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September 28, 2016 - Industry News

Black Book: Car Depreciation Shows Signs of Slowing

The car segment retained its value well last week, with the wholesale value of 2008-2014 model-year cars decreasing by 0.68% last week. This was in line with the 0.67% decline the segment has experienced over the last six weeks, according to Black Book’s Market Insights report.

Tags: Black Book, Depreciation, Wholesale, Wholesale Values

September 28, 2016 - Industry News

Manheim Now Offering Enhanced Vehicle Imaging at 74 Auctions

Manheim has nearly tripled the number of auctions offering enhanced vehicle imaging (EVI), expanding from 25 to 74 locations throughout North America, the company said this week

Tags: Auto Auctions, Inventory Photos, Manheim, marketing, Online Marketplace

September 27, 2016 - Industry News

Kontos: Average Wholesale Price in August Up 4.6% YOY

ADESA's chief economist reported this week that the continued strength of the truck segment drove a year-over-year increase in wholesale prices, while weak car sales contributed to a month-over-month price decline.

Tags: ADESA, remarketing, Tom Kontos, Used Vehicles, Wholesale Pricing

September 27, 2016 - Industry News

LMC/J.D. Power: September Sales Expected to Fall Despite Record Incentives

For the fifth time in seven months, J.D. Power and LMC Automotive are predicting a year-over-year decline in new-vehicle retail sales for September. But officials with both firms said the numbers don't point to significant weakness or risk, but the firm does see challenges ahead.

Tags: Forecast, J.D. Power, LMC Automotive, new-vehicle sales, SAAR

September 27, 2016 - Industry News

Dataium Founder to Lead LotLinx's New Media Subsidiary

LotLinx Media Holdings, a new subsidiary of LotLinx, has named Eric Brown president, the company announced this week. The behavior data expert will focus on building up LotLinx's media properties and growing the business.

Tags: hiring, LotLinx, President

September 27, 2016 - Industry News

Helion Offers Tips to Improve Phone Conversions

Thirty-one percent of incoming sales calls and 20% of incoming service calls never reach an agent, according to the call monitoring solution CallRevu. Helion Automotive Technologies' Erik Nachbahr says this statistic can be attributed to a dealership's poorly designed call flow.

Tags: Call Flow, Dealership, Phone Customers, Revenue

September 27, 2016 - Industry News

CareGard Appoints New President

CareGard has appointed Guy Koenig as its new president, the company announced on Monday. Koenig succeeds Wright Brewer, who is staying on as CEO and chairman and will continue to play a key role in the company’s growth.

Tags: CareGard, hiring, President

September 27, 2016 - Industry News

ADESA Names Director of Dealer Relations

In his new role, Trent Strauss will lead the local auction dealer relations teams throughout the United States. He will also oversee deployment of the company’s national sales and dealer relations strategy.

Tags: ADESA, Dealer Relations, Promotion

September 22, 2016 - Industry News

Fed Leaves Rates Unchanged

While the industry welcomed the Fed’s 7-3 decision not to raise interest rates a quarter point, market watchers say even a full percentage-point increase wouldn’t impact the current pace of auto sales. The Fed is still expected to raise rates a quarter point by the end of the year.

Tags: Auto Finance, F&I manager, Federal Reserve, interest rates

September 22, 2016 - Industry News

Reynolds Now Offers 30 State-Specific F&I Documents Libraries

Reynolds Document Services has developed 30 state-specific Reynolds LAW brand F&I documents libraries, surpassing the midway point to its goal of creating document libraries for all 50 states.

Tags: Digital F&I, F&I Forms, F&I products, Reynolds & Reynolds

September 22, 2016 - Industry News

CFPB Sues Five Arizona Auto-Title Lenders

The bureau charged the title lenders with violating the Truth in Lending Act for failing to disclose annual percentage rates in online loan advertisements. It is seeking civil monetary penalties and administrative orders requiring the companies to correct their practices.

Tags: Auto Finance, Auto Title Loans, CFPB, compliance

September 22, 2016 - Industry News

Former Senior Manager for VW Joins Dent Wizard's KhS Business Unit

Dent Wizard International announced it has appointed Scott Goodwin as vice president of OEM services for the firm's Know How Systems (KhS) business unit. The 23-year veteran of vehicle logistics previously served as a senior manager for Volkswagen Group of America.

Tags: Dent Wizard, hiring, Vice President

September 22, 2016 - Industry News

OptionSoft, CDK Lightspeed Announces Data Integration

The integration allows powersports, marine and RV dealers using OptionSoft's desking, CRM and F&I menu tools to pull sales, F&I, inventory, and customer data from the CDK Lightspeed DMS.

