Top News

May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.

Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups

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signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.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

May 29, 2018 - Industry News

Trump Tariffs Are ‘Big News’ for Auto Dealers

President Trump’s tweet promising ‘big news’ for the automotive industry was quickly followed by an investigation that could lead to inflated costs for imported vehicles and parts.

May 23, 2018 - Industry News

Autotrader Names 10 Best Non-Luxury and Luxury CPO Programs

Topping Autotrader’s 2018 lists of non-luxury and luxury CPO programs were Hyundai and Lexus, respectively. Both offer unrivaled warranty coverages, along with several perks that make them an ideal choice for shoppers looking for a lightly used model.

Tags: Autotrader, Certified Pre-Owned, Hyundai, Lexus

June 7, 2018 - Industry News

Mercedes-Benz, FCA to Offer Three-Tier Subscription Programs

Mercedes-Benz will offer three tiers in its subscription service, but hasn't announced which vehicles would fall into the tiers. Photo courtesy of Mercedes-Benz USA.  

Mercedes-Benz customers can choose between Signature, Reserve, and Premier, with the automaker’s three-tier subscription program costing subscribers between $1,095 and $2,995 per month. Jeep Wave will also offer subscribers three tiers from which to choose. Pricing has yet to be released.

Tags: Jeep, Jeep Wave, Mercedes-Benz, Mercedes-Benz Financial Services, Subscription Service

May 17, 2018 - Industry News

Freed From CFPB Order, Toyota Financial to Raise Markup Caps

Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.

May 24, 2018 - Industry News

GWC Warranty Adds to Sales Management Team

The F&I product provider has added more than 100 years of combined sales and automotive experience with the addition of five new regional sales managers.

Tags: F&I products, GWC Warranty, Used-Vehicle Service Contracts

June 1, 2018 - Industry News

Fiat Chrysler to Electrify 30 Models by 2022

Fiat Chrysler's five-year plan to 2022 includes a heavier emphasis on Jeep and Ram, as well as a broad-ranging electrification initiative. Photo courtesy of FCA.  

The company's executive leadership, including outgoing chief executive Sergio Marchionne, outlined the new investments during a June 1 investors meeting. Marchionne presented a five-year plan for the company, even though he has said he will retire in 2019.

Tags: Chrysler, Chrysler Capital, Dodge, FCA, Fiat, Jeep, Santander Consumer USA

May 31, 2018 - Industry News

Assurant Completes Acquisition of The Warranty Group

Following the announced closing of its acquisition of The Warranty Group, Assurant announced new leaders for its global automotive business.

Tags: Assurant, F&I manager, F&I products, general agents, online F&I, The Warranty Group, vehicle service contracts

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.

June 1, 2018 - Industry News

Fiat Chrysler to Establish Captive Finance Company

The automaker's chief executive told investors today that the company will establish its own captive finance company by 2022. One option being considered is the purchase of Chrysler Capital from Santander Consumer USA, which is five years into the 10-year preferred financing agreement it signed with FCA in 2013.

Tags: auto finance, captive finance, Chrysler Capital, FCA

June 14, 2018 - Industry News

Fed Reserve Approves Second Rate Hike of 2018

FOMC Chairman Powell answers a reporter's question at the June 13, 2018 press conference.

For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest rates and tighter credit have already led to softening retail demand, noting that further rate increases will impact all corners of the car business.

Tags: auto finance, Federal Reserve, interest rates, Jerome Powell

July 13, 2017 - Industry News

Three States Pass GAP Laws

The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of the three laws passed — the most recent state to adopt its model act being Maine.

Tags: compliance, F&I products, GAP, GAPA, GAPWise, Guaranteed Asset Protection Alliance, insurance, Regulations, Rob Berger, Timothy Meenan, Wise F&I

July 21, 2016 - Industry News

87% of Consumers Dislike Dealership Experience, Survey Finds

Conducted by Harris Poll on behalf of online retailer Beepi, the study revealed an apparent distrust and negative opinion of car dealerships among consumers polled. In the survey’s findings, 61% of respondents felt like they were taken advantage of at some point in the dealership.

Tags: Beepi, Dealership Experience, Millennial, Survey

May 23, 2018 - Industry News

California New-Vehicle Sales Expected to Exceed 2 Million in 2018

With the car market having plateaued after several years of increases, the California New Car Dealers Association said it continues to see increasing demand for larger, more family-friendly vehicles. But with gas prices continuing to increase, that trend could shift in the quarters ahead.

Tags: California, California New Car Dealers Association, new-vehicle sales, SUV

May 30, 2018 - Industry News

Drive Motors Hires New Senior Director of Consumer Experience

Lauren Wolfe, a more than 15-year digital-marketing specialist, will spearhead growth on the West Coast as the digital retailing provider’s new senior director of consumer experience.

Tags: digital retailing, Drive Motors, online F&I

June 13, 2018 - Industry News

Industry Summit 2018 to Feature Technology Shootout

Set for mid-October in Orlando, this year’s Industry Summit will include several new features and events, including the inaugural Technology Shootout.

June 13, 2018 - Industry News

Edmunds: Used-Vehicle Prices Hit Record High in Q1

Although shoppers continue to flock toward pricier trucks and SUVs, steadily rising gas prices are beginning to stimulate consumer demand and increase residual values for smaller vehicles.

Tags: Edmunds, Gas Prices, used-vehicle prices, used-vehicle values

June 11, 2018 - Industry News

Confident Financial Offers Repair Financing

Confident Financial Solutions has added a new auto repair financing option in partnership with WebBank. Vehicle owners can borrow up to $7,500 after completing a four-step loan application process.

May 24, 2018 - Industry News

AutoGravity Names Jason Bonifay Vice President of Engineering

The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.

Tags: auto finance, AutoGravity, digital retailing, online F&I, technology

June 5, 2018 - Industry News

Binary Automotive Adds to Executive Team

Binary Automotive Solutions announced the addition of Joe Turner, Matt Ward, and Troy Scheer to the company’s executive management team.

June 11, 2018 - Industry News

Zendesk: Humanize Your Dealership for Sales Success

Zendesk has released a free white paper illustrating a six-step process for auto dealers seeking the competitive advantage created by an ‘omnichannel’ customer service experience.

May 31, 2018 - Industry News

OTE Releases Ecommerce Solution for Selling F&I Products Online

The turnkey, ecommerce solution allows dealers to present options for service contracts, tire-and-wheel, GAP, and many other F&I products during or after the time of purchase. Consumers simply visit the dealer’s website and enter their VIN to access competitive rates from multiple F&I product vendors.

Tags: digital retailing, Ecommerce, F&I products, online F&I, OTE, Over the Edge

May 29, 2018 - Industry News

Autotrader, Kelley Blue Book Team With LendingTree

Adding LendingTree's capabilities to the Autotrader and Kelley Blue Book sites allow car buyers to research, shop and secure financing on a vehicle all in one spot.

Tags: Autotrader, Cox Automotive, digital retailing, Kelley Blue Book, LendingTree, online F&I

May 18, 2018 - Industry News

RMS Adds AI-Powered Portfolio Tools

RMS Automotive’s new Optimization suite was designed to leverage the combined power of machine learning and Cox Automotive data.