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October 18, 2016 - Industry News

Firm Urges Dealers to Remain Vigilant in Wake of CFPB Ruling

Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.

Tags: CFPB, compliance, Consumer FInancial Protection Bureau, customer disclosures, dealer markups, dealer participation, F&I products

October 18, 2016 - Industry News

Guidepoint Systems Releases Loaner-Vehicle Management Platform

The developer of GPS-based vehicle tracking and safety solutions said its new platform is designed to reduce costs associated with loaner vehicles at dealerships.

Tags: GPS, GuidePoint Systems, Loaner Vehicle, Monitoring Software, Software

October 13, 2016 - Industry News

Kontos: Wholesale Values Flat in September

Particularly hard hit in September were mid-size cars, while the luxury car segment experienced a nice bounce in its average wholesale price, according to ADESA Chief Economist Tom Kontos. Mini-vans also experienced solid price growth during the month.

Tags: certified pre-owned vehicles, used-vehicle values, Wholesale Values

October 13, 2016 - Industry News

TradeRev Names New Directors for Southeast, South Central Regions

TradeRev, which provides a live vehicle-appraisal and auctioning app, announced the appointment of new regional directors. Taking over the South Central region is Tory Swedlund, while Will Farmer was named director of the Southeast region.

Tags: hiring, Mobile Applications, TradeRev, Vehicle Appraisal

October 13, 2016 - Industry News

Chicago's Mark Scarpelli Elected NADA Chairman

Aside from electing Mark Scarpelli chairman, the National Automobile Dealers Association’s 63-member board of directors selected Michigan's Wes Lutz as the trade group's 2017 vice chairman.

Tags: Chairman, NADA, NADA Convention and Expo

October 13, 2016 - Industry News

Black Book: Truck Retention Rates Fall Again

Wholesale values continued to fall last week, although cars fared better than trucks, according to Black Book. The firm reported that the wholesale value for the overall car segment decreased by 0.57% from the week prior, while the truck segment declined 0.58%.

Tags: Black Book, depreciation, Market Insights, Trucks

October 12, 2016 - Industry News

Carvana Expands to Cincinnati Market

Fueled by more than $460 million in additional funding, online pre-owned retailer Carvana is expanding into Cincinnati, the company announced today.

Tags: Car Sales, Carvana, Online Buying, Online Retail

October 12, 2016 - Industry News

SNAAC Celebrates 30 Years in Business

The retail sales finance company, Security National Automotive Acceptance Company, LLC (SNAAC), will be celebrating 30 years in business later this month, according to a company announcement.

Tags: Finance, Retail Sales, SNAAC

October 11, 2016 - Industry News

Federal Appeals Court Rules CFPB Structure Unconstitutional

On Tuesday, a federal appeals court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional. The appellant court’s main issue is the bureau’s single-director structure.

Tags: compliance, Consumer FInancial Protection Bureau

October 11, 2016 - Industry News

Dealertrack: Millennial Stereotypes Aren't Entirely True

The perception that millennials are content with a carless, ride-hailing life may not be true after all, at least according to new data from Dealertrack.

Tags: Cox Automotive, Dealertrack, leasing, Millennial, Stretching Loan Terms

October 11, 2016 - Industry News

DRIVIN Launches Marketplace Platform

DRIVIN announced the launch of DRIVIN Marketplace, where dealers can list and remarket unwanted inventory to their established network of dealers. The service will then match and recommend the listed inventory to more than 1,000 open vehicle searches from dealers across the country, according to the company.

Tags: Dealer Software, DRIVIN, Software, Used Vehicle

October 11, 2016 - Industry News

Manheim Vehicle Solutions Gets New Senior VP

Cox Automotive named Joe George senior vice president of Manheim Vehicle Solutions. He will responsible for strategy to execution, driving the wholesale and retail solutions long-term plan related to reconditioning, imaging purchase protection and inspections.

Tags: Cox Automotive, Manheim, Promotion, Vice President

October 11, 2016 - Industry News

New York Increases Surety Bond Amount for the State's Used-Vehicle Dealers

Under the new law, used-car dealers who sold fewer than 50 cars in the previous calendar year will be required to purchase a $20,000 surety bond. Dealers who sold more than 50 cars will be required to purchase a $100,000 bond. Additionally, new dealer license applicants will need to post the $20,000 surety bond.

Tags: Assembly Bill, Law, New York, Surety Bond

October 6, 2016 - Industry News

NADA: Supply, Incentives Driving Down Retention Rates

Nearly across the board, the retention rates of model-year 2013 vehicles were down this year compared to the same time last year, according to the most recent NADA Used Car Guide Perspective report.

