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April 17, 2018 - Industry News

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo

April 17, 2018 - Industry News

EasyCare Earns Three Workplace Recognition Awards

For the second consecutive year, the National Association of Business Resources named the F&I product provider to its ‘101 Best and Brightest Companies to Work For’ list. The company was also named one of the ‘Healthiest Employers in Atlanta’ by the Atlanta Business Chronicle.

Tags: Best Places to Work, EasyCare, F&I products, human resources

April 16, 2018 - Industry News

Ferman Volvo Honored by Xtime

Xtime presented Ferman Volvo Cars of Tarpon Springs, Fla., with its first-ever Customer Experience Excellence Award.

April 16, 2018 - Industry News

Survey: F&I Represents Second Largest Opportunity for Margin Growth

According to a survey of 1,573 dealership owners and professionals, claims adjudication control and product branding are the two leading concerns when it comes to F&I products. Inadequate coverage, price, and 'customers not seeing the value' viewed as the three barriers to selling VSCs.

Tags: F&I products, Protective Asset Protection, Vehicle Service Contract

April 16, 2018 - Industry News

DOM360 Unveils Automated Facebook Listings

Automotive Digital Marketing Agency has released a tool designed to allow auto dealers to automate vehicle listings for Facebook Marketplace.

April 16, 2018 - Industry News

Zurich Now Available on Darwin

Zurich North America’s F&I product lineup is now featured on Darwin Automotive’s fintech platform.

April 16, 2018 - Industry News

Times Union Awards Auto/Mate With 2018 Top Workplaces Award

This was the seventh consecutive year the technology firm has received the Top Workplaces honor. And for the first time, the company also took home the contest’s Special Award for Managers.

Tags: Auto/Mate, digital, employee retention, top workplace

April 16, 2018 - Industry News

Wheels TV Co-Founder Joins Flick Fusion

Lehel Reeves is joining Flick Fusion as its director of partnerships and business development. He will oversee the creation and management of partnerships aimed at raising awareness of the firm’s video marketing technology.

Tags: digital marketing, Flick Fusion, Video Marketing

April 13, 2018 - Industry News

AutoWeb Names Industry Veteran Jared Rowe President and CEO

The announcement marks Rowe's return to the company where he started his digital marketing career nearly 20 years ago. It also marks his return to the car business.

Tags: Autobytel, AutoWeb, Cox Automotive, digital marketing, digital retailing, technology

April 13, 2018 - Industry News

Xtime Shows Dealers the ‘Fast Lane’ to Service Profits

Xtime exec and ADT contributor Jim Roche has released a new book charting the path to greater fixed ops revenue.

April 12, 2018 - Industry News

Toyota, Honda Dealers Top Temkin’s 2018 Customer Experience Ratings

Auto dealers tied for 12th out of 20 industries ranked in the eighth edition of Temkin Group’s Customer Experience Ratings. Ford and Mercedes-Benz dealers also earned top rankings.

Tags: Customer Experience, customer satisfaction, Ford, Honda, Mercedes-Benz, Tempkin Group, Toyota

April 12, 2018 - Industry News

No. 1 With a Bullet: Toyota Dealer Has Hit Song

A Spanish-language music video is being credited with a record month for internet sales at Miami’s Headquarter Toyota.

April 12, 2018 - Industry News

SUV/CUV Loyalty Reaches Record Levels

IHS Markit analysts say more than two-thirds of SUV and crossover buyers remain loyal to the segment, far outpacing the industry average with no signs of slowing.

April 12, 2018 - Industry News

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

Tags: auto finance, Brett Roberts, Credit Acceptance Corp., special finance, Steve Jones, Subprime Financing

April 11, 2018 - Industry News

Grossinger to AutoCanada in Record Cross-Border Sale

Chicago’s Grossinger Auto Group has sold 15 stores to AutoCanada in an acquisition billed as the largest ever to cross international lines.

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

April 11, 2018 - Industry News

Ally and Fair Announce Strategic Alliance

Fair is set to remarket vehicles on SmartAuction and offer flexible financing powered by Ally’s Clearlane program.

April 10, 2018 - Industry News

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo

April 10, 2018 - Industry News

AutoGravity Partners With Westbon

AutoGravity has expanded its vehicle financing options for international students through a new partnership with Westbon.

April 10, 2018 - Industry News

AUL Corp. Completes SOC 2 Certification

The third-party audit confirms AUL’s internal controls are in accordance with the selected Institute of Certified Public Accountants’ trust services principles and criteria. For the company’s customers and partners, SOC 2 compliance demonstrates that AUL has industry leading controls in its data systems, technologies, and processes.

Tags: AUL Corp., used vehicles, vehicle service contracts

April 9, 2018 - Industry News

myKaarma Raises $15 Million to Further Advance Product Development

The investment in the communications and payment software provider was led by Kanya Partners, the growth equity group of Kanye Anderson Capital Advisors LP. myKaarma’s solutions are designed to improve the customer experience, efficiency, and profitability of dealership service departments.

Tags: myKaarma, parts and service, software

April 9, 2018 - Industry News

SouthwestRe, Reahard Partner to Offer F&I and Compliance Training

SouthwestRe has partnered with Reahard & Associates to offer F&I training and compliance certification to agents and dealers.

Tags: F&I products, F&I training, Reahard & Associates, reinsurance, Ron Reahard, SouthwestRe

April 9, 2018 - Industry News

Shift Using Manheim Facilities and Services to Support Digital Business

The San Francisco startup announced its partnership with Cox Automotive last week. According to officials, the relationship will help Shift expand operations with reduced capital investment and drive efficient launches in markets where Manheim has a presence.

Tags: Cox Automotive, digital retailing, Manheim, online F&I, Shift

April 9, 2018 - Industry News

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

Tags: auto finance, floorplan financing, NextGear Capital

April 9, 2018 - Industry News

Auto/Mate Adds Credit Card Processing

Auto/Mate has partnered with Worldpay to add a credit card processing feature to its DMS.