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June 23, 2016 - Industry News

ADESA Promotes Two to Dealer Services Leadership Roles

The business unit of KAR Auction Services has promoted C.J. Lopez to director of major dealer accounts, and Kjersta Loyd to regional dealer sales manager for the Mideast and Midwest regions.

Tags: ADESA, Auto Auctions, Used Vehicles

June 22, 2016 - Industry News

J.D. Power: Initial Quality Shows Largest Improvement in Seven Years

Kia ended the 27-year reign of premium brands by ranking highest among all nameplates in J.D. Power’s annual study. Overall, new-vehicle quality improved 6%, which was double last year’s 3% improvement.

Tags: General Motors, Hyundai, Initial Quality Study, J.D. Power, Kia, Toyota, Volkswagen

June 22, 2016 - Industry News

NADAUCG: May's Used-Vehicle Price Index Rises for First Time This Year

The firm reported that wholesale prices for cars eight years or older fell 2% in May, which was better than the 2.7% drop recorded for the month over the last four years. The improvement led to the first increase this year in the NADA Used Car Guide's used-vehicle price index.

Tags: NADA, NADA Used Car Guide, Used Vehicle Prices, Used Vehicles

June 22, 2016 - Industry News

Black Book: Depreciation Rates Showing Consistency

Over the last four weeks, depreciation rates for both cars and trucks have begun to show some consistency, according to Black Book, with truck depreciation picking up from the spring season.

Tags: Black Book, Used-Car Values, vehicle depreciation

June 22, 2016 - Industry News

New Mitsubishi Dealership Opening in South Florida

A new Mitsubishi dealership is coming to the Bonita Springs/ Naples area. Bonita Springs Mitsubishi, owned by retail veterans Bill Doraty and Jeff Johnson, is scheduled to open Monday, June 27.

Tags: Grand Opening, Mitsubishi, New Dealership

June 21, 2016 - Industry News

F&I Dealer of the Year: Nomination Deadline Extended

David-Moore Automotive's Sean Tarbell accepts the 2015 award from The Warranty Group's Ash Bauer and F&I and Showroom's Gregory Arroyo.

F&I and Showroom has extended the nomination deadline for its F&I Dealer of the Year award to Wednesday, July 13.

Tags: F&I Dealer of the Year, F&I department, F&I manager, F&I Pacesetters, F&I Process

June 21, 2016 - Industry News

Confident's Service Financing Product Now in 410 Franchised Dealerships

Confident Financial Solution's auto repair financing program has experience strong growth this year, the company reported this week. It now has 1,000 retailers offering its product, including 410 franchised new-car dealers.

Tags: Confident Financial Solutions, Consumer-Facing, Finance

June 21, 2016 - Industry News

RouteOne Brings Econtracting to Southeast Toyota Finance Dealers

RouteOne announced this week that Southeast Toyota Finance, a provider of automotive financing for 176 dealers in the southeastern United States, will now include econtracting on its automotive finance platform.

Tags: eContracting, RouteOne, Southeast Toyota Finance, Toyota

June 21, 2016 - Industry News

Former Credit Union CEO Charged With Fraud

The former CEO of Valor Federal Credit Union was charged with executing a scheme to defraud the credit union of approximately $718,000 to pay for his personal credit card, college tuition, his wife's birthday party, and a golf tournament sponsorship.

Tags: Attempted Fraud, FBI, Fraud, Investigation, U.S. Attorney's Office, Valor Federal Credit Union

June 21, 2016 - Industry News

NIADA's New President Begins Term

The National Independent Automobile Dealers Association (NIADA) presented Billy Threadgill with its President’s Ring and officially opened his term as president during the National Leadership Awards Banquet at the association's 70th annual convention and expo.

Tags: Independent Automobile Dealers Association, NIADA, President

June 21, 2016 - Industry News

Former Redbox Exec Joins Cars.com

Cars.com named Tony Zolla as its chief product officer. The former vice president of product and customer experience for Redbox will be responsible for defining the company’s product strategy for consumers and customers.

June 20, 2016 - Industry News

American Financial Wins Two Dealers’ Choice Awards

American Financial & Automotive Services Inc. received two 2016 Dealers’ Choice Awards. The company received a Diamond award in Compliance Training and a Platinum award in F&I Training.

Tags: American Financial & Automotive Services, Compliance, Dealers Choice Award, F&I Training

June 16, 2016 - Industry News

RouteOne Adds to Executive Team

RouteOne has added Chris Irving to its executive team, appointing the eight-year company veteran to chief technology officer. He assumes responsibilities held by Justin Oesterle, who was named CEO of the firm on June 3.

