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August 2, 2016 - Industry News

Ally Financial Moving More Downstream Into Higher Risk Tiers

During Ally Financial's second quarter earnings call, company officials said the finance source is moving downstream into the higher risk, higher yield credit tiers and focusing less on the low-risk superprime loans.

Tags: Ally, Quarterly Earnings, Second Quarter, Super Prime

August 2, 2016 - Industry News

Crisorio to Helm Processes and Controls Panel at Compliance Summit

Organizers of the upcoming Compliance Summit have announced that United Development Systems Inc. (UDS)’s Brian Crisorio will lead a panel discussion dedicated to “Easy-to-Implement Processes and Controls” at the 2016 event, which will be held Aug. 29–30 at Paris Las Vegas as part of the annual Industry Summit.

Tags: Brian Crisorio, CNA National, compliance, Dealer Safeguard Solutions, F&I Express, F&I manager, UDS

August 2, 2016 - Industry News

Average Transaction Prices Rise in July, KBB Reports

The average transaction price in July was $34,264, a 2.5% increase from the year-ago period, according to Kelley Blue Book. The firm noted that transaction prices were up for all manufactures, with the exception of Nissan.

Tags: Average Transaction Price, July Auto Sales, KBB

August 2, 2016 - Industry News

Carfax Introduces Carfax Snapshot

Carfax Snapshot is designed to help consumers shopping on third-party websites make faster buying decisions by putting key vehicle history details — including reported accidents, number of owners, service records, and open recalls — on the search results and vehicle details pages.

Tags: Carfax, Carfax Report, Online Shopping, Used Vehicles

August 2, 2016 - Industry News

Industry Summit Extends Early Bird, Hotel Deadline

Attendees who register by midnight this Friday, Aug. 5, will enjoy a $100 discount, will be offered accommodations in the event’s exclusive room block, and will be entered into a drawing for one of two $500 gift cards. The three-day event will begin Monday, Aug. 29, at Paris Las Vegas.

Tags: Compliance Summit, Industry Summit, Las Vegas

August 2, 2016 - Industry News

NADA Maintains 17.7 Million Sales Forecast for 2016

Despite current economic and political uncertainties, the NADA is sticking with its original sales forecast of 17.7 million news cars and light trucks for 2016. The association's chief economist, however, predicted that total sales will drop to 17.1 million units in 2017, noting that most of the pent-up demand from the Great Recession has been satisfied.

Tags: Auto Leases, NADA, New Vehicles, SAAR

August 2, 2016 - Industry News

Maledon to Lead Rules and Regs Panel at Compliance Summit

Attorney and compliance expert Michael Maledon will serve as moderator for a panel discussion devoted to rules and regulations at the upcoming Compliance Summit, organizers announced Tuesday.

Tags: Alpha Warranty Corp., Compli, compliance, Compliance Summit, EFG Companies, F&I manager, Michael Maledon

August 1, 2016 - Industry News

Win a Trip to Industry Summit

Is there a topic you’d like to see addressed at Industry Summit 2016? Submit as many topics as you’d like for a chance to win a free pass to Industry Summit 2016 and a three-night stay at Paris Las Vegas. The contest is being sponsored by IAS as part of the conference’s special Ask Joe session.

Tags: Ask Joe, Compliance Summit, Industry Summit, Las Vegas

July 28, 2016 - Industry News

New York AG Suing Staten Island Dealer Group for Payment Packing

New York Attorney General Eric T. Schneiderman's crackdown on payment packing continues. Today, he announced a lawsuit against two Staten Island dealerships owned by SG Hylan Motors Corp.: Staten Island Honda and Staten Island Nissan.

Tags: Attorney General, Deceptive Practices, Eric T Schneiderman, Lawsuit, Payment Packing

July 28, 2016 - Industry News

EchoPark, F&I Offset Sagging Sales Numbers for Sonic in Q2

Poor retail sales were offset by a 3.1% increase in total F&I gross profit and a 40.5% increase in revenue at Sonic Automotive's EchoPark locations. While declining oil prices have hurt the company's performance in the Houston market, officials are confident the group will recover.

Tags: EchoPark, F&I , Quarterly Earnings, Second Quarter, Sonic Automotive

July 28, 2016 - Industry News

ORIAS Offers Prize to Industry Summit Attendees

Organizers of the upcoming Industry Summit have announced that Old Republic Insured Automotive Services (ORIAS) will award two $500 American Express gift cards in a random drawing of attendees who register by this Friday, July 29.

Tags: Compliance Summit, F&I manager, F&I trainer, Industry Summit, ORIAS

July 28, 2016 - Industry News

CFPB Proposes to Overhaul Debt-Collection Market

At a field hearing held today, the Consumer Financial Protection Bureau outlined proposals its considering that would overhaul the debt-collection market. One of the proposals on the table is capping collector contact attempts.

