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August 23, 2016 - Industry News

EFG Companies Announces Second Annual F&I Innovator of the Year Competition

EFG Companies and Northwood University have launched their second F&I Innovator of the Year competition. The contest asks six teams of junior and senior Northwood automotive students to conceptualize and build a new F&I product. The winning product will then be developed by EFG Companies, who will donate a percentage of the product's sales profits back to the school.

Tags: EFG COmpanies, F&I Innovations, F&I products, Northwood University

August 23, 2016 - Industry News

Jumpstart Unveils New Name and Logo

Jumpstart Automotive Group today announced it is changing its name back to Jumpstart Automotive Media. The company also unveiled a new logo company officials said reflects the evolution of the business and the market it serves.

Tags: Hearst Autos, Hearst Magazines, Jumpstart Automotive

August 19, 2016 - Industry News

Texas Dealers Agree to Pay $85,000 for Deceptive Advertising

Three Dallas-area dealerships have agreed to pay $85,000 to settle charges that they violated a 2014 Federal Trade Commission (FTC) administrative order that barred them from deceptively advertising the cost of buying or leasing a car.

Tags: CLA, Deceptive Advertising, FTC, Regulation M, Regulation Z, Settlement, TILA

August 18, 2016 - Industry News

Protective to Acquire United States Warranty Corp.

Protective Life Corp. announced last Friday that it has reached an agreement to acquire USWC Holding Company and all its subsidiaries, including United States Warranty Corp., through a stock purchase agreement.

Tags: Acquisition, F&I manager, F&I products, Protective Life Corporation, US Warranty Corp.

August 18, 2016 - Industry News

CU Direct Network Grows Origination Volume 16.4% Through Q2

CU Direct's credit union network was the No. 3 auto loan originator in the first quarter. However, the network posted the highest year-over-year growth in auto originations.

Tags: Auto Loans, Credit Union, Delinquencies, Financing, leasing, Report

August 18, 2016 - Industry News

Update Your Headshot at Compliance Summit

Organizers of the upcoming Compliance Summit have announced that Automotive Compliance Education (ACE) will be offering free headshot photography to every attendee.

August 17, 2016 - Industry News

Asbury: 'Choppy' Retail Environment Drives Down Q2 F&I Gross Profit

Asbury increased its F&I per-copy average 3% to $1,436 in the second quarter. But total F&I gross profit fell due to a 'Choppy' retail environment, officials said.

Tags: Asbury Automotive, F&I, new-vehicle sales, Quarterly Earnings, Second Quarter, Used Vehicles

August 17, 2016 - Industry News

TransUnion: Average Auto Loan Balance Reaches Post-Recession High in Q2

The average auto loan balance per consumer in the second quarter grew 2.7% from a year ago to a post-recession high of $18,177, according to TransUnion. Delinquencies were also up, although the firm said there’s no cause for concern.

Tags: auto finance, Auto Loan Delinquency Rate, F&I manager, TransUnion

August 17, 2016 - Industry News

Study: Consumers Want to Buy Big-Ticket Items From Their Smartphones

A new study shows that consumers aren’t just interested in buying cars from their smartphones, they’re interested in completing the F&I process as well. The study was commissioned by Roadster, a company that offers that type of experience.

Tags: F&I process, F&I products, Online Buying, Online F&I, Roadster

August 16, 2016 - Industry News

July's 2.3% Drop in Wholesale Prices Ties June Record, NADAUCG Reports

Wholesale prices for vehicles up to eight years in age fell 2.3% in July, tying June for the biggest drop recorded so far this year, according to the NADA Used Car guide. As a result, the firm lowered its seasonally adjusted used vehicle price index 1.1% to 118.9 .

Tags: depreciation, NADA, NADA Used Car Guide, Used Vehicles, Wholesale Pricing

August 16, 2016 - Industry News

Pew: CFPB Small-Dollar Rule ‘Would Not Adequately Protect Borrowers’

The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.

Tags: auto finance, Auto Title Loans, CFPB, compliance, Payday Lending

August 15, 2016 - Industry News

Edmunds Launches Mobile-Optimized Ad Solution

Edmunds has launched Edmunds Ad Solutions, a mobile-optimized ad tool designed to help dealers target in-market car shoppers on Facebook and Instagram using the firm's first-party shopping data.

