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December 7, 2016 - Industry News

Bomnin Chevrolet Acquires Grand Prize Chevrolet

After two years of negotiation, Bomnin Chevrolet has acquired Grand Prize Chevrolet. The acquisition of the West Kendall, Fla.-based dealership expands Bomnin Chevrolet’s footprint in the Miami area, allowing the operation to offer service to customers in more than one location.

Tags: Acquisition, Chevrolet, Florida, GM

December 7, 2016 - Industry News

Nelson Chai Named President, CEO of The Warranty Group

Chai previously served as president of CIT Group Inc. He replaces Thomas W. Warsop III, who has served as The Warranty Group's president and CEO since August 2012.

December 7, 2016 - Industry News

Channel Stuffing, Incentives Responsible for Slip in Manheim Index

Wholesale used vehicle prices on a mix-, mileage-, and seasonally adjusted basis declined 1% in November, according to Manheim’s Used Vehicle Value Index report. Due to this decline, the Manheim Used Vehicle Value Index fell 0.3% from a year ago to 124.7.

Tags: Manheim, Used Vehicle Value Index, Used Vehicles, Wholesale Pricing

December 7, 2016 - Industry News

Bonita Springs Mitsubishi Owners Acquire Second Mitsubishi Store in Florida

The owners of Florida's Bonita Springs Mitsubishi have acquired Fort Myers Mitsubishi, the company announced today. With this purchase, owners Jeff Johnson and Bill Doraty hope to replicate the success of their Bonita Springs store, which cracked the Top 25 sales list for Mitsubishi dealerships nationwide.

Tags: Acquisition, Dealership, Florida, Mitsubishi

December 6, 2016 - Industry News

Black Book: Trucks Depreciating More Than Cars

The pendulum finally swung last week, with trucks showing higher depreciation than cars for the first time this year, according to Black Book.

Tags: Black Book, used-vehicle values, Value Retention, vehicle depreciation, wholesale values

December 6, 2016 - Industry News

New-Vehicle Sales Rise 3.7% in November, Autodata Reports

The industry sold 1.38 million new units in November, a 3.7% increase from a year ago, according to Autodata Corp. November's seasonally adjusted annual rate was 17.87 million, which was slightly lower than last November’s SAAR of 18.25 million.

Tags: Audi, BMW, Chrysler, Ford, GM, Honda, Hyundai, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Novemer, Porsche, Toyota, Vehicle Sales, Volkswagen

December 6, 2016 - Industry News

EFG Companies Receives Top Client Satisfaction Scores in National Study

In a study used by major brands to measure dealer services client satisfaction, EFG Companies scored higher than Nordstrom and Ritz Carlton, the F&I product provider shared today.

December 6, 2016 - Industry News

Car and Driver Reveals Winners of '10Best Trucks and SUVs' Awards

Automotive enthusiast magazine Car and Driver today unveiled its first ever “10Best Trucks and SUVs” list, recognizing 2017’s best trucks, SUVs, and crossover vehicles with base prices under $80,000.

December 6, 2016 - Industry News

DealerStar DMS myCarfax Service Shop Program Integration

Dealerships using the DealerStar DMS can now join the Carfax program and take advantage of free resources like Carfax Service History and Carfax QuickVIN.

Tags: Carfax, DMS, Technology

December 5, 2016 - Industry News

International Nameplates Outsell Domestics in November, According to AutoData

International nameplate franchises accounted for 55.7% of all new vehicles sold in the United States in November, besting domestic nameplates and their 44.3% share of the market. Asian makes recorded a share of 45.7%.

Tags: American International Automobile Dealers Associat, Auto Sales, Franchised Dealerships

December 5, 2016 - Industry News

DealerSocket Announces Integration With FetchAQuote.com

Through this integration, customers at independent dealers will be able to look through different car insurance options, secure a quote they like and purchase the coverage on the spot, the company stated.

Tags: DealerSocket, DMS, FetchAQuote, Independent Dealerships

December 5, 2016 - Industry News

Rapid Recon Salutes 100 Years of NADA and Vehicle Reconditioning

By the time the NADA was founded in 1917, the sufficiency of units in operation meant a growing opportunity for used-vehicle sales. According to 1917 motor vehicle registrations, as compiled by the U.S. Bureau of Public Roads, nearly five million cars and trucks were registered. And by late 1916, creative rebuilders were putting old cars, now “reconditioned,” back on the road.

Tags: National Automobile Dealers Association, Rapid Recon, Remarketing, Used-Vehicle Sales, Used-Vehicles

December 5, 2016 - Industry News

Experian: Financing Extended to Subprime Car Buyers Declines to Record Lows in Q3

Auto financing extended to subprime and deep-subprime car buyers fell 4.5% from a year ago, as the auto finance industry continued to squash fears of a forming subprime bubble. Newly originated loans made to prime car buyers jumped 2% to encompass nearly 60% of auto loans originated during the period.

