March 10, 2016 - Industry News
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
"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
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
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'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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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.
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
© 2016 Auto Dealer Today. All Rights Reserved.