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December 1, 2016 - Industry News

Fed Reserve, CFPB Leave TILA, CLA Dollar Thresholds the Same for 2017

The two agencies announced before Thanksgiving that the dollar thresholds in the TILA’s Reg Z. and the CLA’s Reg. M for exempt consumer credit transaction will remain at $54,600 for 2017.

Tags: compliance, Consumer leasing Act, leasing, new-vehicle financing, Regulation M, Regulation Z, Truth in Lending Act

December 1, 2016 - Industry News

Fitch: Subprime Auto ABS Losses Creep Up, Prime Stable

Annualized net losses for prime auto loan ABS declined on a monthly basis in October, while subprime losses rose 32 basis points to 9.61%, according to the ratings agency. Subprime ANL, however, remain within levels recorded earlier this year.

Tags: Auto ABS, auto finance, Fitch Ratings, prime financing, subprime auto finance

November 30, 2016 - Industry News

CUDL Credit Unions Now No. 2 Auto Finance Source

The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated one million loans year to date, surpassing Ally Bank in loans originated this year.

Tags: Auto Lending, Credit Unions, CU Direct

November 29, 2016 - Industry News

Judge Blocks Labor Department’s New Overtime Pay Rule

The department’s rule to extend mandatory overtime pay was set to take effect this Thursday. It is now on hold after a federal judge agreed last week with 21 states and more than 50 business groups that the rule was unlawful and granted their motion for a nationwide injunction.

Tags: employment, Fair Labor Standards Act, U.S. Department of Labor

November 29, 2016 - Industry News

Black Book: Used-Vehicle Depreciation Continues Slowdown

For the car segment, wholesale values decreased by 0.56% last week, an improvement over the 0.62% decrease the segment realized the week before. On the truck front, wholesale values decreased by 0.31%, less than the prior week’s depreciation rate of 0.59%.

Tags: Black Book, depreciation, Used Vehicles, Wholesale Pricing

November 29, 2016 - Industry News

F&I Still a Drag on Improving Transaction Times, Survey Shows

Although transaction times at dealerships are improving, there are still roadblocks in the process that are holding dealerships back from reliably achieving transactions times below the one- and two-hour mark, according to a survey fielded by eLend Solutions.

Tags: CSI, Dealership, eLend Solutions, F&I, Survey, Transaction Times

November 28, 2016 - Industry News

Negative Equity Becoming a Problem as New-Vehicle Sales Close in on 2015 Record

The good news, according to Edmunds.com, is the industry is on pace to top last year's record new-vehicle sales total. The bad news, the firm noted in a separate release, is car buyers are rolling over negative equity from their trade-ins in record numbers.

Tags: 2016, Edmunds.com, new-vehicle sales, SAAR

November 28, 2016 - Industry News

Bazaarvoice: Consumer-Generated Content ‘Critical’ to Sales

Ratings, reviews, photos and videos created by customers — collectively known as “consumer-generated content” (CGC) — have become a “critical” component in dealership branding and vehicle sales, according to new research from Bazaarvoice.

November 28, 2016 - Industry News

Pearl Technology Launches Proximity Marketing Platform for Dealers

The new solution, according to Pearl Technology, gives a dealer the ability to circumvent a retail transaction at a competitor’s lot by delivering real-time offers through the customer’s mobile device.

Tags: marketing, Mobile Marketing, Pearl Technology, Proximity Marketing, technology

November 28, 2016 - Industry News

Mechanical Breakdown Protection Inc., PEN Announce Integration Pact

F&I product provider Mechanical Breakdown Protection Inc. (MBPI) is now plugged into the Provider Exchange Network as part of an integration pact the two companies announced this week.

Tags: DMS, Mechanical Breakdown Protection, Partnership, Provider Exchange Network, technology

November 28, 2016 - Industry News

One View Appoints 18-Year Auto Industry Veteran as Director of Sales

In his new role, Warren Miller will drive sales and processes, maintain current customer satisfaction and facilitate long-term relationships with automotive dealerships, CPAs and partners.

Tags: Director of Sales, hiring, One View

November 28, 2016 - Industry News

Age of Vehicles Reaches 11.6 Years

The average age of light-duty vehicles on U.S. roadways increased to 11.6 years this year. Vehicle registrations also climbed 2.4% from a year ago to 264 million, according to IHS Markit.

Tags: Aging Fleet, IHS, IHS Markit, New Vehicles, Used Vehicles

November 22, 2016 - Industry News

NADAUCG Releases Retention Rankings for One-Year-Old Models

Photo courtesy of Toyota. 

