Top News

July 30, 2018 - Industry News

National Auto Care Acquired by Private Equity Firm

National Auto Care Corp. has been acquired by Lovell Minnick Partners, a Philadelphia-based private equity firm.

July 25, 2018 - Industry News

Former FCA Chief Sergio Marchionne Dead at 66

Sergio Marchionne, former CEO of Fiat Chrysler Automobiles and Ferrari N.V., has died following complications from surgery.

July 18, 2018 - Industry News

Penske to Install Reynolds docuPAD in All Stores

Penske said today it intends to integrate electronic document management to improve workflow and efficiency and install the Reynolds docuPAD system in F&I departments across more than 120 Penske dealerships.

Tags: docuPAD, eWorkflow, F&I process, Penske Automotive Group, Reynolds & Reynolds

July 26, 2018 - Industry News

Wells Fargo to Begin Growing Auto Loan Portfolio by Mid-2019

Photo by Laimerpramer via Wikimedia Commons

Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.

Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo

July 12, 2018 - Industry News

FTC, 12 Partner Agencies Conduct Used Car Rule Compliance Sweep

The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed to comply could face penalties of up to $41,484 per violation.

Tags: compliance, Federal Trade Commission, Used Car Guide, used cars

June 20, 2018 - Industry News

ADT Announces Winners of 2018 Dealers’ Choice Awards

Dealers and dealership personnel have recognized 70 companies and individuals in 34 categories in the 2018 Dealers’ Choice Awards.

July 16, 2018 - Industry News

CDK Global to Acquire ELEAD1ONE

The deal was first reported on Sunday by The Banks Report, which described the pending acquisition as checking off 'several boxes for CDK while filling a big product hole — a viable integrated CRM platform with significant market share.'

Tags: CDK Global, CRM, digital marketing, digital retailing, DMS, ELEAD1ONE, online F&I

July 18, 2018 - Industry News

Manheim Sees Record-Level Digital Adoption in First Half

The company reported that 45% of vehicles sold in the first half were to digital buyers on Manheim.com. The firm also detailed enhancements it’s planning to make to the Manheim Marketplace over the next few months.

Tags: Auto Auctions, digital, Manheim, Manheim Marketplace, RMS Automotive

July 16, 2018 - Industry News

Ally, NAMAD Honor Rising Auto Retail Leader With Inaugural 'Ally Sees Her' Award

Ally Financial and the National Association of Minority Automobile Dealers (NAMAD) has honored Karmala Sutton, dealer in training at Honda of Kenosha in Bristol, Wisc., with the first-ever Ally Sees Her Award.

Ally and the National Association of Minority Automobile Dealers honored Karmala Sutton, a dealer in training at Honda of Kenosha in Bristol, Wis.

July 17, 2018 - Industry News

AutoGravity Names New CEO, CTO

Alex Mallman, AutoGravity CEO

Alex Mallman, who most recently served as president and CEO of Mercedes-Benz Auto Finance China, replaces AutoGravity’s co-founder and CEO Andy Hinrichs, who left in May, according to the Orange County Business Journal.

Tags: AutoGravity, Daimler Financial Services, digital retailing, online F&I

April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

July 23, 2018 - Industry News

FCA Elevates Ram Truck Head to CEO

FCA has named Mike Manley its CEO to replace an ailing Sergio Marchionne. Photo courtesy of FCA.  

Fiat Chrysler Automobiles has named Ram truck and Jeep head Michael Manley as its chief executive officer, after medical complications forced Sergio Marchionne to step away from the company.

Tags: Fiat Chrysler, Jeep, Mike Manley, Ram, Sergio Marchionne

August 13, 2018 - Industry News

Cox Establishes Mobility Solutions Group

Cox Automotive announced the launch of its Mobility Solutions Group, coinciding with and accelerated by the acquisition of Clutch Technologies.

July 31, 2018 - Industry News

Retail Fraud Volume and Cost Up Sharply in 2018

LexisNexis Risk Solutions finds auto dealers and other retailers are facing fraud on an unprecedented scale, including a 30% increase in the number of successful fraudulent transactions since 2017.

July 18, 2018 - Industry News

Dent Wizard Acquires Image Auto

Dent Wizard International has acquired Image Auto, a regional provider of recon and wheel repair services.

August 2, 2018 - Industry News

FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.

Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto

July 19, 2018 - Industry News

J.D. Power: Wholesale Prices Decline in June

June wholesale prices for used vehicles up to eight years in age fell by an average of 0.9% compared to May. Losses at the segment level were less than historic norms across the board on both the mainstream and premium sides of the market, the firm said.

Tags: Auto Auctions, J.D. Power Valuation Services, Wholesale Pricing

July 23, 2018 - Industry News

Industry Summit Panel to Examine Industry’s Digital Transformation

Industry Summit’s annual ‘From the Boardroom’ session will feature executives from F&I product providers and software firms, who will tackle the big questions facing F&I offices as the industry continues to push for a more digitized car-buying experience.

Tags: compliance, digital retailing, F&I process, F&I products, Industry Summit, online F&I, Showroom

July 30, 2018 - Industry News

Capital One: Auto Growing as Competition Intensifies

Capital One announced gains in its auto finance division even as directors acknowledged increasing competition in the subprime space.

August 6, 2018 - Industry News

Industry Summit to Focus on the Future of F&I

Online F&I will be a key focus at Industry Summit 2018, which will allow dealers to learn about the challenges and opportunities ahead for the F&I product side of the business while their F&I teams get compliance certified and trained by the best in the business.

Tags: Ask Frenchy, Automotive Compliance Education, Compliance Summit, F&I training, Industry Summit, objection handling, PALS

July 16, 2018 - Industry News

Black Book Becomes Valuation Partner for MYEV.com

With today’s announcement, Black Book valuation data will be integrated with all EVs listed in the MYEV.com system, which will help buyers and sellers ensure they’re reviewing the most accurate and up-to-date valuations within the market.

Tags: digital marketing, digital retailing, lead generation, MYEV.com, Third-party leads

July 25, 2018 - Industry News

Registration Opens for Industry Summit 2018

Dealers and sales and F&I professionals are invited to register for Industry Summit 2018, a unique training, compliance certification, and networking opportunity set for October in Orlando, Fla.

July 17, 2018 - Industry News

GoMoto Announces Integration With Autosoft

The software firm's Virtual Service Advisor is now integrated with Autosoft's DMS. GoMoto users can now open repair orders, update customer appointments and information, and offer trade appraisals and upsell every customer.

Tags: Autosoft, DMS, GoMoto, service lane, software, technology

July 24, 2018 - Industry News

Deadline Set for Industry Summit’s Tech Shootout

Companies and individuals at the forefront of sales and F&I technology are invited to participate in Technology Shootout, a new feature planned for October’s Industry Summit.

July 16, 2018 - Industry News

KEEPS Founder Ray Branch Retires

Vernon ‘Ray’ Branch, founder of fixed ops solutions provider KEEPS Inc., has retired at the end of a 25-year run.