January 4, 2017 - Industry News
The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.
Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion
Under the terms of the agreement, Ally will provide financial arrangements to support the online retailer's operations, with an initial commitment of up to $600 million. The agreement expands Ally's existing relationship with Carvana, which also includes a floorplan credit line and vehicle sourcing through Ally's SmartAuction platform.
Depreciation trends stabilized to close out 2016, with depreciation rates for all cars and trucks falling into seasonal patterns, Black Book reported this week.
Tags: Black Book, Cars, depreciation, Trucks, Used Vehicles
The estimated average transaction price for light vehicles in the United States reached an all-time record high of $35,309 in December, according to Kelley Blue Book. This increase, the firm noted, amounted to a 1.5% increase over the same time last year.
Tags: Fiat Chrysler, Ford, Kelley Blue Book, Nissan, transaction prices, Vehicle Sales
December 29, 2016 - Industry News
ForeverCar, a vehicle service contract technology provider, has launched a new dealer-branded VSC sales platform designed to help dealers sell protection products on older, higher mileage vehicles. The platform is also designed to help dealers recapture 'lost' VSC opportunities from prior lead investments.
Tags: Digital F&I, technology, VSC
Over the course of several weeks, a group of thieves stole more than 40 cars from a Nissan-Infiniti dealership's overflow lot in Torrance, Calif. About 15 people have been arrested in connection to these vehicle robberies and nearly 30 vehicles have been recovered, according to KTLA 5 News.
The Reynolds and Reynolds Co. this week announced the release of the Reynolds LAW Montana F&I Library, a comprehensive catalog of standardized, legally reviewed F&I documents for new-car and -truck dealers in the state of Montana.
Tags: F&I, F&I Library, Reynolds & Reynolds
Adam Cappucci, who spent the last three years as an inside sales rep for global engineering group Sandvik, will serve as GWC's primary liaison to automotive agents and their dealers.
Tags: Agency Channel Manager, Appointment, GWC Warranty Corporation
December 28, 2016 - Industry News
The list demonstrates that it will take a major shift in consumer preferences to unseat passenger cars from best-seller lists. Through the first 11 months of 2016, the share of passenger cars has dropped 10%, while the popularity of SUVs and light trucks continues to soar.
Tags: Edmunds.com, Online Marketplace, Vehicle Sales
December 22, 2016 - Industry News
Edmunds.com believes the industry will sell 1,629,011 new cars and trucks in December. If realized, the prediction puts the industry on pace to break last year's sales record. But the firm says it'll be a photo finish.
Tags: 2017, Edmunds, SAAR, Vehicle Sales
December 21, 2016 - Industry News
This year saw a slew of companies enter the automotive space looking to push vehicle sales into the Digital Age. With the New Year’s bells within earshot, several of them offered their 2017 predictions in the areas of marketing and F&I.
Tags: 2017, Drive Motors, Outsell, Predictions, technology
The automaker’s Chief Legal and Safety Officer, W. Gerald Flannery, takes over as interim president and CEO while the company searches for Zuchowski’s replacement. Flannery has been with the company since 1987.
Tags: employment, Hyundai, Hyundai Genesis
Larry H. Miller Dealerships this week announced the beneficiaries of its annual holiday giving campaign, which, according to the dealer group, will provide more than $100,000 to 11 charities across the Phoenix metroplitan area.
Tags: Arizona, Charity, Larry H. Miller Dealerships
Ford Motor Co. announced three executive promotions this week, moves aimed at supporting the automaker's plans to expand as both an auto and mobility company.
Tags: Ford Motor Co., Promotions, Vice President
Volkswagen has reached an agreement to settle claims relating to its 3.0L V-6 TDI engines, committing to buy back a quarter of those vehicles. The automaker will also set aside $225 million for emissions reduction, and pay $25 million to support the use of zero emission vehicles (ZEVs) in California.
Tags: Diesel, Settlement, Volkswagen
December 20, 2016 - Industry News
The deal was executed through a wholly owned subsidiary developed by RouteOne. It will operate as MaximTrak Technologies under the leadership of RouteOne CEO Justin Oesterle and MaximTrak President Jim Maxim Jr.
A recent study co-released by VinSolutions and DealerKnows analyzed customer relationship management (CRM) software usage at dealerships. It found some notable differences between average and best-in-class dealers.
Tags: CRM, DealerKnows, Study, VinSolutions
Per the agreement, the SFL product will be sold for $3.2 million in cash, as well as additional transition licensing income that will total $1.6 million over a five-year period.
Tags: Autobytel, Definitive Agreement, Internet Brands Inc., Transaction
GWC Warranty employees across the country donated hundreds of toys and more than $1,000 to help families of hospitalized children shop for holiday gifts.
Tags: Charity, Donation, GWC Warranty Corporation
On Jan. 12, 2017, Wheel’s Automotive Dealer Supplies Inc. will begin servicing the certified pre-owned merchandising and marketing needs of Kia Canada’s network of dealers.
Tags: Canada, CPO, Kia, Wheel's Automotive Dealer Supplies Inc.
December 19, 2016 - Industry News
The three retailers agreed to settle FTC charges that they touted rigorous inspections while failing to disclose that some vehicles were subject to unrepaired safety recalls. The FTC also finalizes orders against GM and two other sellers in similar cases settled earlier this year.
Tags: Asbury Automotive, CarMax, Deceptive Advertising, Federal Trade Commission, vehicle recall, West-Herr Automotive
Since 2013, UDAC had been sharing office space with its affiliated auto dealership, Big Deal Auto Plaza. According to Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.
Tags: Grand Opening, Loan Origination System, Subprime Financing, U Drive Acceptance Corp.
KEEPS Inc., a provider of retail automotive service department analytics, repair order analysis, and advanced service management support, has appointed James G. O’Connor to its board of directors, the company announced this week.
Tags: Board of Directors, Hiring, KEEPS Inc.
As part of the integration, dealerships that use both vendors’ solutions will now receive automatic and seamless updates from their Auto/Mate Automotive Management Productivity Suite (AMPS) software into their DealerOps Platform.
Tags: Auto/Mate, Auto/Mate Dealership Systems, DealerOps, Mobile Applications, technology
Flick Fusion has announced a partnership with AutoBase that will allow users of the company's inventory merchandising solutions to create and distribute inventory videos, personalized walkaround videos, dealership value proposition videos, customer testimonial videos and more.
Tags: AutoBase, Flick Fusion, Smart Flicks, Video Marketing
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