March 3, 2014 - Industry News
Organizers of Industry Summit 2014 have announced that the event will be held September 8–10 at Paris Las Vegas. The show now includes the F&I Conference, Special Finance Conference, Dealership Sales & Technology Conference and the P&A Leadership Conference.
Tags: Auto Dealer Monthly, Dealer Sales & Technology Conference, F&I and Showroom, Industry Summit 2014, P&A Leadership Conference, Special Finance Conference
February 27, 2014 - Industry News
Cars.com analyst predicts that new-vehicle sales in February will be up 1.1% from a year ago. He also put the industry SAAR at 15.4 million — the highest selling rate since February 2008.
Tags: Cars.com, Jesse Toprak, SAAR
TransUnion reported this week that auto loan debt per borrow increased for the 11th straight quarter, while delinquencies remained below the fourth quarter average observed between 2007 and 2013.
February 25, 2014 - Industry News
Independent dealers using Frazer management software and offering Preferred Warranties' extended service contracts for pre-owned vehicles can now import data from their DMS directly into Preferred’s econtract portal.
Tags: Frazer Software, Preferred Warranties
The partnership aims to drive up market share of Auto Financial Group’s DrivingSense option, a hybrid financing product that acts like a lease.
Tags: Auto Financial Group, Balloon Loan Program, DrivingSense, EFG Companies
The company’s chief executive is set to appear on the Emmy Award-winning show on Feb. 28. The episode will focus on the Utah Jazz and game-night operations at EnergySolutions Arena.
Tags: CBS, Greg Miller, Larry H. Miller Dealerships, Undercover Boss
The company claims to have the first social media app that operates on the Microsoft Windows 8.1 platform. It is designed to allow dealers to manage their social media profiles and online reputation in real time.
Tags: Digital Air Strike
The provider of vehicle remarketing services signs agreement to purchase an equity stake in the subprime finance source. The transaction is expected to close in June.
Tags: GO Financial, Manheim, NextGear Capital
Early returns for the month of February show sales of light vehicles rebounding after being hampered by severe weather disruptions in much of the United States.
Tags: JD Power, Light-Vehicle Sales, LMC Automotive, SAAR
CNA officials tout strength, stability and flexibility of its various participation plans after distributing approximately $30 million to dealers for the fourth consecutive year.
Tags: CNA National, Controlled Foreign Corp., dealer participation plans, Noncontrolled Foreign Corp., reinsurance
Open automotive loan balances reached a new high in the end-of-year quarter, while delinquencies stayed below prerecession levels, according to Experian Automotive’s fourth-quarter data.
Tags: Experian Automotive
February 18, 2014 - Industry News
The Federal Reserve is looking into costs associated with the Consumer Financial Protection Bureau's renovation of its headquarters, which have ballooned to three times the original estimate.
Tags: CFPB, Federal Reserve
Joe Verde Sales & Management Training Inc. has released a new online goal-setting calculator, which can be used by salespeople to set realistic and achievable one-year improvement goals.
Tags: Joe Verde
TimeHighway has completed integration of its service scheduling solution with Auto/Mate's Automotive Management Productivity Suite DMS, allowing for a real-time data exchange between the two systems.
Tags: Auto/Mate, DMS integration, Mike Esposito, TimeHighway
Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.
Tags: CFPB, compliance, Consumer Financial Protection Bureau, earnings, F&I sales, NADA, National Automobile Dealers Association, Penske Automotive Group, Quarterly Earnings, reserve
February 17, 2014 - Industry News
Urban Science says the closure of 220 Suzuki franchises was largely responsible for the slight decrease in the dealer count last year. But analysts believe the industry may also be settling into a ‘new normal pattern’ in terms of its dealer count.
Tags: Automotive Franchise Activity Report, Urban Science
The vehicle information site names the seven judges who will oversee its second annual Hackomotive event, a three-day contest in which participants develop products and ideas that promote a better car-shopping experience.
Tags: Edmunds.com, Hackomotive
February 13, 2014 - Industry News
A survey conducted by Huntington Bank reveals that 22% of consumers in the states of Ohio, Michigan, West Virginia, Indiana and Western Pennsylvania are considering buying or leasing a vehicle in 2014, a one percentage point increase over last year.
Ohio Attorney General Mike DeWine has filed a lawsuit against Monroe Dodge-Chrysler Inc., claiming the dealer advertised prices not all consumers qualified for and failed to disclose all required terms.
Tags: Deceptive Advertising, Mike DeWine, Ohio Attorney general
The J.D. Power 2014 U.S. Vehicle Dependability Study found a 6% increase in vehicle problems from last year. It was the first time since 1998 that the average number of problems has increased.
Tags: J.D. Power and Associates, Vehicle Dependability, vehicle service contracts
February 11, 2014 - Industry News
The Bureau of Labor Statistics reports that auto dealers have added 42,000 jobs since January 2013, pushing total employee count to just north of 1.16 million.
Tags: automotive, BLS, Bureau of Labor Statistics, dealer, employment, Income, job growth, Labor
Maserati, Jeep and Jaguar dealer websites experienced increases in online shopping activity following the Super Bowl.
Tags: Dataium, Jaguar, Jeep, Maserati, Super Bowl, television advertising
An excessive supply of used vehicles hitting dealer lots is expected to drive prices down and cause a chain reaction that could raise monthly payments and lower trade-in values.
Tags: car prices, certified pre-owned vehicles, Edmunds.com, residual values, used vehicles, vehicle leasing
By unanimous vote, the Federal Trade Commission approves final orders settling charges against two dealers for deceptive advertising.
Tags: car dealer, Deceptive Advertising, Federal Trade Commission, FTC, Settlement
February 6, 2014 - Industry News
The reputation-management company announced the winners of its second annual Social Media and Reputation awards, recognizing dealers and vehicle OEMs in 15 categories.
Tags: Awards, Cars.com, Digital Air Strike, Edmunds.com, google+, NADA Convention & Expo, National Automobile Dealers Association, online reputation management, social media, Yahoo! Autos, Yelp, YouTube
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