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May 12, 2016 - Industry News

Hearst Magazines Launches New Auto-Focused Division

Hearst Magazine today announced the formation of Hearst Autos, which is bringing together the media giant's collection of automotive businesses into one dedicated division. Hearst Autos will be composed of both business-to-business and consumer-facing brands like Car and Driver, Road & Track, Jumpstart Automotive Group and Veretech Holdings Inc.

Tags: Hearst Autos, Hearst Magazines, Promotions

May 12, 2016 - Industry News

GM Replacing 88% of Lineup By 2020

General Motors should gain market share by replacing 88% of its light-duty lineup by 2020, while Volkswagen and Korean automakers are relying too heavily on cars with consumer demand shifting toward SUVs and trucks, a Bank of America Merrill Lynch analyst has said.

Tags: BANK OF AMERICA, Chevrolet, Fiat Chrysler, Ford, General Motors, Hyundai, Kia, Merrill Lynch, Nissan, Toyota, Volkswagen

May 12, 2016 - Industry News

Cox Expands Manheim Into Quebec City

Cox Automotive announced this week that it has expanded Manheim into Quebec City. According to the company, this marks the second auction in the province of Quebec, following Manheim Montreal’s success.

Tags: Auction, Canada, Cox Automotive, Manheim

May 12, 2016 - Industry News

GO Financial Exits Indirect Channel

The subprime finance source’s president says the company’s decision to exit the indirect channel was neither performance-based nor a reflection of current conditions in the subprime auto finance sector. Move connected to Cox's purchase of Dealertrack.

Tags: Cox Automotive, Dealertrack, DriveTime, GO Financial, Subprime

May 12, 2016 - Industry News

Nissan to Take 34% Controlling Stake in Mitsubishi

Nissan Motor Co. will acquire 34% of Mitsubishi Motors Corp. for 237 billion yen ($2.17 billion) in a deal that makes Nissan the leading investor in the struggling automaker.

Tags: Carlos Ghosn, Mitsubishi, Nissan

May 11, 2016 - Industry News

U.S. Treasury Issues White Paper on Online Marketplace Lending

On Tuesday, the U.S. Treasury issued a white paper on online marketplace lending. It includes a handful of recommendations to encourage safe growth of the segment and access to credit, including a call for more regulatory oversight.

Tags: Online F&I, Online Financing, U.S. Department of Treasury

May 11, 2016 - Industry News

Q1 2016 Delinquency Rates Reach New Highs, TransUnion Reports

High delinquency rates for auto loans and credit cards in the first quarter pushed national average delinquency rates to levels not seen in at least three years, according to TransUnion. Much of the increase can be attributed to the continued slump in oil prices and an increase in loans made to customers with nonprime credit.

Tags: Auto Loan Delinquency Rate, Credit Cards, Report, TransUnion

May 11, 2016 - Industry News

Manheim Announces New Promotions

Manheim announced three promotions this week, naming Kevin Cook, Jesse Nelson and Bonnie Williams general managers as part of an effort to develop talent and execute on its business objectives.

Tags: General Manager, Manheim, Promotion

May 11, 2016 - Industry News

Take 5 Media Group Partners With Starfish Media Group to Promote Documentary to Auto Sector

The digital media marketing group announced it is partnering with Soledad O’Brien and Starfish Media Group to promote "The War Comes Home," a documentary about the challenges veterans face when they return home from active duty.

Tags: Film, Marketing, Veterans

May 10, 2016 - Industry News

National Auto Care Wins Top Workplace Award

The F&I product provider made Columbus CEO magazine’s 2016 Top Workplaces list, which is based on results of an employee feedback survey administered by WorkplaceDynamics LLC.

Tags: National Auto Care, Tony Wanderon, workplace

May 10, 2016 - Industry News

EasyCare Adds Steve Richards to Leadership Team

The former managing partner of RedZone Sales Strategies, an automotive consulting and training firm, will serve as national director of EasyCare’s MOTOR TREND Certified Program.

May 10, 2016 - Industry News

CFPB Issues Proposal to End Forced Arbitration

At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.

Tags: American Financial Services Association, Arbitration, CFPB, Compliance

May 9, 2016 - Industry News

Georgia Dealer, State Employee Arrested for Odometer Fraud

The dealer and state employee were charged with devising a scheme to buy high-mileage vehicles in nearby states, roll back their odometers, and then resell them in Georgia. They now face up to 10 years in prison if convicted.

