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May 15, 2018 - Industry News

LHM Wins Best of State Award

Salt Lake City-based Larry H. Miller Dealerships has earned an award from Best of State, a program designed to honor Utah’s best companies.

May 14, 2018 - Industry News

TransUnion: Auto Finance Registers Lowest Growth Rate Since Q1 2012

The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.

Tags: auto finance, Auto Loan Balances, delinquencies, TransUnion

May 14, 2018 - Industry News

Votes Pour in for 2018 Dealers’ Choice Awards

DCA voting has begun in earnest as auto dealers nationwide recognize their favorite vendors, suppliers, and finance sources.

May 10, 2018 - Industry News

Asbury Maintains $1,500 PRU, Goes Digital in Q1

Asbury Automotive executives reported on a busy first quarter that included a 2% increase in F&I revenue and gross profit per vehicle and the full embrace of two ‘omnichannel’ ecommerce tools.

May 10, 2018 - Industry News

Group 1 Hits Record PRU in Q1

Group 1 Automotive’s 117 U.S. dealerships averaged $1,718 in F&I gross profit per retail unit, a 4.9% increase from a year ago and a new company record.

May 10, 2018 - Industry News

US Fuel Prices Appear to Stabilize

AAA officials say the price of gasoline has leveled off at $2.81 per gallon after climbing more than 12% in March and April, but a steady seasonal uptick looms ahead.

May 10, 2018 - Industry News

Parts Fire Halts Production of Trucks, Vans

Production on the Ford F-150, GM’s full-size vans, and the Chrysler Pacifica has been disrupted by a fire that struck a major Detroit Three parts supplier last week.

May 8, 2018 - Industry News

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA

May 8, 2018 - Industry News

Safe-Guard Canada Announces New Montreal Training Facility

The new facility is located just outside Montreal in St. Laurent, Quebec. It features a boardroom to host corporate and dealer personnel, a large training room, and business offices staged like real F&I offices to simulate real-world scenarios.

Tags: Canada, F&I manager, F&I office, F&I training, Safe-Guard

May 8, 2018 - Industry News

NIADA: Cost of Doing Business Up, Finance Availability Down

The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.

Tags: auto finance, compliance, Nation Independent Dealers Association, tax season

May 8, 2018 - Industry News

New York AG Schneiderman Resigns

Crusading New York Attorney General Eric T. Schneiderman has resigned in the face of reports of assaults and threats against multiple women.

May 7, 2018 - Industry News

Equifax: Finance Sources Pull Back From Subprime, Leasing

January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.

Tags: auto finance, auto loan origination, Equifax, Subprime Financing

May 7, 2018 - Industry News

Howse Named Head of Resource Agent Group

Mike Howse will serve as a senior vice president for First Extended Resource Automotive, replacing the recently departed John Luckett.

May 7, 2018 - Industry News

Charter Warranty Introduces Car Payment Reimbursement Program

When a financed or leased vehicle is in a licensed mechanical or collision repair facility for more than seven days, Charter Warranty’s new program will reimburse a portion of the vehicle’s monthly payment for up to three months per eligible repair.

Tags: auto finance, Car Payment Reimbursement, Charter Warranty, F&I products

May 3, 2018 - Industry News

Federal Reserve Keeps Rates Steady

The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.

Tags: Federal Reserve, interest rates

May 3, 2018 - Industry News

Megasys Partners with Dealertrack

Executives said dealers using Dealertrack’s credit app solution will benefit from faster decisions thanks to a new partnership with Megasys.

May 3, 2018 - Industry News

Dent Wizard Announces New COO, Mid-South RVP

Addison Thomas will serve as COO and Doug Grill takes over as Mid-South regional vice president.

Tags: ancillary products, cosmetic wheel, Dent Wizard, F&I products, paintless dent removal

May 3, 2018 - Industry News

EasyCare Adds Connected Car Expert

Bob Dziadosz, who spent the last 16 years with LoJack, has joined the F&I product provider as a dealer performance driver for its SAVY connect car mobile app suite.

Tags: connected car, EasyCare, mobile app, SAVY

May 3, 2018 - Industry News

USEA to Pay Bonuses to F&I Managers

US Equity Advantage now offers F&I managers bonus income in addition to standard commissions.

May 2, 2018 - Industry News

Incentives to Propel Leases for Compacts, Mid-Sizers in May

The latest forecast from Wantalease.com says factory incentives will spur lease originations for compact and mid-size vehicles throughout May.

May 2, 2018 - Industry News

Podium Adds Webchat to Customer Communications Platform

The software firm’s new feature allows dealers to manage and respond to all webchats from a single dashboard, consolidating SMS/text, Google Business Messaging and Facebook Messenger conversations into one place.

Tags: digital marketing, Podium, technology, Web Tools

May 2, 2018 - Industry News

Park Place Rolls Out Subscription Service

Dallas luxury auto group Park Place has launched Park Place Select, a subscription service offering access to a wide range of premium vehicles.

May 2, 2018 - Industry News

Voting Now Open for 2018 Dealers’ Choice Awards

Voting for this year’s DCAs has commenced with the launch of a survey open to dealers and dealership professionals until May 31.

May 2, 2018 - Industry News

Vboost 3.0 Includes Two New Products

The latest edition of Vboost’s viral marketing platform includes Vboost Live and Vboost Showroom.

May 2, 2018 - Industry News

STAR Releases 2018 Dealer Data Security Guidelines

They guidelines were created by members of the Standards for Technology in Automotive Retail and Michigan-based Nuspire Networks in an effort to provide OEMs and DMS providers with a variety of data security measures and industry best practices.