April 10, 2017 - Industry News
A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.
Tags: auto finance, Morgan Stanley, Stretching Loan Terms, Subprime Financing, used-vehicle pricing, vehicle depreciation
On Wednesday, March 8, Alpha Warranty hosted a volunteer night at the Utah Food Bank, an organization whose mission is to fight hunger and serve those in need across Utah. Alpha employees gathered together at the food bank warehouse to sort and organize incoming food donations for distribution.
Tags: Alpha Warranty Services, charity giving, F&I products
Despite declining wholesale values in March, first-quarter pricing for used vehicles showed a year-over-year increase from the first quarter of 2016.
Thirty-year industry veteran Mike DeLong has been tapped to lead Covideo’s Dealer Services division.
MIke Bacosa, a more than 20-year veteran of the company, takes over as vice president of claims. He first joined the company as an adjuster and has spent the last seven years leading CNAN's claims organization as a senior manager.
Tags: CNA National, F&I products, warranty claims
Reasons include inadequate explanation of pricing and value proposition, lack of timely follow up, and not using leads’ preferred follow-up communication methods.
The income development company has partnered with Automotive Compliance Education LLC to provide its dealer customers with a new F&I compliance certification program, which will be offered through the firm's F&I University.
Tags: American Financial & Automotive Services, Automotive Compliance Education, compliance, F&I training, F&I University
April 7, 2017 - Industry News
A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray
April 6, 2017 - Industry News
The Federal Trade Commission last week approved settlements with CarMax, Asbury Automotive, and West-Herr Automotive Group, which the regulator charged with failing to disclose that some pre-owned vehicles offered for sale had unrepaired safety recalls despite the companies' claims of rigorous vehicle inspections.
Tags: Asbury Automotive, CarMax, Federal Trade Commission, GM Recalls, NHTSA, Recalls, Takata, West-Herr Automotive
New integration promises direct inventory updates without the need to log into an app or website.
The National Automobile Dealers Association (NADA)’s chairman and chief economist cited strong demand and rising wages among high-income earners as reasons to be optimistic about new-car sales.
The vehicle valuation firm reported today that the average used vehicle for model years 2011-2015 depreciated slightly 0.6%. Cars overall recorded depreciation of 0.3%, while trucks registered depreciation of 0.8%.
Tags: Black Book, used-vehicle values
April 4, 2017 - Industry News
RoadVantage introduced its Interior/Exterior Vehicle Service Contract program, which does not require product application, in early 2016 as both a stand-alone product and also as part of its best-selling multi-option bundles.
Tags: F&I products, RoadVantage
Thirty-year industry veteran Kip Miles has joined Dashboard Dealership Enterprises as vice president of sales and marketing.
The new partnership was designed to benefit dealers and car buyers by providing accurate values and promoting a less adversarial transaction.
Fiat Chrysler and Toyota showed the greatest year-over-year improvement as prices and incentives gained ground last month.
Tags: Average Transaction Price, Fiat Chrysler, Kelley Blue Book, Toyota
The organization's newest survey backs the need for F&I protections, finding that 64 million U.S. drivers can't afford an unexpected vehicle repair. AAA also found that one-third of drivers skip or delay recommended services or repairs.
Tags: AAA, F&I manager, Prepaid Maintenance, Repairs, Service Contracts, Vehicle Maintenance
This latest settlement, announced on March 30, will be paid to Connecticut, Delaware, Maine, Massachusetts, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. The settlement was negotiated with attorneys general from each state.
Tags: Diesel, Volkswagen, Volkswagen Scandal
With the Industry SAAR falling below 17 million for the first time since August, the trade group said the industry's March sales performance 'suggests that sales may be plateauing.' The association said now is the time for dealers to tighten their operations and push back on any tax increases on consumers.
Tags: American International Automobile Dealers Associat, Honda, new-vehicle sales, Nissan, Subaru
April 3, 2017 - Industry News
Motorcycle Warranty Forever offers lifetime coverage for motors and transmissions with no cost, deductible or expiration.
Tags: National Automotive Experts, vehicle service contract
Clearlane allows consumers to finance a vehicle purchase from a dealership or a private party sale, refinance their existing loan, or buy their vehicle at lease end. The site also sells GAP and service contracts.
Tags: Ally, auto finance, digital retailing, online F&I
AutoGravity’s mobile car shopping and financing platform has grown to included 1,000 rooftops representing more than 1,400 dealerships.
Tags: auto finance, AutoGravity, digital retailing, online F&I
March 30, 2017 - Industry News
Tom Webb will retire on June 30, ending a more than four-decade career. Cox Automotive officials said a replacement will be named in the coming weeks.
Tags: Cox Automotive, Manheim, Manheim Index, Manheim Used Vehicle Report, NADA, used-vehicle values
The 20-year company veteran previously led the Wells Fargo Insurance business. She succeeds Dawn Martin Harp, who announced her retirement on Jan. 10.
A letter written by a West Philadelphia teen about her family’s struggles to care for her sister, who suffers from multiple medical issues, prompts the F&I product provider, its agent and dealer to donate transportation and more.
Tags: Alpha Warranty Services, charity giving, vehicle service contract
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