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March 2, 2017 - Industry News

Richard Howse Joins KAR Auction Services as CCO

The 30-year industry veteran will focus on developing customer solutions that integrate KAR’s capabilities and businesses. He will report to COO Don Gottwald.

March 2, 2017 - Industry News

AIDA: Trucks Up, Sales Down in February

America's 9,500 international nameplate franchises accounted for 54% of all new vehicles sold in the United States in February. Industrywide, 1.33 million light vehicles were sold last month.

Tags: American International Automobile Dealers Associat, Audi, Autodata Corp, Honda, SAAR

March 1, 2017 - Industry News

KBB: Average Transaction Price for New Up $757 in February

With sales skewed toward utility vehicles, the average transaction price for light vehicles rose by $757, or 2.3%, from a year ago to $34,352 in February, the firm reported today.

Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales

March 1, 2017 - Industry News

AutoGravity App Surpasses 200,000 Downloads

The fintech firm today announced it has surpassed 200,000 downloads of its native iOS and Android smartphone apps. The company’s platform allows car shoppers in 46 states to secure financing on a specific vehicle before heading to the dealership to complete the deal.

Tags: AutoGravity, digital retailing, online F&I

March 1, 2017 - Industry News

Wilen Direct Launches Wilen Auto

Wilen has launched a new division offering direct mail services to auto dealers and manufacturers.

Tags: direct mail, direct marketing, Wilen Auto

March 1, 2017 - Industry News

F&I Express Sponsors Inaugural F&I Digital Media Awards

F&I Express is sponsoring the 2017 F&I Digital Media Awards in partnership with F&I and Showroom.

Tags: digital retailing, F&I Digital Media Awards, F&I Express, online F&I

February 28, 2017 - Industry News

RouteOne Promotes Two to VP

RouteOne has promoted Jeff Belanger to senior vice president of sales and created the position of vice president of strategy for Amanda George.

Tags: F&I technology, MaximTrak, online F&I, RouteOne

February 28, 2017 - Industry News

Kontos: January Wholesale Prices Rise 6.7% YOY

Wholesale used-vehicle prices in January averaged $10,945, a 6.7% increase from a year ago and a 2.8% rise from the prior month, according to ADESA Analytical Services.

Tags: ADESA, certified pre-owned vehicles, Tom Kontos, used-vehicle sales, wholesale values

February 28, 2017 - Industry News

DataScan Announces Organizational Changes

The company announced the appointment of Ed Brown as president. He succeeds Brent Sergot, who was promoted to group vice president with World Omni Financial Corp.

February 28, 2017 - Industry News

eBay Grows Dealer Referrer Network

eBay Motors reports an expanding network of dealers and car buyers. The program is designed to offer automotive partner organizations the ability to sell eBay’s subscription packages to their existing dealer networks.

Tags: eBay Motors

February 28, 2017 - Industry News

Black Book: Small Crossovers and Cars Have Strong Week

After four weeks of living below 0.37%, the depreciation rate for the truck segment reached its highest level in February — and its second-highest this year — last week, according to Black Book’s Feb. 27 Market Insights report.

Tags: Black Book, vehicle depreciation, wholesale values

February 27, 2017 - Industry News

Black Book/Fitch: Vehicle Depreciation to Reach 17.8% in 2017

The vehicle valuation firm said the depreciation rate will rise from 17.3% in 2016 to 17.8%, while Fitch said Auto ABS performance will continue to slow in 2017 as losses slowly rise to more normalized levels.

Tags: Auto ABS, Black Book, Fitch Ratings, vehicle depreciation

February 27, 2017 - Industry News

CNA National Distributed $40 Million to Dealers in 2016

CNA National Warranty Corp. (CNAN) returned more than $40 million to automobile dealers across the U.S. through its various participation plans for 2016, the company announced this week.

Tags: CNA National, GAP, vehicle service contracts

February 27, 2017 - Industry News

AutoFi Adds iLendingDIRECT Network

AutoFi today announced the addition of iLendingDIRECT and its network of credit unions to its point-of-sale auto finance solution. The fintech firm also announced its entrance into the used-vehicle market.

