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June 9, 2014 - Industry News

7 Financial Organizations Back Disparate Impact Amendment

Rep. Scott Garrett’s amendment to H.R. 4660 would prohibit funds made available by the act from being used for litigation that relies on the disparate impact theory.

Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would limit Justice Department litigation relying on the disparate impact theory of discrimination.

Tags: amendment, Consumer Financial Protection Bureau, Department of Justice, discrimination, disparate, legislation

June 9, 2014 - Industry News

Average Vehicle Age Remains Steady at 11.4 Years

The combined average age of all light vehicles on the road in the U.S. remained steady at 11.4 years. IHS says the average age is likely to remain at 11.4 years through 2015.

Tags: IHS Automotive

June 4, 2014 - Industry News

Consumers Believe Honda, Mercedes Provide Highest Quality, ALG Reports

Car buyers believe Honda and Mercedes-Benz deliver the highest quality vehicles, according to a report from ALG.

Tags: ALG, BMW, Honda, Lexus, Mercedes-Benz, Toyota, TrueCar, vehicle quality, Volkswagen

June 4, 2014 - Industry News

May Depreciation Levels Reveal Signs of Summer Slowdown, Black Book Reports

The average price of a used vehicle dipped slightly in May, according to Black Book. Analysts with the firm said they expect higher depreciation between now and the end of the year.

Tags: Black Book, BMW, Cadillac, car prices, Chevrolet, Ford, Honda, Mercedes-Benz, Toyota, used vehicles, used-vehicle values, vehicle depreciation

June 4, 2014 - Industry News

KBB: New-Car Transaction Prices Rise in May

May transaction prices for new vehicles were up 2.1% from a year ago. Compared to April, however, transactions prices were down $79, according to Kelley Blue Book.

Tags: Acura, Chrysler, Kelley Blue Book, Light-Vehicle Sales, transaction prices, Volkswagen

May 29, 2014 - Industry News

CPS to Pay $5.5 Million to Settle FTC Charges

The FTC charged the subprime finance source with using illegal tactics to service and collect on consumer loans, including collecting money consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family and employers.

Tags: Collections, CPS, FTC, subprime auto finance

May 29, 2014 - Industry News

CFPB Engaged in Fair-Lending Actions Against Six Auto Lenders

Citing an unnamed source, Auto Finance News reported earlier this month that the CFPB is engaged in fair-lending actions against six finance sources. Bureau officials decline to comment.

May 28, 2014 - Industry News

Sales Pick Up in Late May

CNW reported this week that sales picked up in late May, with the firm expecting deliveries for the month to increase 11% from a year ago.

Tags: Art Spinella, Auto Sales, CNW Research, Subprime Approvals

May 27, 2014 - Industry News

The Next Up Adds Capabilities for Finance and Service Departments

The firm has expanded its Web-based system to include applications for a dealership’s finance and service departments. These new applications allow management to view real-time stats and track the time managers spend with customers.

Tags: CRM, Finance, Service

May 22, 2014 - Industry News

NADA: U.S. Dealers Employ More Than 1 Million People

The number of people employed by the automotive retail industry topped the 1 million-person mark last year, with the average new-car dealership employing, on average, 57 people, the NADA reports.

Tags: employment, NADA, National Automobile Dealers Association, New-Car Sales

May 22, 2014 - Industry News

Biweekly Payment Providers Offer Unified Response to NADA Memo

Four providers of biweekly payment providers responded on May 20 to a memo the NADA issued to its members on May 8. They say the association overlooked key benefits when it cautioned dealers about how such products are presented to consumers.

Tags: biweekly payment, NADA, National Automobile Dealers Association, SMART Payment Plan, US Equity Advantage

May 21, 2014 - Industry News Service Department Reputation a Key Factor in Car-Buying Decision

A recent survey commissioned by found that more than half of car shoppers seek out reviews for a dealership’s service department before purchasing a vehicle.

