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June 1, 2016 - Industry News

Mortgage Applicants Three Times As Likely to Open New Auto Loans, TransUnion Reports

A new study from TransUnion shows that prime or better mortgage applicants are up to three times as likely to open a new auto loan within 12 months of a mortgage inquiry.

Tags: auto finance, Auto Loans, Car Buyers, mortgage, TransUnion

June 1, 2016 - Industry News

NHTSA Fines Ariz. Dealership $40,000 for Selling New Cars With Open Recalls

The federal agency said Sands Chevrolet violated the Safety Act for selling and delivering new vehicles without fixing safety-related defects. Along with the fine, the dealership was ordered to show that it has taken, or will take, steps to ensure it does not violate the Safety Act again, the settlement agreement states.

Tags: Civil Penalties, Department of Transportation, NHTSA, Recall, Safety

May 31, 2016 - Industry News

Reuters: Former Zurich Insurance CEO Commits Suicide

Reuters reported yesterday that former Zurich Insurance CEO Martin Senn has committed suicide, the second top executive at the group to take his own life in less than three years.

Tags: insurance, Zurich

May 31, 2016 - Industry News

SUV/CUV Loyalty Soars to Record Levels, IHS Automotive Reports

The analysis, which looked at more than 1.9 million return-to-market events during the first quarter, found that 63% of SUV/CUV owners who returned to market for a new vehicle during the first quarter purchased another SUV or CUV.

Tags: Consumer Buying Habits, CUV, Market Trend Analysis, New Vehicle Registrations, SUV

May 31, 2016 - Industry News

Gauss Digital Marketing to Distribute Black Book's Bullseye Prospecting Solution

Black Book's distribution agreement with Gauss Digital Marketing will help expand the footprint of its new Bullseye Prospecting solution, a turnkey platform for dealer marketing campaigns.

Tags: Black Book, Bullseye Prospecting, Gauss Digital Marketing

May 31, 2016 - Industry News

Hearst Autos Names Chief Technology Officer

Hearst Autos has named Ryan Mannion as its chief technology officer. Hearst Magazine announced the formation of Hearst Autos, a collection of its B2B and B2C publications, earlier this month.

Tags: Hearst Autos, Hearst Magazines, Hiring

May 31, 2016 - Industry News

KAR Names Vice President of Autoniq Subsidiary

Nicole Archer has been named vice president of Autoniq, a real-time information provider for dealers, according to the company.

Tags: ADESA, Autoniq, KAR Auction Services, Promotion, Vice President

May 31, 2016 - Industry News

Consumers Hungry for Used Leases, Survey Says

A survey conducted by Swapalease.com found that both dealers and car buyers are interested in used-vehicle leasing. Top used vehicles consumers would like to lease include the Cadillac Escalade, CTS, and the Jeep Cherokee, while dealers would like to offer used leases on the Buick Regal, Cadillac CTS and Chevrolet Cruze.

Tags: Lease, Survey, Swapalease.com, Used Vehicles

May 31, 2016 - Industry News

Turks and Caicos Regulator Engages Reinsurance Industry

The Turks and Caicos Islands Financial Services Commission met last week with 20 leading reinsurance experts to elicit their views on proposed improvements to the islands’ regulatory regime and to explore how TCI may remain the domicile of choice of producer affiliated reinsurance companies.

Tags: consumer protection, GAP, producer-affiliated reinsurer, Reinsurance, Service Contracts, Turks and Caicos Islands

May 26, 2016 - Industry News

TradeRev Wins Gold Award in 11th Annual IT World Awards

TradeRev CEO and President Mark Endras announced today that his company’s product, a vehicle appraisal and auctioning system for automotive dealers, was named the Gold winner in Network Products Guide’s 2016 IT World Awards in the Hot Technologies category.

Tags: Auctioning System, Mobile Applications, Technology, TradeRev, Vehicle Appraisal

May 26, 2016 - Industry News

RoadVantage Wins Dealers’ Choice Platinum Award

RoadVantage has won a Platinum Dealers’ Choice Award in the F&I Products category, marking the second year in a row the F&I product provider earned an award in this category.

Tags: Dealers' Choice Awards, F&I product provider, F&I Products, Garret Lacour, RoadVantage

May 26, 2016 - Industry News

EasyCare Names New National Director of New Business Opportunities

The F&I product provider has appointed Rob Mirra as national director of new business opportunities. In this role, he will be leading the building of new EasyCare relationships with dealerships across the nation, according to the company.

Tags: EasyCare, F&I, Hiring

May 26, 2016 - Industry News

Toyota, Volkswagen Announce Partnerships With Ride-Hailing Services

Toyota announced a partnership with ride-hailing giant Uber, while Volkswagen forged a pack with lesser-known but reportedly fast-growing Gett. While both OEMs sought out relationships with ride-hailing services, their approach to the partnerships will differ slightly.

Tags: Gett, Lease, Ride-Sharing, Toyota, Uber, Volkswagen

May 26, 2016 - Industry News

Reynolds, AADA Launch New LAW Arkansas F&I Library

The Reynolds and Reynolds Co. announced the launch of the LAW Arkansas F&I Library, which was developed through a partnership between Reynolds Document Services and the Arkansas Automobile Dealers Association (AADA).

