Finance Office

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May 24, 2017 - Industry News

Mike Black Named President of Dent Wizard

Black replaces Terry Koebbe, who will retain his title as CEO. Black will also operate as COO, a title he's held for the last six years.

Tags: Appearance Protection, Dent Wizard, dent-and-ding, F&I products, Mike Black, Terry Koebbe

May 24, 2017 - Industry News

Westlake Financial Adds eContracting

Through a partnership with eOriginal, Westlake Financial has digitally transformed its dealership management system into an econtrating solution for its network of more than 20,000 new- and used-car dealers.

Tags: econtracting, eOriginal, Westlake Financial Services

May 23, 2017 - Industry News

Frost & Sullivan Names AutoGravity Entrepreneurial Company of the Year

The executive team for AutoGravity includes CTO Martin Prescher, CEO Andreas Hinrichs, COO Nicholas Stellman, and COO Serge Vartanov.

The business consulting firm recognized AutoGravity for transforming the automotive finance industry with its 'first-of-its-kind fintech platform.'

Tags: AutoGravity, digital marketing, digital retailing, online F&I, Third-party leads

May 23, 2017 - Industry News

ADT Announces 2017 Dealers’ Choice Awards Winners

Auto Dealer Today named the winners of the 13th annual Dealers’ Choice Awards.

May 22, 2017 - Industry News

CNA National Appoints New Senior Vice President of Customer Service

Trace Thaxton will be responsible for overseeing the company's claims, operations, and reinsurance departments. He previously served as the head of customer care and relations for AGIA Affinity's Scottsdale division.

Tags: claims, CNA National, F&I products

May 22, 2017 - Industry News

RoadVantage Releases New Series of Point-of-Sale Product Videos

Six months after releasing its first educational F&I product video, the F&I product provider released a new series of point-of-sale product videos dealers can use in their F&I offices and on their websites.

May 18, 2017 - Industry News

Former Chase Custom Exec Joins Westlake

The once head of Chase Custom Finance is back. Today, Westlake Financial Services announced it has contracted Bill Jensen to focus on developing its strategic accounts division.

Tags: auto finance, Bill Jensen, Chase Custom, special finance, subprime, Westlake Financial Services

May 18, 2017 - Industry News

KISS Concepts, American Auto Shield Join Forces

KISS Concepts Group's Rod Heasley will head up a new division at American Auto Shield dedicated to the launch of a new customizable VSC program. The union marks American Auto Shield's entrance into the dealer arena after focusing exclusively on direct-to-consumer opportunities.

Tags: American Auto Shield, F&I products, KISS Concepts Group, vehicle service contracts

May 18, 2017 - Industry News

NY Fed: Household Debt Surpasses 2008 Peak in Q1

The feat comes almost nine years after the Great Recession, when household debt reached $12.68 trillion. But the debt and its borrowers look quite different today, the New York Fed noted, and auto finance sources showed signs of tightening in response to some deterioration in auto loan performance.

Tags: auto finance, Delinquencies, Federal Reserve Bank of New York, Originations, Oustanding Auto Loan Balances

May 18, 2017 - Industry News

NAE/NWAN CEO Named Finalist for EY Entrepreneur of the Year

If she is named a regional winner on June 22, NAE/NWAN CEO Kelly Price will go to Palm Spring, Calif., this November for the national competition. The 31-year-old awards program is part of the Strategic Growth Forum, a prestigious gathering of high-growth, market-leading companies.

Tags: F&I products, Kelly Price, NAE, National Automotive Experts, NWAN

May 17, 2017 - Industry News

GWC Warranty Introduces Revamped Online Dealer Portal

Dealer Portal 2.0 features a new, responsive design and additional functionality and enhancements. The new features are designed to make econtracting GWC Warranty service contracts easier and faster, officials said.

May 16, 2017 - Industry News

New Study: Generation Gap On Auto Ownership Is as Wide as a Highway

Teens say they're ready for car ownership, while parents disagree. The reason, a new study from American Honda Finance Corp. reveals, will make Baby Boomers shake their heads.