Tags: advertising, Edmunds, Mobile, Social Media

August 15, 2016 - Industry News

J.D. Power: Speed No Longer Top Consideration When Selecting Finance Sources

While speed is no longer a leading factor, it still plays a significant role, according to J.D. Power's 2016 U.S. Dealer Financing Satisfaction Study. The finance sources leading the way in terms of dealer satisfaction were Mercedes-Benz Financial Services and BMW Financial Services.

Tags: Dealers, J.D. Power, Lender, Study

August 15, 2016 - Industry News

Auto/Mate Integration DMS With Unotifi's Mobile-Relationship Marketing Solutions

Dealers using both Auto/Mate’s DMS and Unotifi's mobile-relationship marketing solutions will experience improved data gathering. They will also be able to deliver automatic texts when a customer's vehicle is ready or a parts order has arrived, as well as create personalized information pages for each customer.

Tags: Auto/Mate, DMS, Integration, Unotifi

August 15, 2016 - Industry News

AutoLoop Names New Vice President of Analytics and Data Services

Doug van Sach, vice president of analytics and data services.

AutoLoop LLC named Doug Van Sach vice president of analytics and data services. He will oversee data services and be responsible for using analytics to improve digital and multi-channel acquisition, retention, and loyalty programs for AutoLoop’s OEM and dealer partners.

Tags: AutoLoop, hiring, Vice President

August 15, 2016 - Industry News

ADESA Announces Management Changes at Two Auction Locations

Steve Swanson, general manager ADESA Colorado Springs.

ADESA named Steve Swanson general manager of its Colorado Springs location, Cindy Kuhn regional online manager, and Rich Levene general manager of ADESA Austin.

Tags: ADESA, General Manager, hiring

August 15, 2016 - Industry News

Earn Compliance Certification at Industry Summit

Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.

August 11, 2016 - Industry News

700Credit Signs Distribution Agreement With Kiss Concepts

The master agent, which operates in 33 states, will distribute 700Credit’s credit reports, compliance and prescreen products and services.

Tags: 700Credit, compliance, credit prescreening, credit reports, F&I process, KISS Concepts Group

August 11, 2016 - Industry News

HSBC to Pay $434,500 for SCRA Violations

The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).

Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement

August 11, 2016 - Industry News

FTC Says Some VW Dealers Are Misleading Diesel Owners About Buyback Deal

The Federal Trade Commission said this week it has received reports that some dealers and private parties are attempting to take advantage of Volkswagen’s diesel emissions scandal.

Tags: Diesel, FTC, Settlement, Volkswagen, Volkswagen Scandal

August 11, 2016 - Industry News

Radogna to Present ‘Reduce Your Exposure’ at Las Vegas Compliance Summit

Jim Radogna, a San Diego-based compliance expert and trainer, will serve as the luncheon speaker at the upcoming Compliance Summit, organizers announced Thursday.

Tags: Car Buyer's Bill of Rights, compliance, Compliance Summit, Jim Radogna, Regulations

August 11, 2016 - Industry News

IT Firm Launches Specialized Services Aimed at Dealerships

United Datacom Networks Inc. (UDNI) announced the launch of Dealers Edge, a new IT support program designed to help dealers meet their legal obligations with respect to data privacy and security. Services include remote management and 24/7 monitoring.

Tags: Data, IT, Management, Safeguarding

August 11, 2016 - Industry News

Geitner to Lead Cox's Media Solutions Group

Cox Automotive has named Brian Geitner president of its Media Solutions Group. He replaces Jared Rowe, who is departing the company for a new opportunity outside the automotive industry.

Tags: Autotrader, Cox Automotive, Dealer.com, hiring, Kelley Blue Book

August 11, 2016 - Industry News

J.D. Power Appoints New Senior Director of Auto Finance

J.D. Power named Jim Houston senior director of its auto finance practice. The 30-year auto finance veteran will help guide the industry through a potentially volatile period of new-vehicle sales and declining used-car values, the firm said.

Tags: auto finance, hiring, J.D. Power

August 10, 2016 - Industry News

Kontos: Wholesale Pricing Increases 4.9% in July

The average wholesale used price in July was $10,362, a 2% decline from June but a a 4.9% increase from a year ago, according to ADESA Analytical Services. The strength of truck prices carried the year-over-year gains.

Tags: ADESA, remarketing, Used Vehicles, Wholesale Pricing