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November 21, 2017 - Industry News

Auto Loan Market Shifting Toward Less Risky Consumers

For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.

Tags: auto finance, Delinquencies, Hurricane Harvey, Hurricane Irma, Subprime Financing, TransUnion

November 21, 2017 - Industry News

Used Market Strong in October Despite 2.2% Decrease in Wholesale Prices

Thanks to the lingering effects of hurricanes Harvey and Irma, J.D. Power’s seasonally adjusted used-vehicle price index recorded its third straight monthly increase. It rose 1.1 points to 114.5.

November 20, 2017 - Industry News

Tabar Joins UDS as Director of Training

Thirty-year industry veteran John Tabar has joined United Development Systems as director of training.

November 20, 2017 - Industry News

Wells Fargo Dismisses Head of Consumer Lending

Franklin Codel, Wells Fargo's former head of Consumer Lending.

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

November 20, 2017 - Industry News

Fall Ahead: Dealer Sites Enjoy Autumn Upswing

New data from Dealer.com reveals a post-summer surge in dealer website traffic and shows Black Friday purchase intent far outpaced Cyber Monday in 2016.

November 20, 2017 - Industry News

Darwin’s Digital F&I Department Goes Live

Darwin Automotive has launched Darwin Online, described by the company as the auto industry’s first fully functional 24-hour F&I department.

November 20, 2017 - Industry News

Zanan’s ‘Perfect Dealership’ Hits Amazon

Auto retail expert Max Zanan’s highly anticipated ‘Perfect Dealership: Surviving the Digital Disruption’ is now available for purchase.

November 16, 2017 - Industry News

Facebook Adds New Tools for Auto Dealers

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 16, 2017 - Industry News

Wells Fargo Dealer Services Adds $5.4M to 2016 Military Repo Settlement

The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.

Tags: auto finance, compliance, Servicemembers Civil Relief Act, Wells Fargo Dealer Services

November 16, 2017 - Industry News

Manheim to Combine Marketplace Channels

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.

November 16, 2017 - Industry News

Dougherty Joins DealersLink as VP of Sales

Fifteen-year industry veteran Josh Dougherty has joined DealersLink as the dealer technology provider’s vice president of sales.

November 16, 2017 - Industry News

EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty

John Pappanastos, president and CEO of EFG Companies

EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.

Tags: CFPB, compliance, Customer Service, digital retailing, EFG Companies, general agents, new-vehicle sales, parts and service, service drive

November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

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 15, 2017 - Industry News

US Equity Advantage Partners With Brown & Brown

The new partnership will allow USEA to offer its biweekly F&I service to automotive and recreational vehicle dealers through the AGWSmenu platform.

November 15, 2017 - Industry News

Toyota Financial Tests Ridesharing Waters

Toyota Financial Services and Launch Mobility will collaborate to develop a product that will make off-lease units available to rideshare drivers as short-term rentals.

November 15, 2017 - Industry News

J.D. Power: Dealers Crucial to Sales Satisfaction

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.

November 14, 2017 - Industry News

It’s a Trap! Car Buyers Hip to Lead Capture Forms

New research from PERQ shows dealership website visitors are more likely to purchase if offered a guided online experience and increasingly wary of features designed to capture their contact information.

November 14, 2017 - Industry News

Black Book: Luxury, Sporty Cars Experiencing Increased Depreciation Entering November

Premium sporty cars recorded the largest decrease in value in October, while prestige luxury cars have registered the highest depreciation over the course of the last 12 months.

Tags: Black Book, Premium Sporty Cars, Prestige Luxury, vehicle depreciation

November 14, 2017 - Industry News

Edmunds: 100,000-Mile Cars More Valuable Than Shoppers Think

Thanks to a tight supply of late-model used vehicles, values don’t dramatically drop once the odometer crosses six figures, according to a new report from vehicle information site.

Tags: auto finance, Edmunds, used-vehicle values

November 14, 2017 - Industry News

Sherman, De Palma Join LotLinx as VPs

Former R.L. Polk executive Bob Sherman and former CallRevu executive Kim De Palma have joined LotLinx as the company prepares to expand.

November 14, 2017 - Industry News

Black Book Provides Appraisal Data to ASNSoftware

Black Book has agreed to provide vehicle valuation data to ASNSoftware’s dealer management solutions, helping to power trade valuations for independent auto dealers.

November 14, 2017 - Industry News

J.D. Power: Differing Approaches to Digital Financing Creates Wide Satisfaction Gap

While the digital application channel generated significantly higher levels of overall satisfaction in J.D. Power’s 2017 U.S. Consumer Financing Satisfaction Study, many consumers are waiting longer for a credit decision than those utilizing dealer representatives.

Tags: auto finance, digital retailing, J.D. Power, online F&I

November 14, 2017 - Industry News

AutoGravity’s Car-Buying Platform Surpasses 1 Million Users

Launched in 2016, AutoGravity rapidly expanded from 100,000 users in its first six months to more than one million users less than a year later, according to officials. In 2017 alone, car shoppers have request more than $1 billion in vehicle financing through the fintech firm’s car-buying app.

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

November 9, 2017 - Industry News

Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback

Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act

November 9, 2017 - Industry News

Stuart Accepts AFSA’s Distinguished Service Award

TD Auto Finance President and CEO Andrew Stuart was honored with the 2017 Distinguished Service Award by the American Financial Services Association.

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