June 9, 2014 - Industry News
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
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
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
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
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
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
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
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 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
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
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
A recent survey commissioned by Cars.com found that more than half of car shoppers seek out reviews for a dealership’s service department before purchasing a vehicle.
Tags: Car Shopping, Cars.com, Service
May 20, 2014 - Industry News
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
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
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 Edmunds.com.
Tags: car prices, Car Shopping, Edmunds.com, Mobile, used vehicles
May 15, 2014 - Industry News
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
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
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, Cars.com, Study
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 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.
CallSource has partnered with IHS Automotive to deliver reporting and analytics to users of its Sales Profit Management system.
Tags: Analytics, CallSource, IHS Automotive
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
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
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
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.
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