January 7, 2015 - Industry News
GO Financial, a Phoenix-based subprime auto finance company, completed the sale of an additional equity interest in the company to Manheim.
Tags: DriveTime, Equity, GO Financial, Manheim
CreditMiner has reached an agreement with Equifax to deploy its Prescreen of One, a service that allows dealers to get real-time, prescreened finance offers for customers without having to collect their Social Security number or date of birth.
Tags: credit prescreening, Equifax
Black Book has promoted Adam Mann to vice president of Dealer Services for its Activator Division.
Tags: Black Book, Promotions
January 6, 2015 - Industry News
Officials with both companies say the collaboration will provide new machine-to-machine technology solutions for the connected car industry.
Tags: AT&T, Internet of Things, LoJack, Vehicle Theft, Vehicle-Recovery Device
Average transaction prices in December were up nearly 3% from a year ago and nearly 1.6% from November, with Hyundai and Kia posting the largest percentage gain among major OEMs.
Tags: KBB. kbb.com Kelley Blue Book, new-vehicle sales, transaction prices
The NIADA has partnered with EFG Companies to drive F&I profit opportunities for its independent dealer members.
Tags: EFG Companies, F&I product provider, F&I products, National Independent Automobile Dealers Associatio, NIADA
In 2015, third-party administrator SouthwestRe will celebrate its 30-year anniversary, starting with a kick-off celebration during the NADA convention.
Tags: NADA Convention and Expo, SouthwestRe
Automotive Compliance Consultants and cyber-security partner Nuspire Networks will discuss dealership security with dealers at NADA 2015 in San Francisco.
Tags: Automotive Compliance Consultants, data mining, data protection, NADA Convention and Expo
Used-vehicle sales motivated by online ads outpaced purchases motivated by print newspapers for the first time, CNW reports. The firm also noted that private party sales showed the biggest increase in December.
Tags: CNW Research, newspaper advertising, online advertising, Online Marketing, print, used car sales
Flick Fusion is collaborating with ZMOT Auto, an automotive digital velocity firm, to produce vehicle inventory videos with voiceovers in a conversational style for Spanish-speaking car buyers.
Tags: Flick Fusion, inventory, Video Advertising
CNA National Warranty Corp. is celebrating 20 years as the longest-serving Affinity Partner with the American International Automobile Dealers Association.
Tags: American International Automobile Dealers Associat, CNA National
Dealers using the AutoStar Fusion dealer management system can now update DealerSocket’s customer relationship management software in real time.
Tags: AutoStar Solutions, CRM, DealerSocket, DMS integration
December 30, 2014 - Industry News
Moody’s expects the performance of new and outstanding auto loan ABS deals to suffer temporarily due to current regulatory activity, but it does see a silver lining in the increased scrutiny of the auto finance marketplace.
Tags: Auto ABS, compliance, Federal Trade Commission, Moody's Analytics, Regulations, subprime
Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.
Tags: attorney general, Auto Lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime
A report released Monday by the regulator highlights how loopholes in the current Military Lending Act rules are racking up the costs of loans for servicemembers.
Tags: CFPB, Consumer Financial Protection Bureau, military, military loans
Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.
Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing
December 18, 2014 - Industry News
New-vehicle retail sales in December are expected to reach a SAAR of 14.2 million units, the highest level since 2006.
Tags: Christmas, December, holiday, J.D. Power and Associates, new-vehicle sales, Retail Sales, SAAR
AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.
Tags: AutoStar Solutions, compliance, F&I office
December 17, 2014 - Industry News
A1 Software Group has announced its new dealership sales solution, Selly, a mobile focused, lightweight platform for automotive sales. Selly is designed for small- to medium-sized dealerships and was initially distributed as a mobile app.
Tags: Mobile Applications, software
TransUnion’s annual auto loan forecast calls for auto loan debt to rise to $18,244 by the end of 2015. This would mark 19 consecutive quarters of increases since the first quarter of 2011.
Tags: Auto Loans, delinquencies, TransUnion
December 16, 2014 - Industry News
The Swedish automaker plans to sell vehicles online across the globe as part of a new marketing strategy. The digital push will complement Volvo’s existing dealer network, officials said.
Tags: Online Retail, sales training, Volvo
Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.
Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena
Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.
Tags: auto finance, Auto Loans, Car Shopping, Consumer Credit Balances, Equifax, New-Car Sales
Beginning this month, DealerRater reviews and ratings will be featured on AutoTrader.com's dealer profile pages.
Tags: AutoTrader.com, Customer Reviews, Dealer Review Sites, Dealerrater, online reputation management
December 12, 2014 - Industry News
The FTC took action against two dealer groups it targeted in 2012 for deceptive advertising. They were charged with violating the FTC's orders prohibiting them from deceptively advertising the cost of financing or leasing a car.
Tags: Deceptive Advertising, Department of Justice, Federal Trade Commission, Truth in Lending Act
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