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July 14, 2016 - Industry News

Missouri Dealer Fined $38,067 for Failing to Provide Vehicle Titles

A Missouri dealer has agreed to pay $38,067 in restitution to 23 former customers to settle the state attorney general's charges that he and his dealership did not provide vehicle titles and did not honor repair agreements. The dealer is also prohibited from operating a dealership for five years.

Tags: Attorney General, Consumer Laws, Deceptive Practices, Missouri

July 14, 2016 - Industry News

TransUnion: As Terms Stretch, Loan Duration Shrinks

Loan terms continue to stretch thanks to high vehicle prices, with terms in the 73- to 84-month band more than doubling between 2010 and 2015. But finance sources, according to a new study from TransUnion, aren’t capturing the benefits of more payments and greater interest income.

July 14, 2016 - Industry News

Consulting Group Offers Advice on Preventing Employee Theft

While unfortunate, employee crimes against dealers do happen. This week, Automotive Compliance Consultants released a list of tactics dealers can employ to prevent employee theft at their store.

Tags: Compliant, Dealership, Security, Theft

July 14, 2016 - Industry News

LMC Lowers 2016 Sales Forecast

LMC Automotive has revised its forecast for U.S. auto sales for the 2016-2023 periods. The company expects nearly 250,000 fewer units will be sold each year during that timeframe, with a larger reduction occurring between 2016 and 2017.

Tags: Forecast, LMC Automotive, U.S. Sales

July 13, 2016 - Industry News

Outkazt Media to Distribute Black Book's Bullseye Prospecting Tool

Black Book has signed another distribution agreement with a marketing agency. This time, the vehicle valuation firm has teamed with Outkazt Media, which will leverage Black Book’s Bullseye Prospecting solution in dealer marketing campaigns.

Tags: Black Book, Bullseye Prospecting, Digital Marketing, Email Campaign, online advertising

July 13, 2016 - Industry News

Used Vehicles Depreciate 1.7% in June, Black Book Reports

The average price of a used vehicle for model years 2011-2015 depreciated 1.7% in June, according to Black Book. On a year-over-year basis, these vehicles fell 15.4% in value.

Tags: Black Book, Depreciation, Pricing, Used Vehicles

July 13, 2016 - Industry News

Automotive Finance Corp. Adds to Executive Team

Automotive Finance Corporation (AFC) has named Tiff Arcella as its new vice president of sales and Devra Callaghan as its new vice president of marketing and business development, according to a company announcement.

Tags: Automotive Finance Corporation, Hiring, Promotion, Vice President

July 12, 2016 - Industry News

Ganther Leads First Wave of Compliance Summit Speakers

Leading attorney and compliance expert James S. Ganther has agreed to speak at the upcoming Compliance Summit Las Vegas, organizers announced Tuesday. The event is scheduled for Aug. 29–30, 2016, at Paris Las Vegas, as part of Industry Summit.

Tags: Compliance, Compliance Summit, Event, Industry Summit

July 12, 2016 - Industry News

Kontos: Strong Truck Values Drive 3.3% Increase in Wholesale Prices in June

Average wholesale values fell again on a month-over-month basis in June, but they remain up on a year-over-year basis thanks to the continued price strength of trucks, according to ADESA Analytical Services.

Tags: ADESA Analytical Services, Tom Kontos, Used-Vehicle Sales, used-vehicle values

July 12, 2016 - Industry News

Infiniti Dealers Ranked Highest In Treatment of Customers

Infiniti dealerships treat its customers best, at least according to the newly released 2016 Pied Piper Prospect Satisfaction Index (PSI) U.S. Auto Industry Benchmarking study. Now in its 10th year, the study measures how car shoppers are treated at the dealership.

Tags: Customer Satisfaction, Dealership Experience, Infiniti, Study

July 12, 2016 - Industry News

Alpha Warranty Services Releases Zoom Sales Portal

Zoom allows F&I managers to start a contract from the main page and then gives them the ability to adjust rates and work with a customer’s financing options. It also allows the F&I manager to compare up to 3 different plans or programs they can then show the customer in a ‘Good, Better, Best’ format.