Tags: Car Shopping,, Service

May 20, 2014 - Industry News

Reynolds Integrates Payment Solution Into DMS

The Reynolds and Reynolds Co. and Global Payments Inc. announced an agreement this week to offer point-of-sale, electronic payment solutions for automotive dealerships.

Tags: DMS integration, Reynolds & Reynolds

May 20, 2014 - Industry News

TrueCar Announces Pricing of Initial Public Offering

Last week, TrueCar announced the pricing of its initial public offering of 7,775,000 shares of its common stock at a price to the public of $9 per share.

Tags: initial public offering, IPO, TrueCar

May 20, 2014 - Industry News

Edmunds: Car Shoppers Don’t Focus on Rock-Bottom Price

Most car shoppers don't fixate on a rock-bottom price, especially if they can avoid long and tense negotiations with fair upfront pricing, according to a report from

Tags: car prices, Car Shopping,, Mobile, used vehicles

May 15, 2014 - Industry News

DOJ Investigating Fifth Third Bank’s Auto Lending Practices

Photo via Flickr.

Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to determine whether the finance source engaged in discriminatory practices.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Fifth Third, Investigation

May 14, 2014 - Industry News

Calif. New-Vehicle Registrations Up 5.4% in Q1

New-vehicle sales in California improved for the 14th consecutive quarter in the opening quarter of 2014, with new-vehicle registration increasing 5.4% from a year ago, according to the state association.

Tags: Brian Maas, California New Car Dealers Association, Honda, Hybrid Vehicle, Tesla Motors, Toyota

May 14, 2014 - Industry News

Study: Moms Prefer to Shop Online and Negotiate in Person

A new study shows that 73% of mothers consider themselves to be the “sole decision-maker” in the vehicle-shopping process. And more than half of them still prefer to conduct negotiations in person.

Tags: car shopper, Car Shopping,, Study

May 14, 2014 - Industry News

Ally Announces Auto Auction Award Winners

Top honors went to ABC St. Louis Auto Action, which won for the second year in a row. Dealer Auto Auction of Oklahoma City and Adesa Los Angeles were also recognized.

Tags: Ally Financial, Auto Auctions, Awards, SmartAuction

May 7, 2014 - Industry News

VisionMenu Adds Five Product Providers to vRate Platform

VisionMenu has added ASI, GWC Warranty, PCMI, Premier Dealer Services, and RoadVantage to its vRate platform, which allows F&I managers to rate multiple providers and multiple products simultaneously.

Tags: econtracting, Ron Martin, VisionMenu Inc.

May 7, 2014 - Industry News

CallSource Adds IHS Data to Sales Profit Management System

CallSource has partnered with IHS Automotive to deliver reporting and analytics to users of its Sales Profit Management system.

Tags: Analytics, CallSource, IHS Automotive

May 7, 2014 - Industry News

FTC Approves Final Consent Orders Against 10 Dealers

The FTC has approved final consent orders involving the deceptive advertising practices of 10 dealerships. The cases were part of Operation Steer Clear, a nationwide sweep focusing on misleading advertising.

Tags: Deceptive Advertising, Deceptive Practices, Federal Trade Commission, Truth in Lending Act

May 7, 2014 - Industry News

Dealers' Choice Awards: Cast Your Vote Today

Voting for the 2014 Dealers’ Choice Awards is now open. Readers of the magazine can now cast their vote for the top vendors, consultants and trainers.

Tags: Auto Dealer Monthly, Dealers' Choice Awards

May 1, 2014 - Industry News

Former Hyundai CEO Named President of TrueCar

John Krafcik, former Hyundai Motor America's president and CEO, has been named president of Web-based dealer network TrueCar.

Tags: Hyundai, TrueCar

April 30, 2014 - Industry News

Missouri Attorney General Obtains Order Against Dealership

Attorney General Chris Koster obtained a preliminary injunction against an auto dealership this week, preventing it from selling, advertising or transferring vehicles within Missouri. The dealership’s owners are accused of selling stolen vehicles.