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October 3, 2018 - Industry News

Edmunds: Auto Loan Interest Rates Climb Back to Pre-Recession Levels

With September in the books, Edmunds reported this week that interest rates have stayed above 5% for eight months in a row and now mirror levels not seen since before the Great Recession.

Tags: APR, Auto Loan Terms, Auto Loans, Edmunds, interest rates, new-vehicle financing

October 3, 2018 - Industry News

Black Book’s Retention Index Climbs to October 2016 Level

The firm’s Used Vehicle Retention Index for September increased by 1.9% from a year ago to 116, with all vehicle segments showing increases. The compact crossovers, mid-size crossovers, compact car, full-size pickup, and mid-size car segments were the main drivers.

Tags: Black Book, depreciation, pre-owned, Used Vehicle Retention Index, used-vehicle values

October 3, 2018 - Industry News

Survey: Premium Audio Drives New-Car Selection

Premium-brand audio systems remain an important deciding factor for car buyers, according to the latest report from IHS Markit.

October 2, 2018 - Industry News

DealerSocket Reaches Major Milestone

The technology firm this week announced that more than 100 million vehicles have been sold through its software platforms since the company was founded out of the garage of co-founders Brad Perry and Jonathan Ord.

Tags: CRM, DealerFire, DealerSocket, digital, DMS, Inventory+, Precise Price, software

October 2, 2018 - Industry News

KBB: Average New-Car Transaction Price Up 2%

Honda, GM, and Ford were among the top-performing factories in September, helping to drive an average gain of 2% in new-vehicle prices compared with the same month last year.

October 1, 2018 - Industry News

Calif. Governor Vetoes Dealer Protection Bill

In an unexpected decision, California Gov. Jerry Brown vetoed a dealer protection bill unanimously passed by the California State Legislature. The sticking point was a 'complex formula' for determining dealer reimbursement on warranty and recall work.

Tags: California New Car Dealers Association, California State Legislature, Franchise Laws

October 1, 2018 - Industry News

Cox Automotive Acquires F&I Express

The unified companies will leverage a vast network of F&I product providers and new technology to innovate for dealers, agents, providers, and lenders.

Tags: Cox Automotive, Dealertrack, econtracting, erating, F&I Express, F&I products

October 1, 2018 - Industry News

Boston Volvo Celebrates Grand Opening of New Flagship Store

Bob Jacobs, head of marketing, communications, and product strategy at Volvo Car Group; Ray Ciccolo; Anders Gustafsson; Rick Bryant, executive vice president of sales operations at Volvo Cars USA

The opening marks the revival of the historic Allston building, located 61 North Beacon Street in Allston, Mass. The new store utilizes three floors of building, occupying 42,000 of the total 71,300 square feet.

October 1, 2018 - Industry News

Dealer Panels Set for Compliance Summit

The upcoming Compliance Summit will feature two panel discussions staffed by dealer counsel and personnel from around the nation.

September 27, 2018 - Industry News

Fed Reserve Approves Third Rate Hike of 2018

FOMC Chairman Powell answers reporters' questions during Wednesday's press conference.

The Federal Reserve on Wednesday raised interest rates for the third time this year and signaled it will raise the cost of borrowing again in December. Industry economists said it will not get better for consumers or the industry from here.

Tags: auto affordability, consumer confidence, Federal Reserve, interest rates, Monthly Payments, new-vehicle sales

September 27, 2018 - Industry News

RSVP for ACE Certification at Industry Summit

Attendees of the upcoming Industry Summit and P&A Leadership Summit are invited to register for Automotive Compliance Education’s onsite certification review and exam for no additional charge.

Tags: ACE, certification, compliance, Compliance Summit, Industry Summit

September 27, 2018 - Industry News

Digital Air Strike Expands Global Reach

Digital Air Strike now offers Response Path, an AI-powered intelligent messaging service, to users in 12 countries outside the U.S.

