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December 29, 2015 - Industry News

AFIP Issues Guidance on Reg. Z and M Dollar Thresholds for 2016

The FRB and CFPB announced on Nov. 25 that 2016 dollar thresholds for Reg. Z and M exemptions will remain unchanged from 2015. The AFIP says the accepted practice for processing transactions above the threshold will also remain unchanged.

Tags: AFIP, Association of Finance and Insurance Professionals, CFPB, Consumer leasing Act, Federal Reserve, Regulation M, Regulation Z, Truth in Lending Act

December 23, 2015 - Industry News

Vboost Adds New Features to Marketing Platform

Vboost users will now have access to new music to use in their "customericals," instant photo/video consent from customers and the ability to text "customericals" directly to customers' phones.

Tags: digital marketing, Marketing, Vboost Inc.

December 23, 2015 - Industry News

GE Selling Hyundai Capital Shares to Hyundai, Kia

GE announced today that it has signed an agreement to sell its 23.3% stake in Hyundai Capital Services to Hyundai Motor Co. and Kia Motors. The announcement comes less than a month after it unloaded its transportation business unit to BMO Financial Group.

Tags: BMO Harris Bank, GE Capital Services, Hyundai, Kia Motors America

December 23, 2015 - Industry News

Manheim Wins Multiple Element Remarketing Awards

Manheim Kansas City took home top honors in Element Fleet Management’s remarketing program. Manheim Pennsylvania Assistant General Manager Amy Taitano also received the Laurie Dobberphul Award — the annual award presented to a top-ranking female in the remarketing industry.

Tags: Awards, Element Fleet Management, Manheim, Remarketing

December 22, 2015 - Industry News

Autobytel Honors Dealership Internet Teams

The online automotive services provider named Taylor Chrysler Dodge Jeep, Stillwell Ford and Ed Morse Automotive Group as its Dealers of the Month for the third quarter.

Tags: Autobytel, Ed Morse Automotive Group, Stillwell Ford, Taylor Chrysler Dodge Jeep

December 22, 2015 - Industry News

Edmunds Puts 2015 SAAR at 17.5 Million

Edmunds said this week the industry is on pace to break the previous December sales record set in 2004. It predicts the industry will retail 1.7 million units in December, a 29.7% increase from November and a 12.3% increase from a year ago.

Tags: December, Edmunds, New-Car Sales, SAAR

December 22, 2015 - Industry News

Provision in New Tax Bill May Benefit Dealers

A provision in the act will grant dealers an additional $8,000 in first year-depreciation for certain business vehicles purchased in 2015. However, to use the provision in 2015, dealers must purchase qualifying vehicles before Dec. 31, 2015. The additional $8,000 continues into 2016 and 2017 but will be gradually phased out starting in 2018, according to the NADA.

Tags: ATD, Congress, legislation, NADA

December 17, 2015 - Industry News

Chrysler Dealers to Get Econtracting

RouteOne and Chrysler Capital/Santander Consumer USA announced today that they will begin rolling out econtracting to Chrysler dealers toward the end of the first quarter 2016.

December 16, 2015 - Industry News

Industry Analysts Discuss Rate Hike's Impact on Vehicle Sales

Photo courtesy of Federal Reserve Flickr. 

The Federal Reserve voted unanimously today to increase its target funds rate by a modest quarter point. One market research firm believes that could cut into sales by 150,000 units.

Tags: Cox Automotive, Federal Reserve, interest rates, JD Power, Kelley Blue Book, New-Vehicle Sales, Vehicle Sales

December 16, 2015 - Industry News

EFG Companies Announces Winner of F&I Innovator of the Year Contest

The winning team's mobile app, dubbed Watchdog, provides consumers with a convenient way to stay current with their vehicle maintenance, prevent theft and recover their vehicle.

Tags: Awards, EFG Companies, F&I Products, Northwood University

December 16, 2015 - Industry News

(UPDATED) Vroom to Acquire Texas Direct Auto

The online startup looking to reinvent how cars are bought and sold has agreed to purchase the pioneer of selling vehicles online. According to officials, the two brands will co-exist and continue to operate online separately.

Tags: Online Buying, online shoppers, pre-owned customers, Texas Direct Auto, Used-Vehicle Sales, Vroom

December 15, 2015 - Industry News

New-Vehicle Registrations Return to Prerecession Levels

Based on new-vehicle registration data collected by Experian Automotive, industry sales have returned to prerecession levels. Crossover utility vehicles and the state of California have led the way, accounting for 23.9% and 11.8% of all new-vehicle registrations, respectively.

