October 20, 2016 - Industry News
Dent Wizard promoted Regional Business Development Manager Eric Walker to finance director of the company's South region, which includes Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas.
Tags: Dent Wizard, F&I, Promotion
The F&I product provider has named Therese Pramick to the post. She will be responsible for developing strategies that increase GWC’s brand awareness and value among new and existing GWC partners.
Tags: GWC Warranty Corporation, Hiring, Marketing
EasyCare has appointed Steven Spivey as director of new business development. The former CNA executive will look to expand the F&I product provider's partnership opportunities with independent agencies.
Tags: EasyCare, Executive, Hiring
October 19, 2016 - Industry News
Launched as a California broker site two and half years ago, Roadster took another step in its evolution to dealer solution provider this week. It announced the launch of a mobile app that brings its ecommerce platform into dealer showrooms.
Tags: Digital F&I, Ecommerce, Online Buying, Roadster
According to Edmunds estimates, nearly 75% of Tacoma trade-ins this year have gone toward the purchase of another Tacoma. The popularity of Tacoma pickups, the study added, pushed Toyota’s overall truck loyalty rate to about 70%.
Tags: Study, Tacoma, Toyota, Trucks
National Automotive Experts received Strongsville, Ohio’s 2016 Innovation Award, which is presented annually to companies that demonstrate continued growth, investment and innovation within the community.
Tags: Award, National Automotive Experts, Ohio
October 18, 2016 - Industry News
DealerVault and its holding company, Data Specialty Group LLC, have merged into Authenticom LLC, creating one company serving more than 15,000 dealerships across the company, the companies announced today.
Tags: Authenticom, Data, DealerVault, Merger
AiM and Manheim have completed the North American rollout of AiM software to 79 Manheim locations in the U.S., Canada and Puerto Rico, according to a company announcement.
Tags: AiM, Manheim, Software, Vehicle Inspection
Whether a seasonal trend or a sign of things to come, Black Book recorded the largest year-to-date weekly decline in car values last week. Trucks also recorded a sizable drop in values.
Tags: auto finance, Black Book, Used Vehicles, Wholesale Values
Results of an online consumer survey conducted by Total Dealer Compliance show high levels of consumer dissatisfaction with how dealers resolve their complaints.
Tags: Complaints, Compliance, Survey, Total Dealer Compliance
Cars.com has appointed James F. Rogers as the company’s chief legal officer. He will be responsible for directing all areas of legal and compliance, including legal-related aspects of strategic initiatives and acquisition-related legal and integration matters.
Tags: Cars.com, CTO, Hiring, IPO
Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.
Tags: CFPB, Compliance, Consumer Financial Protection Bureau, customer disclosures, dealer markups, dealer participation, F&I products
The developer of GPS-based vehicle tracking and safety solutions said its new platform is designed to reduce costs associated with loaner vehicles at dealerships.
Tags: GPS, GuidePoint Systems, Loaner Vehicle, Monitoring Software, Software
October 13, 2016 - Industry News
Particularly hard hit in September were mid-size cars, while the luxury car segment experienced a nice bounce in its average wholesale price, according to ADESA Chief Economist Tom Kontos. Mini-vans also experienced solid price growth during the month.
Tags: certified pre-owned vehicles, used-vehicle values, Wholesale Values
TradeRev, which provides a live vehicle-appraisal and auctioning app, announced the appointment of new regional directors. Taking over the South Central region is Tory Swedlund, while Will Farmer was named director of the Southeast region.
Tags: Hiring, Mobile Applications, TradeRev, Vehicle Appraisal
Aside from electing Mark Scarpelli chairman, the National Automobile Dealers Association’s 63-member board of directors selected Michigan's Wes Lutz as the trade group's 2017 vice chairman.
Tags: Chairman, NADA, NADA Convention and Expo
Wholesale values continued to fall last week, although cars fared better than trucks, according to Black Book. The firm reported that the wholesale value for the overall car segment decreased by 0.57% from the week prior, while the truck segment declined 0.58%.
Tags: Black Book, Depreciation, Market Insights, Trucks
October 12, 2016 - Industry News
Fueled by more than $460 million in additional funding, online pre-owned retailer Carvana is expanding into Cincinnati, the company announced today.
Tags: Car Sales, Carvana, Online Buying, Online Retail
The retail sales finance company, Security National Automotive Acceptance Company, LLC (SNAAC), will be celebrating 30 years in business later this month, according to a company announcement.
Tags: Finance, Retail Sales, SNAAC
October 11, 2016 - Industry News
On Tuesday, a federal appeals court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional. The appellant court’s main issue is the bureau’s single-director structure.
Tags: Compliance, Consumer Financial Protection Bureau
The perception that millennials are content with a carless, ride-hailing life may not be true after all, at least according to new data from Dealertrack.
Tags: Cox Automotive, Dealertrack, Leasing, Millennial, Stretching Loan Terms
DRIVIN announced the launch of DRIVIN Marketplace, where dealers can list and remarket unwanted inventory to their established network of dealers. The service will then match and recommend the listed inventory to more than 1,000 open vehicle searches from dealers across the country, according to the company.
Tags: Dealer Software, DRIVIN, Software, Used Vehicle
Cox Automotive named Joe George senior vice president of Manheim Vehicle Solutions. He will responsible for strategy to execution, driving the wholesale and retail solutions long-term plan related to reconditioning, imaging purchase protection and inspections.
Tags: Cox Automotive, Manheim, Promotion, Vice President
Under the new law, used-car dealers who sold fewer than 50 cars in the previous calendar year will be required to purchase a $20,000 surety bond. Dealers who sold more than 50 cars will be required to purchase a $100,000 bond. Additionally, new dealer license applicants will need to post the $20,000 surety bond.
Tags: Assembly Bill, Law, New York, Surety Bond
October 6, 2016 - Industry News
Nearly across the board, the retention rates of model-year 2013 vehicles were down this year compared to the same time last year, according to the most recent NADA Used Car Guide Perspective report.
Tags: NADA, NADA Used Car Guide, Reports, Vehicle Retention
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