Tags: Alpha Warranty Services, F&I office, Sales Portal, Software

July 12, 2016 - Industry News

Wholesale Used-Vehicle Prices Up in June, Manheim Reports

June wholesale used-vehicle prices reached their highest level in four years, rising for the third consecutive month, according to Manheim.

Tags: Manheim, Report, Used Vehicles, Wholesale Pricing

July 12, 2016 - Industry News

State Franchise Laws Benefit Consumers, Economic Analysis Concludes

A new economic analysis shows that state franchise laws, which have come under attack by regulators like the Federal Trade Commission, stimulate competition that results in lower retail prices for consumers.

Tags: Federal Trade Commission, Franchise Laws, Franchised Dealerships, Pheonix Center

July 12, 2016 - Industry News

Q1 Delinquencies Fall in 7 of 11 Loan Categories, ABA Reports

According to the American Bankers Association, indirect auto loan delinquencies were one of the categories to show a decrease, while delinquencies in the direct auto loan space showed an increase.

Tags: 30-day delinquency rate, American Bankers Association, Delinquencies, Indirect Lending

July 12, 2016 - Industry News

Holman Finalizes Acquisition of Kuni Automotive

The deal — which was first announced this past April — adds Kuni Automotive’s West Coast dealerships in Washington, Oregon, California, Colorado and Kansas to Holman Automotive’s existing East Coast operations in New Jersey, Florida and Pennsylvania.

Tags: Acquisition, Dealership Network, Holman Automotive Group, Kuni Automotive Group

July 8, 2016 - Industry News

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

July 7, 2016 - Industry News

Online Retailing Will Lead to Higher F&I Profits, KBB Analyst Says

As digital retailing becomes more and more prolific, Kelley Blue Book Analyst Alec Gutierrez suspects that profits will continue shifting away from the sale of the car and into the F&I office.

Tags: digital retailing, F&I products, KBB

July 7, 2016 - Industry News

LoJack Issues Warning About 'Connected Car Thieves'

LoJack launched a campaign this month to educate and alert vehicle owners about the sophisticated techniques employed by today's 'connected vehicle thief.' The information shared can be used by F&I managers to educate consumers about the need for vehicle-recovery systems.

Tags: identity theft, LoJack, theft protection, Vehicle Theft

July 6, 2016 - Industry News

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

Tags: auto finance, CFPB, GAP, payment deferral

July 6, 2016 - Industry News

Online Retailer Launches Nationwide Vehicle Delivery

Beepi, an online used-vehicle retailer founded in 2013 by a serial entrepreneur who had a bad car-buying experience, is now offering nationwide vehicle delivery. The cost of the service, according to the company, is determined by the distance between the seller and buyer.

Tags: Beepi, Online Buying, Vroom

July 6, 2016 - Industry News

Registration Opens for Las Vegas Compliance Summit

Organizers of Compliance Summit announced that registration for the Las Vegas event is now open. This two-day event, part of the annual Industry Summit, is scheduled for Aug. 29-30 at Paris Las Vegas.

Tags: Compliance Summit, Industry Summit

July 6, 2016 - Industry News

Vroom, eBay Motors Forge Partnership

Starting in the third quarter, eBay will allow Vroom to make formal cash offers to private vehicle sellers on its website.

Tags: eBay Motors, Partnership, Vroom

July 5, 2016 - Industry News

FTC Announces Significant Hike to Civil Penalty Maximums

Violations of the Federal Trade Commission’s prohibition on unfair or deceptive acts or practices are going to get more expensive come Aug. 1. That’s when the commission’s interim final rule aimed at increasing a variety of civil penalties takes effect.

Tags: Compliance, Deceptive Practices, Federal Trade Commission

July 5, 2016 - Industry News

Jumpstart: 60% of Millennials Buy a New Vehicle Every Three Years

A study from Jumpstart and Ipsos Connect found that 74% of Millennials now take four weeks or less when shopping for a car. It also found that women continue influence a majority of all vehicle transactions.

July 5, 2016 - Industry News

CFPB Proposes Implementation of Privacy Notice Exemption

Last week, the CFPB proposed to implement an amendment to the Gramm-Leach-Biley Act (GLBA) that will grant certain financial institutions exemption from sending annual privacy notices to customers.

Tags: CFPB, Customer Privacy, Law