Tags: Arkansas Automobile Dealers Association, eContracting, F&I director, F&I manager, Reynolds & Reynolds

May 26, 2016 - Industry News

Auto Financing Gaining Traction With Millennials, Study Shows

According to a new study from LendingTree, Millennials currently account for about 34% of total auto finance requests in the nation, a 7% increase from 2013. Memphis, Tenn., Milwaukee, Wis., and St. Louis were the Top Three cities where Millennials are seeking auto financing.

Tags: Auto Loans, LendingTree, Millennials

May 26, 2016 - Industry News

DRIVIN Raises $7.5 Million in Additional Funding

The company that aims to change the way dealers sell, source, acquire, and deliver used cars announced it has raised an additional $7.5 million in equity capital. Launched in mid-2015, the Chicago-based startup has now raised $17.5 million in funding.

Tags: Auto Auctions, DRIVIN, inventory, Used-Vehicle Sales, used-vehicle values

May 26, 2016 - Industry News

MaximTrak Wins Dealers' Choice Platinum Award

MaximTrak Technologies was once again named a Dealers’ Choice Platinum Award winner by the readers of Auto Dealer Today, F&I and Showroom’s sister publication.

May 25, 2016 - Industry News

Volvo Taps N.C. Agency to Work With Dealers in the Carolinas

Dealer Service Solutions has been appointed as the new authorized representative for all Volvo retailers in North and South Carolina, the company announced this week.

Tags: Dealer Service Solutions, F&I, Partnership, Volvo

May 24, 2016 - Industry News

AP Poll: Two-Thirds of Americans Can’t Afford $1,000 Emergency

Conducted by The Associated Press-NORC Center of Public Affairs, the poll found that 75% of households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill.

Tags: Consumer Buying Habits, consumer confidence, consumer debt, Great Recession, Parts and Service, Repairs, Service Contracts

May 24, 2016 - Industry News

Bryan Honda, Reynolds and Reynolds Unveil First ‘Vision’ Dealership

The managers of Bryan Honda partnered with Reynolds and Reynolds to create the first “Vision” dealership, a strategy that could turn the Fayetteville, N.C. store into a standard bearer for customer service and engagement. Courtesy Bryan Honda

Dealer software provider Reynolds and Reynolds and Bryan Honda have partnered to convert the Fayetteville, N.C., store into the world’s first “Vision” dealership. The project centers on a new solution that will capture each new customer and track their needs and any actions taken at the dealership.

Tags: Bryan Honda, digital marketing, Reynolds & Reynolds, Vision

May 24, 2016 - Industry News

CEO of iLendingDIRECT Honored With Remarketing Award

Nancy Fitzgerald, CEO and president of iLendingDIRECT, was awarded a 2016 Women in Remarketing Award, which recognizes 20 female leaders in the remarketing and used-car business.

Tags: Female Leaders, iLendingDIRECT, Women in Remarketing Award

May 24, 2016 - Industry News

Wayne Reaves Adds Equifax Link to BHPH-Geared DMS

The new enhancement allows buy-here, pay-here dealers to furnish credit data to the credit reporting agency using software maker's DMS offering.

Tags: Buy Here Pay Here, DMS, Equifax, Wayne Reaves Software

May 24, 2016 - Industry News

AutoTech Protect Releases Technology-Focused Service Contract

The new F&I product will be available in 47 states. It offers a cheaper service-contract alternative for customers who want to protect their in-car technology but object to traditional coverage due to price constraints.

Tags: AutoTech Protect, Service Contracts, Technology

May 23, 2016 - Industry News

ADT Names 2016 Dealers’ Choice Award Winners

The publishers of Auto Dealer Today announced the winners of the 12th annual Dealers’ Choice Awards. The awards are based on a comprehensive survey that allowed dealers and dealership personnel to recognize their favorite vendors, suppliers and finance companies in 34 categories.

Tags: ActivEngage, Ally, American Financial & Automotive Services, AUL Corp., Auto Credit Express, Autotrader, Cars.com, CDK Global, Client~ConneXion, CNA National, Contact At Once, Dealer Synergy, Dealer.com, DealerClickz, DealerLink, DealerRefresh, Dealers' Choice Awards, DealerStrong, Dealertrack, Digital Air Strike, DMEautomotive, Dominion Dealer Solutions, eBizAutos, ELEAD1ONE, IAS, Jim Ziegler, Mosaic, Naked Lime, National Auto Care, Portfolio, ProMax Online, Protective Asset Protection Division, Reahard & Associates, Reynolds & Reynolds, RoadVantage, United Development Systems, vAuto, Zieger Supersystems

May 19, 2016 - Industry News

Auto Loan Balances Top $1 Trillion in Q1, Experian Reports

Lease balances also skyrocketed in 2016's opening quarter, while subprime loan volumes showed double-digit growth. Delinquencies, however, remained in check, the firm reported.

Tags: auto finance, Auto Loan Delinquency Rate, Experian Automotive, lease originations, Oustanding Auto Loan Balances