Tags: FordDirect, Justin Oesterle, Mike Jurecki, RouteOne

June 16, 2016 - Industry News

Former Global BMW Executive Joins motormindz

Alan Harris, who most recently served as CEO of BMW in Malaysia, has joined motormindz as a senior partner. He will help lead the global assessment and implementation of solutions and technologies aimed at solving challenges across the automotive vertical.

June 16, 2016 - Industry News

Independent Dealers Bearish on Market, Customer Traffic, Survey Shows

According to the latest NIADA Business Confidence survey, dealer outlook for Q3 retail sales growth was less optimistic than growth expectations for the second quarter, although there was an uptick in the number of respondents who thought sales would remain the same.

Tags: Equifax, Industry Sales, NIADA, Used Vehicles, Vehicle Sales

June 15, 2016 - Industry News

BMW Financial Opens Off-Lease Inventory to All Dealers

In preparation of the influx of off-lease vehicles returning to the market, BMW Financial Services has made its BMWGroupDirect.com service accessible to independent and non-BMW franchise dealers, according to the company.

Tags: BMW, BMW Financial Services, BMWGroupDirect, Off-Lease Vehicles

June 15, 2016 - Industry News

General Motors Names New Vice President of Global Quality

General Motors Co. has named Tony Francavilla as vice president of global quality, according to a company announcement. In this role, he will be responsible or leading the company’s global quality efforts, aimed at providing customers with the highest quality vehicles.

Tags: General Motors, Promotion, Vice President

June 15, 2016 - Industry News

Toyota Earns Top Spot in Customer Experience Study

After asking 10,000 U.S. consumers about their dealership experience, the Temkin Group found that the two manufacturers with the highest customer experience ratings were Toyota and Mercedes-Benz, according to Edmunds.com.

Tags: Customer Experience, Edmunds.com, Toyota, Volkswagen

June 15, 2016 - Industry News

DealerRater Customers 3.5 Times More Likely to Buy a Car, Study Finds

A study conducted by Oracle Data Cloud has found that DealerRater is often the last website a consumer visits before securing a vehicle. Of the visitors who make a purchase, more than half complete the deal within four weeks of visiting the website, according to DealerRater.

Tags: DealerRater, Online Purchase, Study

June 15, 2016 - Industry News

Financial Technology Company Aims at Simplifying Financing Process

Courtesy of AutoGravity. 

AutoGravity, a new financial technology company, has emerged, aiming to simplify the financing process by allowing customers to apply for financing straight from their phone.

Tags: AutoGravity, Finance, Mobile Applications, Technology

June 15, 2016 - Industry News

CreditConvert Update Adds Pre-Screen Capability

The newest update to AutoAlert’s CreditConvert 2.0 program has brought with it the ability to request pre-screens on any customer at any point of the sales process, according to a company press release.

Tags: AutoAlert, CreditConvert, Pre-Screen, Soft Pull, Technology

June 9, 2016 - Industry News

Top Closers Avoid Industry Jargon, CDK Global Finds

CDK Global has found that the words dealers use in their email interactions with customers can have a strong effect on whether a lead will turn into a sale. Industry jargon, it found, is not high on the list of words used by top performers.

Tags: CDK Global, Email, Sales, Word Tracks

June 9, 2016 - Industry News

S.C. Legislature Approves Changes to State's Closing Fee Laws

On June 2, House Bill 4548 was ratified and with it came amendments to South Carolina’s closing fee laws. In accordance with the new law, the Department of Consumer Affairs will be able to determine whether the amount a dealer charges in closing fees is reasonable or unreasonable.

Tags: Closing Fee, Department of Consumer Affairs, South Carolina

June 9, 2016 - Industry News

TransUnion, FICO Team Up on New Credit Scoring System

Based on TransUnion’s CreditVision trended data, FICO Auto Score 9 XT is specifically designed for the auto finance marketplace. The scoring system ignores paid off collection agency accounts, separates unpaid nonmedical accounts that have gone into collection from unpaid medical accounts in collections, and provides a deeper dive into consumer behaviors.

Tags: Credit Scores, FICO, ProMax Unlimited, TransUnion

June 8, 2016 - Industry News

DealerSuccess Launches Geo-Based Marketing Plugin for Dealer Websites

Marketing firm DealerSuccess launched a website conversion tool called ConversionBlaster. It's a plugin for dealer websites designed to target people for specific campaigns based on their geographical location and their proximity to predetermined geofences.

Tags: Campaigns, DealerSuccess, Geo-Fence, Marketing