of February. The firm also noted that the crazy tax refund season that was expected to negatively impact dealers never materialized.

Tags: Certified Pre-Owned, Manheim Index, used-vehicle pricing, used-vehicle sales, Wholesale Pricing

March 7, 2017 - Industry News

EFG Launches Enhanced Lifetime Wrap Coverage

The new offering is designed to improve dealer profit margins and foster customer retention for the life of the vehicle.

March 7, 2017 - Industry News

Black Book Powers AutoGravity’s Trade Appraisals

Black Book and AutoGravity have reached an agreement that pairs Black Book’s valuation tools with AutoGravity’s digital sales and financing platform.

March 3, 2017 - Industry News

Eastman Launches New Campaign to Drive Dealer Sales

Eastman Chemical Co.’s Darrell Reed announced the launch of a new consumer campaign designed to drive dealership sales of window protection film.

March 2, 2017 - Industry News

Reynolds and Reynolds President Steps Down

Ron Lamb

Ron Lamb, who was named president of the software firm in October 2010, has stepped down from his post. Officials said the position will not be immediately filled.

Tags: Dealer Software, Reynolds & Reynolds, Ron Lamb

March 2, 2017 - Industry News

Experian: Total Balances, Amount Financed Reach Record Highs in Q4 2016

The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.

Tags: Auto Finance, deliquencies, Experian Automotive, leasing, new-vehicle financing, used-vehicle financing

March 1, 2017 - Industry News

AutoGravity App Surpasses 200,000 Downloads

The fintech firm today announced it has surpassed 200,000 downloads of its native iOS and Android smartphone apps. The company’s platform allows car shoppers in 46 states to secure financing on a specific vehicle before heading to the dealership to complete the deal.

Tags: AutoGravity, Digital Retailing, Online F&I

March 1, 2017 - Industry News

F&I Express Sponsors Inaugural F&I Digital Media Awards

F&I Express is sponsoring the 2017 F&I Digital Media Awards in partnership with F&I and Showroom.

Tags: Digital Retailing, F&I Digital Media Awards, F&I Express, Online F&I

February 28, 2017 - Industry News

RouteOne Promotes Two to VP

RouteOne has promoted Jeff Belanger to senior vice president of sales and created the position of vice president of strategy for Amanda George.

Tags: F&I technology, MaximTrak, Online F&I, RouteOne

February 28, 2017 - Industry News

DataScan Announces Organizational Changes

The company announced the appointment of Ed Brown as president. He succeeds Brent Sergot, who was promoted to group vice president with World Omni Financial Corp.

February 27, 2017 - Industry News

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.

Tags: Auto ABS, Black Book, Fitch Ratings, vehicle depreciation

February 27, 2017 - Industry News

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.

Tags: CNA National, GAP, vehicle service contracts

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