September 26, 2018 - Industry News

Spireon: Impounds a ‘Billion-Dollar Problem’ for Dealers

Spireon has released ‘Impound Storage Fees, a Billion-Dollar Problem,’ a new study billed as the first to address the steep costs rampant impounds generate for dealers, finance sources, and car buyers.

September 26, 2018 - Industry News

Cox: September Sales to Decline 7.2% From Year-Ago Levels

Despite the expected volume decline, the firm put September’s seasonally adjusted annual sales rate at a healthy 17.1 million, down from last September’s 18.1 million SAAR. The company said higher interest rates and talks of tariffs may be having some pull-ahead impact in the market.

Tags: consumer confidence, Cox Automotive, interest rates, new-vehicle sales, SAAR, Tariffs, unemployment rates

September 26, 2018 - Industry News

AGWS Earns BBB Recognition, Grows F&I and Agent Events

American Guardian Warranty Services earned its first BBB Torch Award nomination and continues to grow its training and networking programs during the company’s 20th year in business.

September 25, 2018 - Industry News

PayNearMe Launches Mobile-First Payment System

Auto dealers and auto finance sources have new options for customers wishing to pay by cash, debit, credit, or ACH with the launch of PayNearMe’s expanded system.

September 25, 2018 - Industry News

Karma to Open Dealerships in Seattle, Chicago, SoCal

Electric vehicle manufacturer Karma is set to open new dealerships in Seattle, Chicago, and Westlake Village, Calif.

September 25, 2018 - Industry News

Auctions Return to Business Following Florence

The area of Carolinas affected by Hurricane Florence is less densely populated than storms that reached Texas and Florida last year. Photo via Flickr: NASA Goddard Space Flight Center  

Manheim Wilmington is reopening this Friday. Operations were shut down last week in preparation of Hurricane Florence, which had less of an impact on the U.S. vehicle market than hurricanes Harvey and Irma in 2017.

September 25, 2018 - Industry News

Cox Automotive’s O’Neil to Retire in February

The tech firm confirmed this week reports that COO Mark O’Neil plans to retire this February. He’ll depart almost four years after Cox’s acquisition of Dealertrack, a company he led as CEO for about 14 years.

Tags: Cox Automotive, Dealertrack, digital, Mark O'Neil, online F&I, Retirement, software

September 25, 2018 - Industry News

Report: Price and Inventory Still Top Priorities for Car Buyers

A joint study by Jumpstart Automotive Media and Ipsos charts the advancement of digital and mobile strategies and finds pricing, inventory, and dealer websites remain major influencers.

September 25, 2018 - Industry News

Carfax Expands Role in Nissan, Infiniti CPO Programs

The expanded role is designed to boost customer retention at certified dealerships. Now, all Nissan and Infiniti CPO buyers get enrolled in the free myCarfax service so they can receive service and recall alerts from Carfax.

Tags: Carfax, CPO, Infiniti, Nissan, software, Vehicle History Reports

September 24, 2018 - Industry News

ACV Wins Stevie Gold

ACV Auctions won a gold award in the 2018 Stevie Awards for Great Employers.

September 24, 2018 - Industry News

DealerSocket Unveils Next-Generation Website Platform

ENGINE 6 is an upgraded website builder tool offering drag-and-drop functionality to eliminate the need for coding. It's optimized for mobile and features a multi-device preview mode. The website platform is being initially offered to independent and BHPH dealers.

Tags: DealerFire, DealerSocket, ENGINE 6, Mobile, software platform, website builder

September 24, 2018 - Industry News

FTC: Credit Freezes Are Now Free

The FTC issued a reminder that, starting today, consumers can freeze their credit and place one-year fraud alerts for free under the new Economic Growth, Regulatory Relief, and Consumer Protection Act.

September 20, 2018 - Industry News

DealShield Launches 30-Day Return Guarantee

Responding to dealer feedback, the Cox Automotive brand has added a 30-day return option to its DS360 wholesale risk management offering. The guarantee is now available at 100 auction sites, guaranteeing 1.3 million vehicles.

Tags: Auto Auctions, Cox Automotive, DealShield, Manheim, Wholesale