Tags: AutoFi, digital retailing, online F&I

February 24, 2017 - Industry News

F&I Digital Media Awards Now Accepting Entries

Entries are now being accepted for the 2017 F&I Digital Media Awards, organizers announced Friday. The submission deadline is Friday, March 31, 2017.

Tags: digital retailing, F&I Digital Media Awards, online F&I

February 23, 2017 - Industry News

Spireon Reports ‘Outstanding’ 2016

Spireon Inc. reported second-half gains in revenue, profitability and multiple segments in 2016. The company is also in the midst of a 14-year run of top-line growth and 'outstanding' financial and operational performance, officials said.

Tags: Connected Vehicle, Spireon, telematics

February 23, 2017 - Industry News

New York Fed: Auto Originations Reach 18-Year High in 2016

Every type of debt posted a quarter-over-quarter increase, with auto loan balances increasing by $22 billion ($93 billion from a year ago) to $1.16 trillion. Much of that growth was driven by originations, which totaled $142 billion. That’s the highest level recorded in the 18-year history of New York Fed’s data.

Tags: Auto Loan Delinquency Rate, auto loan origination, Federal Reserve Bank of New York

February 23, 2017 - Industry News

Georgia Man Pleads Guilty to Odometer Fraud

A Georgia businessman this week pleaded guilty to operating an odometer fraud scheme that revolved around buying later-model cars at auction, tampering with the odometer reading, and then selling the cars at inflated prices, the U.S. Department of Justice announced.

Tags: compliance, Department of Justice, Odometer Fraud

February 23, 2017 - Industry News

Dallas Compliance Summit Set to Break Attendance, Certification Records

Organizers of Compliance Summit say an 'unprecedented' response to the announcement that the next event will be held alongside Industry Summit at the Gaylord Texan in Grapevine, Texas, all but guarantees the Sept. 11, 2017, event will set new marks for attendance and Automotive Compliance Specialist certification.

Tags: Automotive Compliance Specialist, Compliance Summit, Gil Van Over, Industry Summit, Jim Ganther

February 23, 2017 - Industry News

Hiroto Saikawa Replaces Ghosn as Nissan's CEO

Saikawa

Veteran leader Hiroto Saikawa will replace Carlos Ghosn as CEO of Nissan Motor Co., the automaker announced on Thursday. Ghosn will remain chairman of Nissan's board of directors.

Tags: Carlos Ghosn, Hiroto Saikawa, Nissan

February 23, 2017 - Industry News

Sonic Reports Recordbreaking Fourth Quarter

The nation’s fourth-largest auto retailer reported annual and quarterly records for pre-owned sales, F&I gross profit and fixed ops gross profit.

February 22, 2017 - Industry News

Randy Henrick Joins Mosaic Compliance Services

Attorney Randy Henrick has joined Mosaic Compliance Services, where he will serve as vice president and compliance counsel.

Tags: compliance, James Ganther, Mosaic Compliance Consultants, Randy Henrick

February 22, 2017 - Industry News

Interstate Title Solutions Partners With NIADA

The technology solution provider is the association’s newest National Member Benefit partner, which means association members will have discounted access to the firm’s out-of-state tax, title and registration tool, DMV Nationwide.

Tags: DMV Nationwide, F&I manager, NIADA, tax and title fees

February 22, 2017 - Industry News

EFG Launches Multimedia Compliance Platform

The company today announced the launch of Common Sense Compliance, a platform designed to break through the legalese of automotive compliance with practical and actionable information. The platform will feature a video series and podcast hosted by Steve Roennau, the company’s vice president of compliance.

Tags: compliance, EFG Companies, F&I manager, Steve Roennau

February 22, 2017 - Industry News

J.D. Power: Quality Not Exclusive to Highlines

The 2014 Toyota Prius topped J.D. Power’s latest dependability rankings in the compact car segment, one of 10 category wins for the mass-market OEM. Photo courtesy Toyota Motor Sales USA Inc.

J.D. Power’s annual dependability rankings include a strong showing from a number of mass-market manufacturers, including Toyota, General Motors and Hyundai.

Tags: Buick, Dodge, Ford, General Motors, J.D. Power, Land Rover, Lexus, Mercedes-Benz, Porsche, Toyota, Vehicle Dependability