May 11, 2017 - Industry News
Launched in April, Clearlane will soon be getting an upgrade. Through eOriginal, the auto finance marketplace will soon allow car buyers to sign and submit their financing documents online or via mobile devices.
Tags: Ally, auto finance, Clearlane, digital retailing, online F&I
Executives with the former AmeriCredit Corp. described GM Financial’s transition to General Motors’ captive finance source as ‘substantially complete’ during its recent first-quarter earnings call.
Tags: auto finance, GM Financial
May 10, 2017 - Industry News
The captive insurance provider has added Derek Thomas to its team. He is responsible for serving the firm’s clients with an emphasis on enterprise risk programs.
Tags: Captive Insurance Provider, F&I products, Imprise Financial
The impact of wider access to credit on repayment rates could be causing auto finance sources to reevaluate their guidelines for subprime and nearprime borrowers.
Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.
Tags: auto finance, Bill Katafias, CRB Auto, Indirect Lending, Mechanics Bank, Wells Fargo Dealer Services
tradeIQ was designed to increase website engagement and reduce the need for lengthy appraisal forms.
New website was designed to help auto dealers and other small business owners avoid and minimize the impact of cyberattacks and scams.
The merger creates what officials describe as the largest vehicle service contract payment plan provider in the United States. The new entity will operate under the PayLink Direct brand. Rebecca Howard, cofounder of PayLink Direct, will serve as CEO.
Tags: F&I products, Omnisure, PayLink Direct, Payment Plan, vehicle service contracts
The partnership with TrueCar was one of a series of announcements made by the ecommerce site, which debuted an improved look to its website and tire installation services.
Tags: digital retailing, eBay Motors, online F&I, Third-party leads, TrueCar
Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.
Tags: auto finance, bank fraud, compliance, PointPredictive, Santander Consumer USA
May 9, 2017 - Industry News
EFG Companies earned a Gold and two Bronzes in the 15th annual ABAs, as well as ‘Top Contact Center’ honors from BenchmarkPortal.
Lotlinx named Mark Conner, who served as assistant vice president of marketing for Lithia, to the newly created position of vice president of channel strategy. He will focus on helping LotLinx customers eliminate ad waste while improving inventory turn. He will also lead the company's efforts to serve larger dealer groups.
Tags: digital marketing, digital retailing, LotLinx
Dave Rathjens, Greg Milam and Martin Sandoval have been promoted to general manager of their respective markets in Lakeland, Fla., Seattle and Central California.
Peter Grupposo has been promoted to vice president of dealer sales while Holly Capps joins the company as vice president of inventory solutions commercial and vehicle sales.
The index's April reading was 124.7, a year-over-year improvement thanks to the 0.5% increase in wholesale used-vehicle prices. Manheim officials said any weakness is more a result of excessive new-vehicle inventory, with more than four million new units sitting on dealer lots for the last three months.
Tags: Manheim Used Vehicle Report, new-vehicle sales, Used Vehicle Value Index, used-vehicle values, Wholesale Pricing
The new offering places two years of unlimited mileage warranty coverage on the hoods of all vehicles sold under the Officine Maserati Certified Pre-Owned program. Buyers also get a free three-month trial of SiriusXM.
Tags: certified pre-owned vehicles, Maserati, used-vehicle sales
May 8, 2017 - Industry News
Sarasota Ford was the subject of a recent Facebook Business feature, which highlighted the dealership's work with Dealers United on an ad campaign that generated 30,185 video views and five vehicle sales within 30 days.
Tags: digital marketing, facebook advertising, Sarasota Ford
Certified public accountant Sean D. Goodman was appointed senior vice president and CFO of the group. He previously served as vice president, chief accounting officer and CFO for Unifi Inc., a textile solutions manufacturer and distributor listed on the New York Stock Exchange.
Tags: Asbury Automotive
May 4, 2017 - Industry News
With the approval, the separation of the two brands is expected to be completed on May 31. While the spin-off still requires regulatory approval, Cars.com shares are expected to begin trading June 1 on the New York Stock Exchange.
Tags: Cars.com, digital marketing, TEGNA, third-party sites
Sonic's F&I operations posted a record per-copy average of $1,370. But with new-vehicle retail volume down 2%, total same-store F&I gross profit remained flat with a year ago. Officials also talked expansion of the EchoPark platform and the expected roll out of an ecommerce site next year.
Elizabeth McClung has started a social media campaign aimed at convincing Sterling McCall Toyota to give her a new Tundra to replace an older truck that was stolen from the dealership’s service center.
Describing F&I as 'very fundamental' to its success, Asbury CEO Craig Monaghan said the group will continue to push for improvements in that area as long as 'margin pressure' continues to squeeze the showroom.
May 3, 2017 - Industry News
Not even another strong performance in U.S. new-vehicle margins, a record quarter in the group's U.K. market, and a profitable quarter in Brazil were enough to offset "extreme weakness" in Group 1's energy price-impacted markets.
Tags: F&I profit, Group 1 Automotive, new-vehicle sales, used-vehicle sales
The American International Automobile Dealers Association reports slumping sales for imports, particularly among sedans and coupes.
For the first time in more than two years, Black Book’s Used Vehicle Retention Index registered a slight increase.
© 2018 Auto Dealer Today. All Rights Reserved.