Tags: Cheverolet, Crossover Utility Vehicles, Experian Automotive, Ford, Honda, New-Vehicle Registrations, New-Vehicle Sales, Nissan, Toyota

December 15, 2015 - Industry News

TransUnion: Average Auto Balances to Rise in 2016, Delinquencies to Remain Flat

TransUnion expects the average auto loan debt per borrower to increase to $18,509 by the end of 2016, a more than $3,500 increase since the Great Recession. The firm noted, however, that subprime auto loans still make up less than the 23.7% share recorded in the third quarter 2009.

Tags: Auto Loan Delinquency Rate, auto loan volume, Delinquencies, TransUnion

December 10, 2015 - Industry News

S.C. GAP Law Takes Effect

The new law mirrors the model act developed by the Guaranteed Asset Protection Alliance and clarifies how the product may be offered in the state. But the law contains restrictions on when the protection can be sold.

Tags: GAPA, guaranteed asset protection, Guaranteed Asset Protection Alliance, South Carolina

December 10, 2015 - Industry News

Dealer.com Joins Bing Ads Elite Partner Program and Yahoo Gemini

Dealer.com has joined the New Bing Ads Elite SMB Partner program and expanded its relationship with the Yahoo Preferred Partner Program.

Tags: Bing, Cox Automotive, Dealer.com, Yahoo

December 9, 2015 - Industry News

KAR CFO Named CFO of the Year Award

KAR Auction Services' Eric Loughmiller was named the Indianapolis Business Journal’s 2015 CFO of the Year award in the public companies category, the firm announced this week

Tags: Awards, Eric Loughmiller, executive vice president, KAR Auction Services

December 8, 2015 - Industry News

Industry Posts 18.19 Million SAAR in November, Autodata Reports

The industry sold 1.32 million units in November, a 1.3% increase from a year ago. Year to date, 15.8 million cars and trucks have been sold, according to Autodata Corp.

Tags: Autodata Corp, monthly sales, New Vehicles, Retail Sales, SAAR

December 8, 2015 - Industry News

DriveItNow Integrates With GoMoto’s Customer Experience Platform

DriveItNow will integrate its online prequalified monthly payment technology into GoMoto’s mobile kiosk technology. Dealers using the GoMoto platform will be able to deliver personalized monthly finance and lease payment offers to in-store shoppers.

December 8, 2015 - Industry News

Canada's Desjardins Group Now Available on RouteOne Platform

RouteOne Canada has announced that Desjardins Group has joined its auto financing portal. Dealers accredited with the cooperative financial group can access credit services, and process credit applications and finance contracts through RouteOne’s platform.

Tags: Credit, Credit Applications, Desjardins Group, RouteOne

December 8, 2015 - Industry News

Manheim to Launch New Market Structure in 2016

Manheim revealed on Monday plans to segment its physical operating locations into two divisions: Local & Mobile and National. The firm also revealed the two vice presidents who will oversee the two divisions when the company’s new structure goes into effect on Jan. 1, 2016.

Tags: Manheim, Remarketing, Vice President

December 8, 2015 - Industry News

Santander Names Ismail Dawood CFO

Dawood will officially become the finance source's new CFO on Dec. 16. Santander’s interim CFO, Jennifer Davis, will serve as deputy CFO.

Tags: auto finance, Ismail Dawood, Santander Consumer USA

December 3, 2015 - Industry News

BMO Completes Acquisition of GE's Transportation Finance Business

Photo courtesy of BMO Harris Bank.

The acquisition comes more than two months after BMO Harris Bank informed dealers it was exiting 12 states to refocus its indirect auto business.

Tags: BMO Harris Bank, Consumer Financial Protection Bureau, General Electric, lenders

December 3, 2015 - Industry News

Huntington Bank Adds Auto Finance Veteran

The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.

Tags: auto finance, Huntington Auto Finance, Huntington Bank, Indirect Lending, Rich Porrello, Tom Wirth

December 2, 2015 - Industry News

Experian: Leasing Maintains Record Pace in Q3

Consumers continued to lease vehicles at a record pace in the third quarter, while captives claimed their largest share of new-vehicle financing since the Great Recession.

December 2, 2015 - Industry News

Volkswagen Suffers 24.7% Drop in Unit Sales

The effects of Volkswagen’s diesel engine scandal are beginning to sink in, with the automaker reporting a 24.72% drop in November sales.

Tags: Autotrader, Diesel Powered, Kelley Blue Book, Volkswagen