December 3, 2013 - Industry News
New-vehicle cash incentives reduce the price of used vehicles significantly more than finance and lease incentives, the NADA finds.
Tags: incentives, NADA Used Car Guide, National Automobile Dealers Association, used vehicles
Longtime California dealer Joe Boccalero passed away on Nov. 27 at the age of 92. He served as the former president of Domenich Basso Inc. and operated a Chrysler Jeep dealership in Los Angeles for 40 years.
Tags: Domenich Basso Inc., Joe Boccalero
Dataium reports that shoppers spend nearly twice as long on a dealer’s website, are five times more likely to submit a lead, and are twice as likely to look at a vehicle when the dealer provides a Carfax Vehicle History Report.
November 27, 2013 - Industry News
Universal Lenders' Zero Plan joins more than 50 F&I product and service providers currently on the F&I Express network.
Tags: F&I Express, Intersection Technologies, Universal Lenders, Zero Plan
November 26, 2013 - Industry News
Maritz Research’s latest study reveals that 75 percent of customers who are in the market for a new car never hear from dealers.
Tags: Customer Retention, Maritz Research, Study
Lenders that provide excellence in the servicing and onboarding experiences from the beginning of the loan or lease process set the stage for customer satisfaction throughout the financing duration, according to the J.D. Power 2013 U.S. Consumer Financing Satisfaction Study.
Tags: Auto Loans, consumer financial habits, customer satisfaction, JD Power and Associates, Kia, Lincoln, Study
November 21, 2013 - Industry News
Advertising experts at this week's J.D. Power Western Automotive Conference discussed how dealers and automotive marketers can increase sales through multicultural marketing and media.
Tags: Acura, Gen Y, Honda, Hyundai, Infiniti, J.D. Power and Associates, Kia, marketing, Nissan, television advertising
November 19, 2013 - Industry News
TrueCar ranked 154th on Deloitte’s Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
Tags: Deloitte, technology, TrueCar
Michelle Morris has joined the social media giant as vertical lead for the auto segment. In her new role, Morris will work with auto manufacturers to build their brands.
Tags: facebook marketing, Faceboook, Hiring, manufacturers, Online Marketing, social media
November 14, 2013 - Industry News
On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.
Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Equal Credit Opportunity Act (ECOA), Richard Cordray, Senate, Senate Banking Committee
The American Financial Services Association is commissioning a study to address the CFPB’s concerns for discrimination related to rate participation programs. It will also provide a cost-benefit analysis of alternative dealer compensation models.
Tags: AFSA Vehicle Finance Conference, CFPB, Equal Credit Opportunity Act
November 13, 2013 - Industry News
The transaction strengthens Intersection Technologies Inc.’s position as a leading technology and solutions provider to the automotive industry.
Tags: AutoTrader.com, F&I Express, Intersection Technologies
November 12, 2013 - Industry News
Produced in partnership with DeltaTrends, the comprehensive report analyzes a vast array of data on dealership trends to help dealers manage their workforce. Among its many findings, the report shows F&I managers as having the highest income growth potential vs. other departments.
Tags: 2013 Dealership Workforce Study Industry Report, David Westcott, Generation Y, NADA, National Automobile Dealers Association, OEM
More than half of the respondents of the AutoUSA annual Internet marketing survey said online credit applications were the best source of online leads. Nearly as many dealers indicated that chat applications were the best source.
Tags: AutoUSA, Internet Leads, objection handling, Survey, Website
November 7, 2013 - Industry News
Ohio Attorney General Mike DeWine is suing a used-car dealership for failing to deliver motor vehicle titles to car buyers. He seeks $11,800 in restitution for customers.
Tags: attorney general, Lawsuit, Ohio, vehicle title
November 5, 2013 - Industry News
CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.
Tags: Ally Financial, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, ECOA, NADA, Richard Cordray
The reopening of government in mid-October helped used-vehicle sales realize a 3.63 percent increase from a year ago, CNW Research calling the increase “somewhat weaker” than expected.
Tags: CNW Research, government shutdown, Used Sales
October 29, 2013 - Industry News
A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.
Tags: Ally Financial, bankruptcies, compliance, consumer bankruptcies
The Census Bureau released its sales figures for September, showing that fewer sales days during the month resulted in a sharp decline in auto sales.
Tags: Autodata Corp, Retail Sales, Vehicle Sales
October 24, 2013 - Industry News
Buy-here, pay-here auto financing company OnPoint launched a new lending program, 30/30, which eliminates the buy-back requirement on repossessed vehicles.
Tags: 30/30, Andy Regula, auto finance, lending program, loan, OnPoint Financial Corp.
Ally Financial has named the nominees for this year’s TIME Dealer of the Year. The winner will be announced during January's NADA Convention & Expo in New Orleans.
Tags: 2013, Ally Financial, AllyDealerHeroes.com, car dealers, NADA Convention and Expo, nominees, TIME Dealer of the Year
With one additional selling day, October sales are on track to reach 1.22 million units, KBB reported last week. And barring any economic setbacks, the vehicle information site expects sales to reach 15.6 million units this year.
Tags: 2013, KBB.com, Kelley Blue Book, October, Retail Sales, SAAR, sales, vehicle
October 22, 2013 - Industry News
Edmunds.com will “take over” the showrooms of Bommarito Nissan/Honda/Volkswagen/Ford of Hazelwood to provide St. Louis with an exclusive car-shopping experience.
Tags: Bommarito Ford, Bommarito Honda, Bommarito Nissan, Bommarito Volkswagen, Edmunds.com, PricePromise, Showroom, take over
According to Haystak Digital Marketing, the Yahoo! Bing network is delivering conversion rates at lower costs for auto dealers, Clickz.com reports.
Tags: advertising, AutoTrader.com, digital marketing, Google, Yahoo! Autos
Digital Air Strike and Cars.com are partnering on a new “customer verified” review integration. The new platform pulls from the dealer’s DMS to identify customers who are likely to write a review on Cars.com.
Tags: Cars.com, Digital Air Strike, DMS
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