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February 17, 2016 - Industry News

CreditMiner Parters With Ad Agency to Market Virtual Credit Consultant

CreditMiner has partnered with Moore & Scarry Advertising to market its consumer-facing application, which provides real-time prequalification with full permissible data.

Tags: Credit Check, Credit Score, CreditMiner, Moore & Scarry, Soft Pull

February 17, 2016 - Industry News

Former Santander Execs Join Exeter Finance Corp.

On the same day Santander announced the departures of President Jason Grubb and COO of Originations Brand Martin, Exeter Finance Corp. announced the appointment of the two auto finance veterans to CEO and COO, respectively.

Tags: Executive Panel, Exeter Finance Corp., Santander Consumer USA

February 16, 2016 - Industry News

Group 1's U.S. F&I Operations Stays Above $1,500 Per Copy in Q4

Group 1 Automotive's U.S. F&I operations realized a 4% increase in F&I profit per retail unit, with the group's per-copy average settling in at $1,525 in 2015's end-of-year quarter.

Tags: F&I manager, F&I Products, Group 1 Automotive, PRU, PVR

February 16, 2016 - Industry News

Charlie Robinson to Keynote F&I Think Tank at Dealer Summit

Organizers of Dealer Summit announced that Charlie Robinson, president and COO of the Resource Automotive division at The Warranty Group, will deliver the keynote address for F&I Think Tank.

Tags: Charlie Robinson, Dealer Summit, F&I managers, F&I Products, F&I Think Tank, F&I training, Resource Automotive, The Warranty Group

February 16, 2016 - Industry News

Merchants Named a 2016 Dealer of the Year by DealerRater

Dealer review site DealerRater named Merchants Auto a 2016 Dealer of the Year, a title given to less than 0.1% of the more than 41,000 dealers in the DealerRater network.

Tags: Award, Customer Reviews, DealerRater

February 16, 2016 - Industry News

F&I Express Adds AssurancePlus to F&I Product Provider Network

F&I Express has added AssurancePlus to its network of aftermarket F&I providers. The addition will allow dealers to erate, econtract and eregister all of AssurancePlus’ F&I products.

Tags: Aftermarket Products, AssurancePlus, F&I Express, F&I Products

February 11, 2016 - Industry News

Asbury: ‘Favorable Lending Environment” Spurs 9% Gain in Q4 F&I Revenue

Asbury Automotive Group reported this week that it’s F&I operations realized a $55 per-copy increase in the fourth quarter, with the group averaging $1,426 in gross profit per vehicle retailed during the end-of-year quarter.

Tags: Asbury Automotive, Fourth Quarter, PVR, Quarterly Earnings, Vehicle Sales

February 10, 2016 - Industry News

GM's Online Used-Car Purchasing Site Goes Live

The automaker Factory Pre-Owned Collection portal is now live. The site, which will open up the automaker's remarketing channel to consumers, contains more than 30,000 used cars with less than 37,000 miles on the odometer.

Tags: General Motors, Online Buying, online marketing, Used Vehicles

February 10, 2016 - Industry News

Wise F&I Products Now Available Through Dealertrack Aftermarket Network

Through the Dealertrack Aftermarket Network, F&I sales and submission processes will now be handled online. The new integration supports multiple Wise F&I products, including the firm's GAP, appearance care, vehicle service contracts and theft-deterrent programs.

Tags: Dealertrack, eContracting, GAPWise, price quotes, Wise F&I

February 10, 2016 - Industry News

J.D. Power: Perception of Manufacturer Website Speed Impacts Shopper Satsifaction

According to a new J.D. Power study, new-vehicle buyers were most satisfied with Ram’s website, closely followed by Porsche. The study's main conclusion was that satisfaction with an OEM's website can impact a customer's decision to test drive a vehicle or not.

Tags: Customer Satisfaction, J.D. Power, manufacturer Websites, Porsche, Ram

February 10, 2016 - Industry News

Carleton Announces New Suite of Lending Software

The suite includes the latest upgrades to the firm’s LoanSmart Solutions, which have been adopted by major lending software providers for more than 20 years. The offerings also meet the Consumer Financial Protection Bureau’s third-party vendor compliance recommendations and consumer privacy and security requirements.

