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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

December 2, 2015 - Industry News

KBB, Autotrader Report Strong November Unit Sales

Autotrader and Kelley Blue Book reported stronger-than-expected auto sales during the month of November. The overall industry health is looking strong, but the two firms noted several risk factors that could negatively impact the industry as it heads into 2016.

Tags: Autotrader, Incentive Spending, Kelley Blue Book, Transaction Prices

December 1, 2015 - Industry News

Horst Meima Named President and CEO of VW Credit

Horst Meima has served in a variety of roles during his 20-year career with the company. He will officially become president and CEO of Volkswagen Credit on Jan. 1, 2016.

Tags: Audi Financial Services, Horst Meima, Volkswagen Credit

December 1, 2015 - Industry News

Lincoln, Ford Captives Rank Highest in Customer Satisfaction, J.D. Power Reports

The firm’s annual Consumer Financing Satisfaction Study showed that Lincoln Financial Services led the way in the luxury segment, while Ford Credit ranked highest in the mass market segment.

Tags: auto finance, captive finance, Ford Credit, J.D. Power and Associates, Lincoln Automotive Financial Services

December 1, 2015 - Industry News

Spireon’s Kahu Provides New Revenue Stream for Dealers

Spireon’s new Kahu connected car service can be used to track and manage inventory. But dealers can also upsell the service’s mobile app to customers, who can take advantage of Kahu’s theft recovery, 24/7 vehicle location and smart alerts features.

Tags: Kahu, mobile app, smartphone, Spireon, Telematics, theft recovery

December 1, 2015 - Industry News

TimeHighway, Recall Masters Team Up on Recall Service Solution

Recall Masters has integrated its real-time recall status service with TimeHighway’s online scheduling solution, allowing dealers to purchase parts and free up technicians before a customer arrives for service.

Tags: General Motors Recall, Recall Masters, TimeHighway.com, Toyota recall, vehicle recall, Volkswagen

December 1, 2015 - Industry News

Reynolds Becomes NIADA Member Benefit Partner

After working informally with the National Independent Automobile Dealers Association for a number of year, Reynolds and Reynolds has signed an agreement to become an NIADA Member Benefit Partner.

Tags: Compliance, documentation, NIADA, Reynolds & Reynolds

November 25, 2015 - Industry News

ADESA Names Vice President of Legal

ADESA named Heather Greenawald vice president of legal. She will lead the company’s legal team and manage relationships with outside counsel.

Tags: ADESA, KAR Auction Services

November 25, 2015 - Industry News

Recall Masters Launches New Website

The new site serves as a one-stop shop for all automotive recall news, data, training and communications, according to officials.

Tags: GM Recalls, Recall Masters, Toyota recall, vehicle recall

November 24, 2015 - Industry News

House Committee Report Takes Aim at CFPB’s Proxy Methodology

The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.

Tags: American Financial Services Association, CFPB, CFPB study, Charles River Associates

November 24, 2015 - Industry News

Ohio Dealers Settle FTC’s Deceptive Advertising Charges

The FTC announced this week that it has reached an agreement with two Ohio dealers to settle charges that their lease advertisements violated the FTC Act and the Consumer Leasing Act’s Regulation M.

Tags: Consumer leasing Act, Deceptive Advertising, FTC, FTC Act, Regulation M

November 24, 2015 - Industry News

CalTex Names Senior Director of Business Development

Kerri Walker Lewis was named to the post after serving as a senior executive for Dent Zone. She brings an extensive background in business development, relationship management, and sales and marketing.

Tags: CalTex, environmental protection, F&I Products, Kerri Lewis, theft protection

November 24, 2015 - Industry News

TrueCar Replaces Painter With Autotrader's Founding CEO

Starting Dec. 15, Chip Perry, who helped build Autotrader from a one-person startup to a $1.5 billion online marketplace, will take on the task of restoring TrueCar’s relations with dealers after a tumultuous summer.

Tags: Autotrader, Chip Perry, digital marketing, Scott Painter, third-party sites, TrueCar

November 24, 2015 - Industry News

CFPB Releases Fall 2015 Rulemaking Agenda

The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau, lenders

November 24, 2015 - Industry News

ChannelNet Expands Into New York City, Austin, Texas

The firm helping finance sources like Toyota Financial Services and Ally connect with car buyers online has expanded into two major markets. Officials say the expansion will aid the firm’s efforts to further penetrate the financial services industry.

Tags: Ally, auto finance, Captive, ChannelNet, digital marketing, multichannel marketing, Toyota Financial Services

November 19, 2015 - Industry News

Dealer.com Becomes Primary Web Platform for Cox Automotive Clients

Cox Automotive announced that the Dealer.com website solution will serve as the primary solution for Cox Automotive customers. Current users of VinSolutions' website product will begin migrating to the Dealer.com platform beginning in early 2016.

Tags: Cox Automotive, Dealer Websites, Dealer.com, Dealertrack, digital marketing, VinSolutions

November 19, 2015 - Industry News

VW Apologizes, Promises Imminent Diesel Fix

The CEO of Volkswagen's North American operations offered a public apology to consumers and dealers during the Los Angeles Auto Show's press day. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.

Tags: Diesel Powered, emmissions, Michael Horn, Volkswagen

November 19, 2015 - Industry News

Ontario Teachers’ Pension Plan to Acquire Majority Stake of APCO

The transaction is expected to close this December. Officials said APCO’s management team will remain in place once it does.

Tags: APCO, EasyCare, GWC Warranty Corporation, Larry Dorfman, Stone Point Capital, vehicle service contracts