Tags: CDK Lightspeed, CRM, Desking, F&I menu, OptionSoft Technologies, Powersports

September 22, 2016 - Industry News

GSFS Group Launches F&I Performance Reporting Tool

The F&I product provider's Dealer Executive Dashboard provides dealers and agents with access to extensive claims analytics, customer retention data, performance reports, dealer comparisons, and participation structure information.

Tags: Agents, Dealers, F&I director, F&I performance, F&I reporting, GSFSGroup

September 20, 2016 - Industry News

Vroom Raises $50 Million in Latest Funding Round

Vroom announced the completion of a $50 million Series E funding round with new investors Altimeter Capital and Foxhaven Asset Management. The new financing brings Vroom’s total funding to $218 million since its founding in 2013.

Tags: digital retailing solutions, Online Buying, Vroom

September 20, 2016 - Industry News

Black Book: Used Leasing a Viable Strategy for Moving Glut of Off-Lease Vehicles

Black Book issued a white paper that suggests used leasing could be the answer to the glut of off-lease vehicles expected to return to market this year. While directed at finance sources, the white paper offers a four-step process dealers can use to identify the right vehicles for used leasing.

Tags: Black Book, Experian, leasing, Used Leasing

September 20, 2016 - Industry News

S&P/Experian: Increase in Default Rates ‘Gives Little Reason for Concern’

The bank card default rate showed the only decrease in August, falling six basis points from July to 2.86%. Auto loan defaults rose eight basis points to 1.01%, but an official with the S&P Dow Jones Indices said the ‘overall credit picture gives little reason to be concerned about default rates.’

September 20, 2016 - Industry News

NAE Hires National Sales Manager

F&I product provider National Automotive Experts/NWAN named Ryan Nelson as its new national sales manager. He has been in the business since 1995 and most recently served as executive vice president for Spencer Re.

Tags: hiring, National Automotive Experts, NWAN

September 20, 2016 - Industry News

Auto/Mate Now Offering Prescreens Through 700Credit

Auto/Mate Dealership Systems announced this week it has fully integrated its dealership management system with 700Credit's QuickScreen, a prescreen tool that now allows dealers to instantly access a customer’s credit profile directly from Auto/Mate's CRM.

Tags: 700Credit, Auto/Mate Dealership Systems, Dealership Systems, Prescreen, Soft Pull

September 20, 2016 - Industry News

Autologic Diagnostics Names New National Sales Manager

Autologic Diagnostics announced this week it has named Allan Heller to the post. The nearly 20-year sales veteran will oversee the company's national sales efforts and manage the company’s growing team of direct sales professionals based throughout the United States.

Tags: Aftermarket Products, Autologic Assist, Cloud Service, hiring

September 20, 2016 - Industry News

Auto/Mate DMS Adds myCarFax Service Shop Integration

Auto/Mate Dealership Systems has integrated its dealership management system with Carfax's myCarfax Service Shop, allowing subscribers of its software systems to easily access a program that aims to help service technicians make the best service recommendations for their customers, avoid parts-ordering errors, and, ultimately, increase revenue.

Tags: Auto/Mate, Dealer Services, DMS, myCarfax

September 19, 2016 - Industry News

F&I and Showroom Launches F&I Digital Media Awards

F&I and Showroom announced the launch of the F&I Digital Media Awards, a new program designed to honor companies and individuals who are driving innovation and progress in the digital F&I space.

Tags: Awards, F&I Digital Media Awards, F&I Express, Industry Summit

September 15, 2016 - Industry News

Preferred Warranties Adds to Executive Team

Preferred Warranties Inc. (PWI), a business unit of KAR Auction Services Inc., today announced the appointment of Ryan Warzynski as vice president of sales and marketing.

Tags: hiring, Kar Auction Services, Preferred Warranties, Vice President

September 15, 2016 - Industry News

U.S. House Committee Passes Bill Aimed at Replacing Dodd-Frank

Last week, the U.S. House Financial Services Committee passed the Financial CHOICE Act, which supporters describe as an alternative to the Dodd-Frank Act. It contains language aimed at repealing the CFPB’s guidance on dealer participation, among other things.

Tags: Consumer FInancial Protection Bureau, Dodd-Frank Act, House Bill, House Financial Services Committee

September 15, 2016 - Industry News

FTC Seeking Clearance to Study Car-Buying Experience at Dealerships

The Federal Trade Commission issued a second Federal Register Notice (FRN) on a proposed qualitative survey that would examine the experience of buying and financing a car at a dealership.

Tags: Dealership Experience, FTC, NADA, Survey