Tags: auto lending, Carleton, Dealer Software, Software

February 9, 2016 - Industry News

New EasyCare App Allows Dealers to ‘Own’ the ODBII Port

EasyCare is getting set to launch a new mobile app that will allow dealers to own the ODBII port in their customers’ vehicles. The connection will allow dealers to tailor service offers and alerts, as well as allow customers to perform a full health scan of their vehicle on their mobile device.

Tags: EasyCare, F&I manager, F&I Products, mobile app, mobile marketing, Service Department

February 9, 2016 - Industry News

VisionMenu Celebrates Econtracting Milestone

Econtracting through VisionMenu has grown from a few thousand contracts per month to more than 20,000 in January, and the company expects similar growth throughout the year.

Tags: contracts, eContracting, e-contracting, VisionMenu Inc.

February 9, 2016 - Industry News

GWC Warranty Releases New Website Design

GWC Warranty's newly redesigned website is now live. It features simple-to-navigate content designed for dealers and customers alike. It also provides owners of GWC products with a dealer locator, and allows them to easily look up coverage, among other features.

Tags: GWC Warranty Corporation, redesign, website

February 9, 2016 - Industry News

Q4 2015 Outstanding Loan Balances Reach Highest Level on Record, Experian Reports

Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.

Tags: 30-day delinquency rate, 60-Day Delinquency Rate, auto finance, Auto Loans, banks, captive finance, Credit Unions, Experian Automotive, finance companies, Oustanding Auto Loan Balances

February 9, 2016 - Industry News

Ally Financial Increasing Carvana's Floorplan Credit Line

Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.

Tags: Ally Financial, Carvana, credit lines, Floorplan Financing

February 8, 2016 - Industry News

Fighter Pilot Bruce Bright to Keynote Dealer Summit

Organizers of Dealer Summit have announced that Lt. Col. Bruce Bright, USMC (Ret.) will deliver a motivational keynote address at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, Randy Crisorio, United Development Systems

February 4, 2016 - Industry News

AutoNation’s F&I Operations Posts $1,538 Per-Copy Average for 2015

AutoNation’s F&I operations, or what the group refers to as Customer Financial Services, lived above $1,500 in F&I gross profit per vehicle retailed (PVR) in 2015, with the business unit’s full-year revenues rising by $100.5 million from 2014.

Tags: AutoNation, F&I manager, F&I operations, F&I Products, PVR

February 4, 2016 - Industry News

KBB Releases List of Best Family Cars of 2016

Honda led the pack with five models making the list, while Chevrolet had three.

Tags: Family, KBB, New Vehicles

February 4, 2016 - Industry News

AFIP Online Training Now on LightSpeed

The Association of Finance & Insurance Professionals has partnered with LightSpeed, an interactive virtual training system provider, to host its online certification program

Tags: AFIP, F&I training, LightSpeed

February 4, 2016 - Industry News

Ally's 2015 Originations Surpass Target Despite Loss of GM

The former captive originated $41 billion in auto loans in 2015, surpassing the high $30 billion range it projected at the beginning of the year. Much of that was due to the 53% increase in non-GM/Chrysler originations.

Tags: Ally Financial, Financial Reports, Fourth Quarter, Originations, Q4

February 3, 2016 - Industry News

Toyota Ends Scion Experiment

The automaker announced on Wednesday it plans to transition the youth-geared brand back into the Toyota brand, with several model-year 2017 vehicles expected to be rebadged as Toyota beginning in August.

Tags: Jim Lentz, Scion, Toyota

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp

February 2, 2016 - Industry News

F&I Think Tank Adds Top Compliance Experts

Six of the industry’s top compliance experts will be at the Sheraton Tampa Riverwalk Hotel to lead a 20 Group-like session on compliance. Aside from fielding questions from attendees, the group will tackle some pervasive regulatory myths surrounding the F&I office.

Tags: CFPB, compliance, David Robertson, FTC, jim ganther, Karen Klees, Michael Tuno, NADA, Randy Henrick, Robert Harkins

February 2, 2016 - Industry News

Flick Fusion, Automark Solutions Announce Integration

Flick Fusion Video Marketing today announced the integration of its Timeline Marketing tool with the suite of website conversion tools developed by marketing software provider Automark Solutions.

Tags: Automark Solutions, digital marketing, Flick Fusion, Internet Leads, lead conversion, third-party sites, vehicle display page