Tags: Auto Loans, Deep-Subprime, Experian, Subprime, Third Quarter

December 5, 2016 - Industry News

Auto/Mate Appoints New Head of Marketing

In this role, Patrick Reilly will oversee the development of a corporate marketing strategy that will increase awareness of Auto/Mate’s DMS offering, fulfill the company’s growth objectives and drive revenue.

Tags: Auto/Mate Dealership Systems, DMS, Hiring

December 1, 2016 - Industry News

Kerrigan Advisors: Auto Retail Index Up Nearly 12%

Kerrigan Advisors today announced that The Kerrigan Auto Retail Index was up 11.66% in November, significantly outperforming the broader S&P 500 Index by 240.9%. The firm attributed the rise in its index to the election of Donald Trump to the presidency.

Tags: Kerrigan Advisors, Kerrigan Auto Retail Index, Stocks

December 1, 2016 - Industry News

KBB: New-Car Transaction Prices Rise Nearly 2% in November

The estimated average transaction price for light vehicles in November was $34,948, a 1.7% increase from a year ago, according to Kelley Blue Book. An analyst with the firm attributed the increase to a shift in consumer preference from cars to more expensive trucks and SUVs.

Tags: Average Transaction Price, Fiat Chrysler, Hyundai, KBB, Kia, Nissan North America

December 1, 2016 - Industry News

Autologic Diagnostics Enters Licensing Agreement With Volvo

Under the agreement, Autologic Diagnostics will have direct access to Volvo diagnostic data and technical information, enabling the provision of a comprehensive repair and maintenance on 2000 to current-year models through Autologic’s cloud-based diagnostic solution.

Tags: Autologic Diagnostics, Cloud Service, Technology, Volvo

December 1, 2016 - Industry News

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.

Tags: CFPB, Congress, U.S. Court of Appeals

December 1, 2016 - Industry News

Fed Reserve, CFPB Leave TILA, CLA Dollar Thresholds the Same for 2017

The two agencies announced before Thanksgiving that the dollar thresholds in the TILA’s Reg Z. and the CLA’s Reg. M for exempt consumer credit transaction will remain at $54,600 for 2017.

Tags: Compliance, Consumer leasing Act, Leasing, New-Vehicle Financing, Regulation M, Regulation Z, Truth in Lending Act

December 1, 2016 - Industry News

Fitch: Subprime Auto ABS Losses Creep Up, Prime Stable

Annualized net losses for prime auto loan ABS declined on a monthly basis in October, while subprime losses rose 32 basis points to 9.61%, according to the ratings agency. Subprime ANL, however, remain within levels recorded earlier this year.

Tags: Auto ABS, auto finance, Fitch Ratings, prime financing, subprime auto finance

November 30, 2016 - Industry News

CUDL Credit Unions Now No. 2 Auto Finance Source

The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated one million loans year to date, surpassing Ally Bank in loans originated this year.

Tags: Auto Lending, Credit Unions, CU Direct

November 29, 2016 - Industry News

Judge Blocks Labor Department’s New Overtime Pay Rule

The department’s rule to extend mandatory overtime pay was set to take effect this Thursday. It is now on hold after a federal judge agreed last week with 21 states and more than 50 business groups that the rule was unlawful and granted their motion for a nationwide injunction.

Tags: employment, Fair Labor Standards Act, U.S. Department of Labor

November 29, 2016 - Industry News

Black Book: Used-Vehicle Depreciation Continues Slowdown

For the car segment, wholesale values decreased by 0.56% last week, an improvement over the 0.62% decrease the segment realized the week before. On the truck front, wholesale values decreased by 0.31%, less than the prior week’s depreciation rate of 0.59%.

Tags: Black Book, Depreciation, Used Vehicles, Wholesale Pricing

November 29, 2016 - Industry News

F&I Still a Drag on Improving Transaction Times, Survey Shows

Although transaction times at dealerships are improving, there are still roadblocks in the process that are holding dealerships back from reliably achieving transactions times below the one- and two-hour mark, according to a survey fielded by eLend Solutions.

Tags: CSI, Dealership, eLend Solutions, F&I, Survey, Transaction Times

November 28, 2016 - Industry News

Negative Equity Becoming a Problem as New-Vehicle Sales Close in on 2015 Record

The good news, according to Edmunds.com, is the industry is on pace to top last year's record new-vehicle sales total. The bad news, the firm noted in a separate release, is car buyers are rolling over negative equity from their trade-ins in record numbers.

Tags: 2016, Edmunds.com, New-Vehicle Sales, SAAR

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