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March 10, 2016 - Industry News

House Committee, CFPB Director to Face Off Next Week

Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.

Tags: auto finance, CFPB, dealer markups, Disparate Impact, Jeb Hensarling, pricing discrimination, Richard Cordray, Toyota Motor Credit Corp

March 10, 2016 - Industry News

'U.S. News & World Report' Issues 'Best Cars for Families' List

"U.S. News & World Report" released this week its 2016 list of 'Best Cars for Families.' The organization evaluated safety and reliability ratings, reviews, high-tech features, and cargo space of 256 vehicles and named winners in 21 different categories.

Tags: Best of, Family, MY-2016, U.S. News

March 10, 2016 - Industry News

FICO Survey: Millennials Prefer to Avoid the F&I Office

Results of a survey conducted by FICO revealed that Millennials still seek the freedom and the convenience of owning their own car. They just don't want to finance their next purchase through a dealership.

Tags: FICO, Financing, Millennials, Survey, Vehicle Ownership

March 9, 2016 - Industry News

Budding Dealer Group Snags Two Ohio-Based MB Stores

A purchasing group led by David L. Peterson, owner of Tafel Motors, has acquired Mercedes-Benz of Cincinnati and Mercedes-Benz of West Chester. Although the terms of purchase have not been announced, the new management team began full operation of both locations on Monday.

Tags: Dealership, Mercedes-Benz, New Management

March 8, 2016 - Industry News

SouthwestRe Introduces Powertrain Wrap Program

SouthwestRe's new Automotive Powertrain Wrap is a vehicle service contract designed to be sold together with the F&I product provider's First Automotive Lifetime Powertrain Limited Warranty program.

Tags: Powertrain Coverage, Service Contracts, SouthwestRe

March 8, 2016 - Industry News

EFG Honored in Three Categories at 10th Annual Stevie Awards

For the second year in a row, EFG took home awards in three categories during the 10th annual Stevie Awards for Sales and Customer Service. The awards were handed out during a March 4 gala at the Paris Las Vegas.

Tags: Customer Service, EFG Companies, Sales, Stevie Award

March 8, 2016 - Industry News

U.S. Judge Allows Woman's Discrimination Claims Against Santander to Proceed

A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.

Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court

March 8, 2016 - Industry News

Black Book: Mid-Size Cars See No Depreciation in February

The vehicle information firm reported that all segments reviewed showed less than 2.7% depreciation except for full-size pickups.

Tags: Black Book, vehicle depreciation

March 8, 2016 - Industry News

Portfolio Names New Chief Compliance Officer

Portfolio has named Casey Van Schoyck as its new chief compliance officer. In her new position, she will lead the company’s efforts to keep its processes and products compliant with state and federal regulations.

Tags: Chief Compliance Officer, Portfolio, Promotion

March 8, 2016 - Industry News

DealersLink Completing Implementation of Retail Tools Into Several Dealer Groups

DealersLink officials say the company's line of automotive solutions can help small and mid-sized automotive groups cut vendor costs by streamlining their dealership tools into one integrated system.

Tags: Dealership, Dealership Solutions, DealersLink

March 3, 2016 - Industry News

Experian: More Consumers Turning to Leasing, Used Vehicles

With new-vehicle loan amounts and monthly payments rising to record highs during the fourth quarter, leasing’s share of the market grew to record levels. Data from Experian Automotive also showed that more consumers turned to the used-vehicle market in the end-of-year period.

Tags: Experian Automotive, Melinda Zabritski, Monthly Payments, New-Vehicle Financing, new-vehicle leasing

March 2, 2016 - Industry News

Tesla-Friendly Bill Resurrected in Connecticut

Introduced last month, Senate Bill 3 would permit electric vehicle makers to sell vehicles directly to consumers at up to three locations. The state dealers association, General Motors and the Alliance of Auto Manufacturers have taken a stand against the measure.

Tags: CARA, Franchised Dealerships, General Motors, Senate Bill, Tesla

March 2, 2016 - Industry News

Tom Hudson Joins Dealer Summit Roster

Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.

Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, subprime financing, Tom Hudson

March 2, 2016 - Industry News

ProMax’s Palmer to Share Loan-Approval Tips at Dealer Summit

John Palmer, CEO of ProMax Unlimited, will present “Secrets to Getting More Lender Approvals” at Dealer Summit, organizers announced on Wednesday.

Tags: auto financing, John Palmer, ProMax Online, ProMax Unlimited, special finance, Subprime

March 2, 2016 - Industry News

NCM Associates’ Kerr to Break Down BHPH at Dealer Summit

Organizers of Dealer Summit have announced that NCM Associates’ Dustin Kerr will present a session dedicated to buy-here, pay-here (BHPH) operations at the event, which will take place May 3-5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: bhph dealers, buy-here, Compliance, Dealer Summit, Dustin Kerr, NCM Associates, pay-here

March 1, 2016 - Industry News

Americans Concerned About Interest Rate Hikes, Mark Volatility, Survey Shows

Thanks to a rocky start in global financial markets and uncertainty regarding future interest rate hikes, Americans believe there is a 36% chance the U.S. economy will slip into a recession this year, a new survey shows.

Tags: car buying, Consumer Confidence Index, interest rates

March 1, 2016 - Industry News

Pickup Rate Not Keeping Up With Rise in Inbound Calls, Survey Shows

Eighty-nine percent of dealers surveyed agreed that having a comprehensive process for handling inbound calls was important; however, only 40% were confident they were managing incoming calls effectively, according to a survey conducted by CallSource

Tags: CallSource, Dealerships, Marketing

March 1, 2016 - Industry News

Average New-Vehicle Transaction Price Reaches $33,781, KBB Reports

The average transaction price for a new car rose 2.2% to $33,781 in February, Kelley Blue Book reported today. The vehicle information site also noted that incentive spending is nearing pre-recession levels, as vehicle OEMs look to offset rising prices.

Tags: February, Kelley Blue Book, Vehicle Transaction Price

March 1, 2016 - Industry News

Garth Cappy Joins CreditMiner

The former director of dealer enterprise relationships for Equifax joins the firm as vice president of credit service for the North American market, a role in which he'll oversee CreditMiner's automotive vertical.

Tags: CreditMiner, Equifax, Experian, Hiring, TransUnion

March 1, 2016 - Industry News

Margin Compression Has Sonic Leaning on F&I, Fixed Ops

Record-high used-car sales, strong gross profit growth in fixed ops, and a healthy F&I department helped Sonic Automotive offset new-vehicle pricing pressure in the fourth quarter 2015.

February 25, 2016 - Industry News

Nissan Shuts Down Hackable Leaf EV App, Computerworld Reports

The media outlet reported today that Nissan has disabled its NissanConnect EV app after an Australian researcher discovered a flaw that could allow hackers to remotely access a Leaf's temperature controls and driving records.

February 25, 2016 - Industry News

APCO Acquires Automotive Development Group

The acquisition brings together two firms that have been connected since 1992, with ADG serving as APCO’s largest independent agency for seven of those years, including the last two.

Tags: APCO, Automobile Development Group, EasyCare, F&I product provier, F&I Products, general agents

February 25, 2016 - Industry News

2015 a Record Year for Used-Vehicle Market, Edmunds Reports

Automotive dealers sold 38.3 million used vehicles in 2015, the highest single-year total since 2007. And they did so despite the price of an average used car rising 4.6% to $18,600.

Tags: Certified Pre-Owned, Edmunds.com, Used Vehicles

February 24, 2016 - Industry News

Problems With In-Vehicle Tech Rising, J.D. Power Reports

The firm's annual U.S. Vehicle Dependability Study shows that issues with infotainment, navigation and in-vehicle communication systems have led to a drop in consumer perception of vehicle dependability.

February 24, 2016 - Industry News

Consumers on Pace to Spend More Than $32 Billion on New Vehicles in February

J.D. Power and LMC Automotive said this week that consumers are on pace to spend more than $32 billion on new vehicles this month, a first for the month of February. The two firms noted, however, that their projected 13.9 million retail SAAR is the lowest level since June and well below the 15.3 million pace set last September.

Tags: Consumer Spending, Forecast, J.D. Power and Associates, LMC Automotive, New-Vehicle Sales