May 25, 2017 - Industry News
String’s marketing intelligence platform will be matched with Experian’s own data-driven insights. The combination will direct dealers on how to spend marketing dollars and where to target their conquesting efforts, officials said.
Tags: Data, digital marketing, Experian Automotive, String Automotive
An Orange County Superior Court Jury sided with a former Nissan dealer who claimed the automaker’s captive financing arm forced him out of business during the Great Recession, awarding him $121.9 million in compensatory damages and $134.6 million in punitive damages.
Tags: Floorplan Financing, inventory financing, Nissan Motor Acceptance Corp., Superior Automotive Group
May 24, 2017 - Industry News
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
By a three-to-one margin, voters surveyed in seven key battleground states said they prefer a bipartisan commission over a single director.
Tags: CBA, CFPB, compliance, Consumer FInancial Protection Bureau
PassTime cofounder Jeffrey Frank was named chairman and CEO, while 19-year company veteran Chris Macheca was named president. The latter will retain his title of COO.
Tags: GPS devices, payment assurance systems, special finance, subprime
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
CDK Global has entered into a definitive agreement with Auto/Mate to acquire the technology company, which provides a suite of DMS products and solutions to more than 1,000 new-car dealerships. The transaction is expected to close later this summer.
Tags: Auto/Mate Dealership Systems, CDK Global Inc., Data, DMS, DMS integration, Mike Esposito
May 23, 2017 - Industry News
America’s 9,600 international nameplate dealers reinforced their opposition to a border adjustment tax that say will cost U.S. consumers $34.6 billion or about $2,000 per vehicle.
Tags: AIADA, American International Automobile Dealers Associat, Donald Trump
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
UpdatePromise’s customers will immediately gain access to GoMoto’s kiosk platform as a result of the partnership, while GoMoto’s kiosk customers will be able to incorporate the UpdatePromise consumer experience lifecycle solution.
Tags: brand loyalty, digital marketing, GoMoto, UpdatePromise
Auto Dealer Today named the winners of the 13th annual Dealers’ Choice Awards.
Crowley brings more than 20 years of experience in the automotive space, most notably as one of the leading sales managers at CDK.
Newman has served in various roles of increasing responsibility since joining the company nine years ago, most recently as managing editor. She will lead efforts to expand and grow Cars.com's content and innovate the way its packaged and delivered.
Tags: Cars.com, Jennifer Newman, third-party sites
May 22, 2017 - Industry News
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
The company’s AVH-3300NEX offers a motorized touchscreen display that's seven inches wide and two inches tall, making it an easy installation on older and collectible vehicles. And like the other four models, it offers audiophile-grade sound features, Bluetooth connectivity, and is compatible with Apple CarPlay and Android Auto.
Tags: aftermarket accessories, Infotainment Systems, used-vehicle sales
More than a year after being hired to lead the automaker's ‘Smart Mobility’ innovation unit, Jim Hackett was named Ford’s CEO and president. He replaces Mark Fields, who ends his three-year tenure at the helm of Ford Motor Co.
Tags: Ford Motor Co., Hire, Jim Hackett, Mark Fields, Promotions
Judge Charles R. Breyer of the U.S. District Court for the Northern District of California granted final approval on May 17. The U.S. Environmental Protection Agency and California Air Resources Board have also approved the agreement.
Average wholesale used-vehicle prices reached $11,141 in April, a 2.2% increase from March and a 2.5% increase from a year ago, Tom Kontos reported. The only three segments registering declines were compact, mid-size, and luxury cars.
Tags: Tom Kontos, used-vehicle sales, Wholesale Values
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.
A visit of service departments across the nation revealed that 25% of service lifts are out of compliance with the OSHA’s vehicle lift maintenance and inspection standards. Fixed-ops expert issues a warning and offers four recommendations for maintaining worker safety.
Tags: compliance, fixed operations
May 18, 2017 - Industry News
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
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
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
Jumpstart Automotive Media reports strong gains among domestic manufacturers in its monthly insights report. It also reveals that Chevrolet passed Ford as the brand with the most shopper interest across the firm's portfolio of automotive publishers.
FactorTrust provides credit data that incorporates verifiable payment histories from transactions such as short-term loans, credit and prepaid card, wireless services and collection agencies. Through 700Credit, dealers will gain access to this information to serve customers with thin credit files or who are underbanked
Tags: 700Credit, auto finance, buy-here, FactorTrust, pay-here, special finance
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