Tags: American Honda Finance, Baby Boomers, Gen Z, Millennials

May 16, 2017 - Industry News

NAE Raises Money for Cleveland Christian Home

The F&I product provider helped raise more than $59,000 for the Cleveland Christian Home’s annual 5K and Run for the Kids event. In total, the event raised more than $72,000 to support the organization’s 17-plus community outreach programs.

Tags: charity giving, F&I products, National Automotive Experts

May 15, 2017 - Industry News

Lease Approvals Fall by 20% in April

Analysts with Swapalease.com report lease approvals fell from more than 75% in March to 60% last month.

May 11, 2017 - Industry News

Ally Adding Digital Signature, Contract Management Capabilities to Clearlane

Launched in April, Clearlane will soon be getting an upgrade. Through eOriginal, the auto finance marketplace will soon allow car buyers to sign and submit their financing documents online or via mobile devices.

Tags: Ally, auto finance, Clearlane, digital retailing, online F&I

May 11, 2017 - Industry News

GM Financial Completes Transition to Captive in Q1

Executives with the former AmeriCredit Corp. described GM Financial’s transition to General Motors’ captive finance source as ‘substantially complete’ during its recent first-quarter earnings call.

Tags: auto finance, GM Financial

May 10, 2017 - Industry News

Imprise Financial Announces New Account Executive

The captive insurance provider has added Derek Thomas to its team. He is responsible for serving the firm’s clients with an emphasis on enterprise risk programs.

Tags: Captive Insurance Provider, F&I products, Imprise Financial

May 10, 2017 - Industry News

TransUnion: Auto Delinquencies Tick Up as Originations Slow

The impact of wider access to credit on repayment rates could be causing auto finance sources to reevaluate their guidelines for subprime and nearprime borrowers.

May 10, 2017 - Industry News

Longtime Wells Fargo Dealer Services Exec Joins CRB Auto

Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.

Tags: auto finance, Bill Katafias, CRB Auto, Indirect Lending, Mechanics Bank, Wells Fargo Dealer Services

May 10, 2017 - Industry News

Auto Finance Sources Team Up to Combat Fraud

Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.

Tags: auto finance, bank fraud, compliance, PointPredictive, Santander Consumer USA

May 9, 2017 - Industry News

EFG Wins Three American Business Awards

EFG Companies earned a Gold and two Bronzes in the 15th annual ABAs, as well as ‘Top Contact Center’ honors from BenchmarkPortal.

May 4, 2017 - Industry News

Sonic: Record F&I Performance Offset by Lower Retail Sales

Sonic's F&I operations posted a record per-copy average of $1,370. But with new-vehicle retail volume down 2%, total same-store F&I gross profit remained flat with a year ago. Officials also talked expansion of the EchoPark platform and the expected roll out of an ecommerce site next year.

May 4, 2017 - Industry News

Asbury Hits $1,500 Per Copy in Q1

Describing F&I as 'very fundamental' to its success, Asbury CEO Craig Monaghan said the group will continue to push for improvements in that area as long as 'margin pressure' continues to squeeze the showroom.

May 3, 2017 - Industry News

Group 1: Earnings Hurt by 'Extreme Weakness' in Oil-Dependent States

Not even another strong performance in U.S. new-vehicle margins, a record quarter in the group's U.K. market, and a profitable quarter in Brazil were enough to offset "extreme weakness" in Group 1's energy price-impacted markets.

Tags: F&I profit, Group 1 Automotive, new-vehicle sales, used-vehicle sales

May 2, 2017 - Industry News

Wise F&I Rolls Out Pre-Owned VSC

WiseMVP offers three levels of coverage for vehicles up to 20 years in age and with up to 200,000 miles on the odometer. The new offering includes towing, car rental, and roadside assistance, among other benefits.

Tags: F&I manager, F&I office, pre-owned, Used-Vehicle Service Contracts, vehicle service contract, Wise F&I

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