November 6, 2017 - Industry News
The Southern California-based dealer group was charged with violating a 2014 administrative order prohibiting it from misrepresenting in advertisements how much consumers could pay to finance or lease a vehicle.
Tags: compliance, Consumer Leasing Act, Federal Trade Commission, Norm Reeves, Truth in Lending Act
October 27, 2017 - Industry News
A study released by Marchex and based on 8 million calls to U.S. auto dealers found that nearly one-fifth of calls went unanswered or were abandoned by the customer, representing millions of dollars in lost revenue.
November 8, 2017 - Industry News
The 20-year industry veteran and former executive with The Warranty Group will coordinate strategy and development for AAGI’s products, services, and technology. Tim Brugh, who held the title since May 2013, named CEO.
Tags: American Auto Guardian, Craig Robinson, F&I products, The Warranty Group
October 23, 2017 - Industry News
Fair’s latest funding round was led by BMW iVentures and includes investments from Penske Automotive Group and other investors. The startup also raised nearly $1 billion in debt funding from a group of investment banks and a Sherpa Capital-led entity.
Tags: digital retailing, Fair, George Bauer, online F&I, Scott Painter, TrueCar
October 25, 2017 - Industry News
The latest edition of eLEND Solutions’ Digital Retailing Survey finds most dealers describe themselves as willing to adopt digital retailing but actual adoption rates — and levels of understanding — are wanting.
November 16, 2017 - Industry News
The Manheim Marketplace is poised to deliver what the provider claims to be the industry’s first omnichannel experience, combining all channels to create a single, integrated destination for buyers and sellers.
The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.
Tags: Arbitration, CFPB, compliance, F&I products
The social network announced the launch of two new ad features intended to help dealers and other automotive companies target users and capture their contact information.
November 9, 2017 - Industry News
Manheim’s growing collection of digital and offsite offerings promises dealers more ways to buy and sell vehicles.
October 24, 2017 - Industry News
The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.
Tags: auto finance, CFPB, compliance, dealer markups, F&I products
November 2, 2017 - Industry News
The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.
Tags: auto finance, Consumer Financial Protection Bureau, default rates, Long Loan Terms, Subprime Financing
Automotive Development Group has been named to this year’s Inc. 5000 list of the fastest-growing companies, marking its first appearance and joining the likes of FitBit and Pandora.
November 15, 2017 - Industry News
In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.
Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray
November 20, 2017 - Industry News
Darwin Automotive has launched Darwin Online, described by the company as the auto industry’s first fully functional 24-hour F&I department.
According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.
Tags: auto finance, employee, Wells Fargo Dealer Services
A new survey from Roadster shows that when it comes to millennials, the car business ranks just behind 'politician' and 'tax collector' as occupations they'd like to avoid.
Tags: car dealerships, digital retailing, Millennials, online F&I, Roadster, technology
October 18, 2017 - Industry News
The attorney general's two-year crackdown on payment packing and the unlawful sale of credit repair services has resulted in 13 dealership settlements and more than $19 million in total restitution and penalties.
Tags: Credit Forget It, credit repair services, Eric T Schneiderman, F&I manager, jamming, payment packing
November 1, 2017 - Industry News
Family-owned and -operated since World War II, Puente Hills (Calif.) Chevrolet changes hands with the retirement of co-owners Tom Hoffman and Gary Campbell.
Despite the expected decline, October looks to be relatively strong on strong replacement demand in hurricane-impacted states and higher incentive spending. Kelley Blue Book analysts, however, believe these are indicators that new-vehicle demand is still contracting.
Tags: Fiat Chrysler, Honda, Kelley Blue Book, new-vehicle sales, Nissan, SAAR, Toyota, Volkswagen
The latest edition of J.D. Power’s U.S. Sales Satisfaction Study finds car buyers still rely on interaction with sales professionals to drive their shopping experience.
October 31, 2017 - Industry News
A study conducted by Jumpstart Automotive Media and Ipsos Connect sought to identify luxury car buyers and determine what motivates them, and the results were surprising.
Transaction prices continue to rise at a slower pace, with the third-quarter average up just 1% after averaging 3% gains in the first half of the year. And while KBB expects solid sales in October, flat transaction prices combined with ever-growing incentive spending signal headwinds for the new-vehicle market as the year nears its close.
Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales
The funding will be used to grow market share, invest in product development, and expand client services, officials with the digital marketing firm said. fusionZONE was founded in 2009 and provides web design services and conversion strategies to dealers.
Tags: dealer website, digital marketing, fusionZONE, lead conversion, Primus Capital
The new platform gives users of Pearl’s VehicleXchange incentive-based marketing solution the ability to know which consumers are new or pre-owned buyers, and can target by propensity, APR, payment amount, term and credit score, and more.
Tags: data mining, digital retailing, Experian Automotive, online F&I, Pearl Technology
November 7, 2017 - Industry News
The last remaining replacement activity stemming from hurricanes Harvey and Irma drove continued vehicle value stability and shopping demand in October, with the firm’s index rising to 114.6 in October.
Tags: Black Book, Hurricane Harvey, Hurricane Irma, Used Vehicle Retention Index, used-vehicle values
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