December 26, 2017 - Industry News
The November event allowed dealers to access BMW Financial Services inventory from three Manheim sites via the factory’s Performance Center in Thermal, Calif.
December 21, 2017 - Industry News
Underperforming van and car segments led to a decline in J.D. Power's used vehicle price index in November, a reversal from the index's previous three months of consecutive growth.
Tags: J.D. Power, new-vehicle sales, SAAR, Used Vehicle Price
New York Attorney General Eric Schneiderman has filed a lawsuit against Victory Mitsubishi of Larchmont and Victory Suzuki of the Bronx, charging the stores with selling an ‘unwanted and bogus’ anti-theft product.
December 20, 2017 - Industry News
Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle finance contract could subject it to a slew of restrictions and requirements under the Military Lending Act (MLA).
Tags: compliance, credit insurance, Department of Defense, F&I products, GAP, Military Lending Act, National Automobile Dealers Association, servicemembers
December 19, 2017 - Industry News
Using Paperless Deal Jacket, any form may be signed at the dealership or remotely using the customer’s smartphone. This is facilitated by VisionMenu’s patent-pending vSignature technology.
About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.
Tags: auto finance, Wells Fargo, Wells Fargo Dealer Services
December 18, 2017 - Industry News
The firm said hurricanes Harvey and Irma had a similar effect on used-vehicle values as the Clash for Clunkers program had on values in 2009.
David Vickers has earned a promotion from customer success manager to regional sales manager for New York and Pennsylvania at Auto/Mate Dealership Systems.
The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to the theft within 30 days of a victim’s written request.
Tags: auto finance, FTC, identity theft, Red Flags Rule
December 15, 2017 - Industry News
TrueCar has agreed to switch California auto dealers from a pay-per-sale to a flat-fee subscription model and double their indemnity to $50,000 to settle a lawsuit brought by the California New Car Dealers Association.
Tags: California New Car Dealers Association, compliance, digital retailing, third-party sites, TrueCar
December 14, 2017 - Industry News
RouteOne moved the industry closer to the fully online transaction by executing the first remotely captured, electronic customer signature on an indirect finance contract. The executed contract was booked with Toyota Financial Services.
Tags: auto finance, digital retailing, econtracting, online F&I, RouteOne
Through a partnership with risk-management services provider Assurant, Fair's digital flexible ownership platform now allows consumers to add insurance coverage when they sign for a pre-owned vehicle through its mobile app.
Tags: digital retailing, Fair, Scott Painter, Subscription Service
One industry analyst said the quarter-point hike will result in new-vehicle sales dropping below 17 million units in 2018, noting that the Fed Reserve’s previous three increases are responsible for fewer new leases and this year’s shift from new to used.
Tags: auto finance, auto loan, F&I office, Federal Reserve, interest rates
December 13, 2017 - Industry News
Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.
Tags: auto finance, average finance amount, deliquencies, Subprime Financing, TransUnion
Spireon has added new monitoring and workflow features to its GoldStar GPS solution for large, multi-rooftop dealers and auto finance sources.
ActivEngage announced the addition of a 700Credit-powered financial qualification feature to its dealer-focused omnichannel communications solution.
December 12, 2017 - Industry News
Add Cox Automotive to the growing list of tech vendors and dealers alleging that CDK and Reynolds and Reynolds Co. conspired to eliminate competition for data integration services and seize control over dealer and third-party data.
Tags: CDK Global, Cox Automotive, data, DMS, DMS integration, Reynolds & Reynolds
After a steady October, used-vehicle values fell slightly in November. Black Book officials said the decline was typical of the holiday season.
National Automotive Experts was honored with a Medical Mutual Pillar Award for Community Service, presented by Smart Business.
With current CFO Chris Halmy set to retire on March 1, 2018, Ally Financial today announced that Jenn LaClair is joining the company as CFO designate, with the intent that she will be appointed to succeed Ally's retiring CFO.
Tags: Ally Financial, auto finance, hires
The captive named Scott Cooks group vice president and chief risk officer and Cindy Wang group vice president of treasury.
Tags: auto finance, captive, hires, Promotions, Toyota Financial Services
December 11, 2017 - Industry News
The fourth-quarter reading of the Cox Automotive Dealer Sentiment Index shows dealers are optimistic about the next three months. Concerns about price pressure and showroom traffic persist.
Tags: Cox Automotive, Franchised Dealerships, Independent Dealerships, new-vehicle sales
December 8, 2017 - Industry News
Connectiv1 is a new end-to-end marketing platform that includes a predictive analytics engine designed to allow dealers to leverage their data and conduct multichannel campaigns that increase customer retention.
December 7, 2017 - Industry News
Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.
Tags: auto finance, Experian Automotive, prime financing, Subprime Financing
Credit Acceptance, Clover Commercial and Westlake Financial have agreed to pay more than $300,000 to settle charges of predatory lending leveled by New York’s Department of Consumer Affairs on behalf of 50 Brooklyn car buyers.
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