The NADA Used Car Guide issued a report that examines retention performance for 33 all-new or redesigned mainstream and luxury models. Leading the list were the 2016 Toyota Tacoma, Honda Pilot and Volvo XC90.

Tags: Honda, NADA, NADA Used Car Guide, Toyota, Volvo

November 22, 2016 - Industry News

Kerrigan Advisors: Dealership M&A Activity Down in 2016

Buy/Sell activity remains strong, but the firm believes activity could slow in the fourth quarter as sellers hope for a more favorable tax rebate on their sales proceeds in 2017.

Tags: Kerrigan Advisors, Mergers and Acquisitions, Tax Benefits, The Blue Sky Report, Trump

November 22, 2016 - Industry News

MBPI Partners With F&I Express

The partnership, the company stated, will help the F&I office increase sales penetration and improve dealer and customer satisfaction by decreasing customer delivery time.

Tags: F&I Express, Mechanical Breakdown Protection, Partnership

November 22, 2016 - Industry News

FCC, Canadian Regulator Sign Robocall Agreement

The FCC’s Enforcement Bureau and the Canadian Radio-Television and Telecommunications Commission have agreed to cooperate and share intelligence to combat unlawful automated telephone calls.

Tags: Federal Communications Commission, Robocalls, telemarketing

November 22, 2016 - Industry News

Car Shoppers Looking for Deep Discounts, SUV/CUVs on Cyber Monday, Survey Shows

Jumpstart Automotive surveyed approximately 2,500 consumers to gauge their interest in buying a car on Cyber Monday. According to results, 33% of men and 35% of women would be most interested in shopping for SUVs/CUVs on Cyber Monday.

Tags: Cyber Monday, Dealerships, Jumpstart Automotive, Online Marketing

November 21, 2016 - Industry News

Auto/Mate Employees Tout 1,000-Plus Years of Combined Dealership Experience

Auto/Mate Dealership Systems today announced that after its latest round of hiring, its employees have surpassed 1,000 years of combined experience working in car dealerships.

Tags: Auto/Mate, Customer Service, Dealership

November 18, 2016 - Industry News

NADA Study: Mobility Services, Autonomous Vehicles Biggest Risk to Dealership System

The single biggest risk to the dealership system within the next decade will be the convergence of mobility services with autonomous vehicles. That’s the conclusion of a new research project commissioned by the National Automobile Dealers Association.

Tags: Dealership, Industry Research, J.D. Power, NADA

November 18, 2016 - Industry News

Hyundai Offers Subscription-Based Vehicle Ownership

Photo of 2017 Ioniq Electric courtesy of Hyundai.

Hyundai will offer a subscription-based approach to vehicle ownership with its 2017 Ioniq Electric sedan that will allow customers to acquire the vehicle for a fixed monthly fee that covers all costs of ownership, Hyundai announced ahead of the Los Angeles Auto Show.

Tags: Dealership, Electric Vehicles, Hyundai

November 18, 2016 - Industry News

Stand-Alone Genesis Dealers to Arrive by 2021

Photo of 2017 Genesis G90 by Paul Clinton.

Hyundai's Genesis luxury division hopes to establish stand-alone dealerships for a lineup that will include six models by 2021, according to the automaker.

Tags: Dealership, Genesis, Hyundai

November 17, 2016 - Industry News

Regulatory Insiders: Repeal of Dodd-Frank Possible But Unlikely

Regulatory insiders say there are two ways the Trump administration can deliver on its promise to dismantle the Dodd-Frank. But neither scenario has a high probability of success, they say.

Tags: Consumer FInancial Protection Bureau, Dodd-Frank Act, NADA, Regulations

November 17, 2016 - Industry News

RoadVantage Unveils F&I Video to Support Online F&I Strategies

According to the company, the two-minute video was developed in response to recent industry studies showing that consumers would be more willing to purchase F&I protections if they are allowed to learn about them before entering the dealership.

Tags: Dealership, F&I, RoadVantage, Videos

November 17, 2016 - Industry News

Chase Auto Finance Names New CEO

Mark O’Donovan was named CEO of Chase Auto Finance, the finance source announced today. He replaces Thasunda Duckett, who was named CEO of the finance source's consumer banking unit last month.

Tags: Chase, Chase Auto Finance, Promotion

November 17, 2016 - Industry News

Car and Driver Announces '10Best Cars' List for 2017

Car and Driver released its annual “10Best Cars” list for 2017. This list, the company stated, recognizes the best cars on the market for under $80,000.

Tags: 2017, Awards, New Vehicles