July 27, 2016 - Industry News

Compliance Summit Early Bird Ends Friday

Organizers of the upcoming Compliance Summit have announced that the $100 early-bird registration discount will expire at midnight this Friday, July 29. The event will be held Aug. 29–30, 2016, at Paris Las Vegas, as part of the annual Industry Summit.

Tags: Compliance Summit, F&I , Industry Summit

July 27, 2016 - Industry News

Cox Automotive: Service Contracts, Warranties Drive Service Retention

A new study from Cox Automotive found that warranties and service contracts are keys to service retention. To realize that benefit, the study recommends that dealers allow car buyers to research service contracts before they step into their stores.

Tags: Cox Automotive, Customer Retention, Customer Service, F&I , Service Department

July 27, 2016 - Industry News

FTC Issues Refunds to Buyers of Bogus "Extended Auto Warranties'

The Federal Trade Commission (FTC)'s six-year effort to collect on a $4.2 million judgement against a telemarketer of “extended auto warranties” came to a end last week. The telemarketer, which did business under the name My Car Solutions, led victims to believe it was affiliated with auto dealers and manufacturers.

Tags: compliance, extended warranties, F&I products, FTC, Robocalls, telemarketing, vehicle service contracts

July 26, 2016 - Industry News

GM Financial Maintains ‘Credit and Pricing Discipline’ in Q2

Despite a competitive subprime auto finance environment, GM Financial continued gravitating toward a more prime-like credit profile during the second quarter.

Tags: GM Financial, Prime, Quarterly Earnings, Second Quarter, Subprime

July 26, 2016 - Industry News

Q2 Auto Originations Total $8.3 Billion for Wells Fargo

Wells Fargo reported second quarter auto originations of $8.3 billion, a 7% gain from the first quarter of the year and a 2% gain from the year prior. Bank officials, however, reported higher delinquencies and net charge-offs.

Tags: Auto Loans, Quarterly Earnings, Second Quarter, Wells Fargo

July 26, 2016 - Industry News

Car Buyers and Shoppers Crave Advanced Technology, Study Shows

Findings from a new IHS Automotive global consumer survey indicate that new advanced technologies and increased connectivity are driving consumer preferences as they consider new vehicles.

Tags: IHS Automotive, Survey, Vehicle Technology

July 26, 2016 - Industry News

FordDirect COO Stepping Down

FordDirect's Valerie Fuller, an 11-year company veteran, will be stepping down as COO on Sept. 1, the company announced yesterday.

Tags: Ford, FordDirect, Lincoln

July 26, 2016 - Industry News

New Hyundai Genesis Arriving With Complimentary Maintenance

Hyundai's Genesis will offer complimentary maintenance, loaner cars, and a valet service with its 2017 G90 and G80 luxury sedans in hopes of luring buyers to the new brand, Genesis announced.

Tags: Genesis, Hyundai, Vehicle Maintenance

July 26, 2016 - Industry News

Cars.com to Acquire DealerRater

Once the acquisition is approved, Cars.com will add the automotive industry’s largest dealer review site to its platform.

Tags: Acquisition, Cars.com, Customer Reviews, DealerRater

July 21, 2016 - Industry News

Compliance Summit: Van Over to Deliver 'A Dealer's Best Defense' Workshop

Organizers of the upcoming Compliance Summit Las Vegas announced that trainer and compliance expert Gil Van Over will deliver a featured presentation at the event, which is scheduled for Aug. 29–30, 2016. The event will be held at Paris Las Vegas as part of the annual Industry Summit.

Tags: Compliance Summit, Gil Van Over, Industry Summit

July 21, 2016 - Industry News

J.D. Power: Shopping Tools on OEM Websites Improves Customer Satisfaction

A new study from J.D. Power shows that online shopping tools on manufacturer websites significantly improves satisfaction for consumers shopping for a vehicle. The three best-performing sites belong to Land Rover, Jaguar, and Mercedes-Benz.

Tags: Dealer Websites, J.D. Power, Online Shopping, Study

July 21, 2016 - Industry News

Trade Groups Call on U.S. Senators to Support CFPB-Reform Bill

The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, NADA, NIADA

July 21, 2016 - Industry News

87% of Consumers Dislike Dealership Experience, Survey Finds

Conducted by Harris Poll on behalf of online retailer Beepi, the study revealed an apparent distrust and negative opinion of car dealerships among consumers polled. In the survey’s findings, 61% of respondents felt like they were taken advantage of at some point in the dealership.

Tags: Beepi, Dealership Experience, Millennial, Survey