Tags: NADA, NADA Used Car Guide, Reports, Vehicle Retention

October 6, 2016 - Industry News

Reynolds Acquires Wolters Kluwer's Indirect Loan Origination Solutions

Reynolds and Reynolds has completed its acquisition of Wolters Kluwer’s indirect loan origination solutions for around $36 million in cash. As part of the acquisition, Reynolds gets Wolters Kluwer’s AppOne software, risk mitigation services and bankers systems.

Tags: Dealer Software, Indirect Lending, Reynolds & Reynolds, Software, Wolters Kluwer

October 6, 2016 - Industry News

Asbury Opens Nissan Location in Atlanta

Image courtesy of Nissan.

The public dealer group staged a grand opening for its new Nalley Nissan of Atlanta location on Sept. 29. It's the first U.S. dealership to feature the OEM's new Nissan Retail Environment Design Initiative, or NREDI 2.0.

Tags: Asbury Automotive, Dealership, Nissan

October 6, 2016 - Industry News

MAXDigital Adds to Executive Team

Software provider MAXDigital has promoted Patrick McCmullen to senior vice president of Strategy and Innovation, and hired Rebecca Oistad as the company’s vice president of marketing.

Tags: hiring, MAXDigital, Promotion, Senior Vice President, Vice President

October 5, 2016 - Industry News

GM, Costco Team Up on Holiday Sales Event

Last year, the three-month promotion resulted in 58,000 vehicle sold, a 34% increase from the year prior. According to Costco officials, more than half of the people who purchased vehicles during the 2015 event said they switched to a General Motors brand because of the promotion.

Tags: Costco Auto Program, General Motors, lead generation

October 5, 2016 - Industry News

Former AutoNation Direct Head Joins CU Direct

Ron Frey, former chief strategy officer and president of AutoNation Direct, has joined CU Direct as chief strategy officer of its automotive solutions. He will oversee the planning and direction of automotive solutions for the credit union technology provider.

Tags: AutoNation, Chief Strategy Officer, CU Direct, CUDL, hiring, TrueCar

October 5, 2016 - Industry News

Mercedes-Benz Captive Now Available on AutoGravity's Auto Financing App

AutoGravity, a new car-shopping app that allows car shoppers to arrange their financing, has added Mercedes-Benz Financial Services. The partnership gives AutoGravity users access to the captive's loan and lease offers.

Tags: AutoGravity, Mercedes-Benz Financial Services, Mobile Applications, technology

October 4, 2016 - Industry News

Black Book: Truck Segment Showing Higher Depreciation

Last week, cars showed better retention that they did the previous four weeks, while trucks depreciated more than they have during that same timeframe, Black Book reported today.

Tags: Black Book, Value Retention, vehicle depreciation

October 4, 2016 - Industry News

ADESA Announces Management Changes at Three Florida Auctions

Jeff York, the previous general manager of ADESA Sarasota, will now lead ADESA Orlando as general manager. Curt Farris, the previous general manager of ADESA Tampa, will now hold the same title at ADESA Sarasota, and Lisa O’Neil, who was previously the assistant general manager at ADESA Atlanta, will now serve as general manager at ADESA Tampa.

Tags: ADESA, Auto Auctions, General Manager, Promotions

October 4, 2016 - Industry News

Chase Teams With TrueCar on New Vehicle-Shopping Portal

Chase Auto Direct, which is being powered by TrueCar, will allow current Chase customers to shop for a new vehicle and secure financing on a desktop computer or smartphone. The portal will then connect shoppers to a dealership in the Chase dealer network.

Tags: Chase, Finance Sources, Online Buying, TrueCar

October 3, 2016 - Industry News

Sansone Named President of Matrix Warranty's Automotive Division

Industry veteran Dominic Sansone was named president of Matrix Warranty Solution's automotive division. He will be responsible for developing new distribution channels, expanding relationships with customers, increasing sales, creating innovative new warranty/service contract programs, and structuring the automotive division for future growth.

Tags: hiring, Matrix Warranty Solutions, President, Service Contracts

October 3, 2016 - Industry News

KBB: Transaction Prices Rise Nearly 3% YOY in September

U.S. consumers paid, on average, $34,372 for a new light vehicle in September, up 2.5% from a year ago but down 0.2% from August, KBB reported this week.

Tags: 2016, Average Transaction Price, KBB, September