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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

February 2, 2016 - Industry News

Auto/Mate Announces Integration With Scan123

Scan123’s electronic document management system is now integrated with Auto/Mate’s Automotive Productivity Management Suite DMS, allowing Scan123 users to store and access documents through Auto/Mate’s DMS.

Tags: Auto/Mate, electronic document storage, F&I office, Scan123

February 2, 2016 - Industry News

J.D. Power/LMC: Snow Storm Slows But Doesn’t Stop Car Sales in January

The two firms expect January total light-vehicle sales to total 1.1 million units, while the January SAAR is expected to have reached 16.8 million units. LMC Automotive said its sales forecast for 2016 remains at 17.8 million units.

Tags: fleet sales, J.D. Power, January sales, LMC Automotive, Retail Sales, SAAR

February 2, 2016 - Industry News

Viral Marketing Company Starts 2016 With Big Expansion

Viral marketing firm Vboost opened 2016 by moving into its new offices in Santa Ana, Calif. The move follows the addition of several new features to its viral marketing program for auto dealers.

Tags: digital marketing, internet departments, Internet Leads, Paul Moran, social media marketing, Vboost

January 28, 2016 - Industry News

GM, Jim Koons and Lithia Settle FTC’s Complaints Regarding CPO Claims

The regulator said the three companies agreed to settle its charges that they failed to disclose that some certified pre-owned vehicles were subject to open and unrepaired safety recalls despite claims of rigorous inspections in advertisements.

Tags: Deceptive Advertising, Federal Trade Commission, FTC, General Motors, Jim Koons Automotive, Lithia Motors

January 28, 2016 - Industry News

Cox Automotive Enters F&I Product Business

Cox Automotive announced today it has acquired a minority interest in F&I product provider SilverRock Holdings LLC. Officials said the products will be sold through dealers affiliated with Go Financial and NextGear Capital.

Tags: Cox Automotive, GAP, GO Financial, NextGear Capital, Oreno Holdings, SilverRock Holdings, vehicle service contracts, Vehicle-Recovery Device

January 28, 2016 - Industry News

New York AG Charges Multi-Store Group With Payment Packing

Attorney General Eric Schneiderman filed suit last week against Koeppel Auto Group as part of its two-year crackdown on payment packing and the sale of credit repair and identify theft protection services.

Tags: Credit Forget It, Damien Bullard, Eric Schneiderman, IDDG, NY Attorney General, Payment Packing

January 27, 2016 - Industry News

JM&A Group Celebrates Record Year, Announces Executive Promotions

According to company officials, 2015 was the best year in the F&I product provider’s 37-year history, as it sold more than 3.4 million contracts.

January 27, 2016 - Industry News

700Credit’s Hill to Discuss FCRA at Dealer Summit

Dealer Summit organizers have announced that Kenneth Hill, managing director of 700Credit, has agreed to speak at the 2016 event, which will be held May 3–5 at the Sheraton Tampa Riverwalk Hotel.

Tags: 700Credit, compliance, Dealer Summit, Fair Credit Reporting Act, Kenneth Hill

January 26, 2016 - Industry News

Two Auto Finance Veterans Join SpringboardAuto.com’s Board of Directors

Former executives of Capital One and Ford Motor Credit Co. have joined the board of SpringboardAuto.com, a new direct-to-consumer auto loan platform launched by the former founder of CarFinance Capital.

Tags: auto finance, Capital One Auto Finance, CarFinance Capital, Ford Credit, Jim Landy, John Noone, SpringboardAuto.com, Steve Linehan

January 26, 2016 - Industry News

Goebel to Pull Triple Duty at Dealer Summit

Organizers of Dealer Summit have announced that Greg Goebel will lead three of the eight sessions dedicated to special finance at Dealer Summit, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, DealerStrong, F&I Think Tank, Greg Goebel, special finance

January 26, 2016 - Industry News

2011 F&Idol Winner Joins F&I Think Tank Roster

G.P. Anderson offers a few words after winning the 2011 F&Idol contest.

G.P. Anderson will be one of the featured presenters at F&I Think Tank, a one-day event that will precede Dealer Summit 2016 on Tuesday, May 3, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I Products, F&I Think Tank, F&I Training, F&Idol, Gregory Paul Anderson, Thielen Motors

January 26, 2016 - Industry News

Recall Masters Adds New Features to Recall Service

The new features are designed to ensure dealers better identify and communicate with existing and prospective customers who own vehicles with open recalls.

January 22, 2016 - Industry News

F&I Trainer Gould Added to Dealer Summit Roster

Organizers of Dealer Summit announced that Gerry Gould, director of training for United Development Systems Inc. (UDS), will lead a session dedicated to F&I product sales at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I Think Tank, F&I Training, Gerry Gould, UDS, United Development Systems

January 21, 2016 - Industry News

Dealertrack Releases 2016 Dealertrack Compliance Guide

The new edition contains new federal laws that have gone into effect this year. It also contains instructions on how dealers can implement a compliance management system, among other features.

Tags: CFPB, compliance, compliance guide, Dealertrack, FTC

January 21, 2016 - Industry News

House Republicans Ask Attorney General to Halt Ally Settlement Payouts

Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.

Tags: CFPB, Consumer Financial Protection Bureau, Disparate Impact, Settlement

January 21, 2016 - Industry News

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Deceptive Practices, fine, pay-here

January 20, 2016 - Industry News

UDS's Romani Joins Dealer Summit Roster

Organizers of Dealer Summit announced that United Development Systems Inc. (UDS)’s Fernando Romani has agreed to speak at the event, which is scheduled for May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I Think Tank, F&I trainer, Fernando Romani

January 20, 2016 - Industry News

Former Penske Finance Director Named CNA’s VP of National Accounts

Saundra Stewart assumed her new role on Jan. 4. The former finance director for Penske Automotive most recently served as executive vice president of sales for Topline Strategies.

Tags: CNA National, F&I Products, Penske Automotive Group, Saundra Stewart

January 20, 2016 - Industry News

Edmunds Releases New Lead Generation Tool

According to the firm's internal traffic data, about 500,000 consumers use its site every month to appraise their vehicles, Edmunds' new MyAppraise taps into this pool of active users to generate potential leads for partnered dealerships.

Tags: Edmunds MyAppraise, Edmunds.com, Lead Generation, online marketplace, Used-Car Sales