Tags: Department of Justice, Georgia, Odometer Fraud, Tampering

May 9, 2016 - Industry News

HP360 to Distribute Black Book's Bullseye Prospecting Solution

Black Book's distribution agreement with HP360 will help expand the footprint of its new Bullseye Prospecting solution, a turnkey platform for dealer marketing campaigns.

Tags: Black Book, Bullseye Prospecting, HP360, Marketing

May 9, 2016 - Industry News

Dent Zone Forms New Product Division

Dent Zone’s AutoBodyguard will offer interior and exterior protection products, as well as tire-and-wheel protection, windshield, automobile deductible reimbursement and paintless dent repair. Serving as president is 40-year industry veteran John Martin.

Tags: AutoBodyguard, Dent Zone, Exterior Protection, interior protection, paintless dent removal, Tire and Wheel

May 5, 2016 - Industry News

AutoBodyguard Adds Zavada’s Odor Elimination Technology

AutoBodyguard, a division of Dent Zone, has obtained the exclusive rights to Zavada Scientific’s organic odor elimination technology. Officials said the odor remover will be added to the firm's line of interior protection programs.

Tags: Dent Zone, Exterior Protection, F&I menu, F&I Products, interior protection

May 4, 2016 - Industry News

PayLink Payment Plans Updates Look and Website

The company unveiled a new company and launched a refreshed website. The latter is designed to help facilitate access to information for all PayLink Direct customers and prospects.

April 28, 2016 - Industry News

KBB Predicts Record Sales in April

After a disappointing March, new-vehicle sales should bounce back in April, KBB said yesterday. The firm predicts new-vehicle sales will rise 4% from a year ago to a record 1.51 million units.

Tags: April, Kelley Blue Book, New-Vehicle Sales

April 28, 2016 - Industry News

American Auto Guardian Hires New Western Regional Vice President

American Auto Guardian has named Ken Acha as its new Western regional vice president. He most recently served as regional director of sales for Hyundai Capital America, where he developed and launched the Hyundai Protection Plan in 2013.

Tags: American Auto Guardian, Hiring, Vice President

April 28, 2016 - Industry News

Edmunds Predicts April Record for Industry Sales

The vehicle information site said this week that April sales are on pace to eclipse the April 2005 sales record of more than 1.5 million units. It also believes the industry is on pace to shatter last year’s 17.5 million-unit sales record.

Tags: Edmunds.com, fleet sales, New-Vehicle Sales, SAAR

April 28, 2016 - Industry News

Group 1's U.S. F&I Operations Delivers Record Q1 Performance

The dealer group's U.S. F&I operations increased its per-copy average by $26 to a record $1,564. Including operations in the United Kingdom and Brazil, the group's consolidated average increased 0.7% to $1,385.

Tags: Financial Report, First Quarter, Group 1 Automotive

April 28, 2016 - Industry News

EFG Companies Adds OEM and Reinsurance Veteran to Leadership Team

The F&I product provider has named Richard Christensen, a 25-year veteran of the automotive retail industry and reinsurance business, vice president of product development.

Tags: EFG Companies, F&I manager, F&I Products, Reinsurance

April 27, 2016 - Industry News

N.Y. Dealer Admits to Falsifying Auto Loan Applications

N.Y. Dealer Gerald McDonald pleaded guilty last month to submitting fraudulent loan documents to financial institutions. He faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19.

Tags: Crime, Dealership, U.S. District Court

April 27, 2016 - Industry News

ChannelNet to Build Customer Management Portals for Hyundai Capital Canada

ChannelNet announced this week it will begin building customer lifecycle management programs and dealer portals for Hyundai Motor Finance and Kia Motors Finance in Canada as part of its new contract with Hyundai Capital Inc.

Tags: Canada, Hyundai, Kia, Online Buying

April 27, 2016 - Industry News

Demand for Alternative Fuel Vehicles Dwindling

The percentage of alternative-fuel vehicles in the overall automotive market has dwindled over the last three years, the NADA Used Car Guide said this week. Hybrids continue to make up the majority of the alternative fuel market, but data does show consumers are beginning to shift toward electric vehicles in greater numbers.

Tags: Alternative Fuel, Electric Vehicle, Hybrid, Report, Vehicle Sales