December 19, 2016 - Industry News
In two separate announcements, Carvana today announced that it has partnered with Associated Credit Union and LGE Community Credit Union to offer their members access to certified and competitively priced vehicles through an online car-buying experience.
Tags: Carvana, Credit Unions, Online Buying
December 15, 2016 - Industry News
For the second time in 10 years, the Federal Reserve's Federal Open Market Committee unanimously voted to raise the federal interest rate on Dec. 14. The impact of the rate hike should be minimal for all but one consumer segment, a Black Book analyst says.
Tags: Federal Interest Rate, Government, interest rates
In addition to confirming basic income and employment information, dealers can now use this new verification technology to view an applicant's job tenure, officials said.
Tags: Employment Verification, Equifax, Income, technology
Wholesale prices for vehicles up to eight years in age depreciated more than expected last month, falling 3.3% on a monthly basis. That’s more than double the 1.4% average drop recorded during November the past three years, according to the NADA Used Car Guide.
Add AutoGravity to the growing list of firms looking to digitize the finance portion of the car-buying process. The fintech firm unveiled today a mobile app that will allow California car buyers to secure vehicle financing or a lease.
Tags: AutoGravity, Financing, Mobile Applications, technology
SouthwestRe announced plans to aggressively expand into new territories beginning in 2017. The company is now recruiting independent agents to support this effort throughout the continental United States.
Tags: Agents, F&I, SouthwestRe
December 14, 2016 - Industry News
Transunion projects the auto loan delinquency rate for consumers with payments 60 or more days past due to close the year at 1.4%, the highest level since year-end 2009. Even with this increase, TransUnion said delinquency rates will remain well below levels observed during the last recession.
Tags: Auto Loan Delinquency Rate, Credit, Delinquencies, TransUnion
The $350 million mass action lawsuit against Carfax, which listed nearly 500 dealers and stalled the sale of its parent company R.L. Polk & Co. before its eventual sale to IHS three years ago, has been dismissed.
Tags: Carfax, Lawsuit
EFG Companies and Northwood University have named Team Vigilance the winner of their 2016 Innovator of the Year competition. The three-person team was awarded $25,000, and could see their winning product developed by EFG for market availability.
Tags: Customer Retention, EFG Companies, Innovator of the Year Award, Northwood University, technology
With the two groups selling a combined 38,771 vehicles in 2015, the acquisition creates one of the nation’s Top 50 dealer groups and the one of the largest dealer groups on the West Coast. The Tonkin name will remain on all of the group's 21 dealerships, and the brand will continue to grow and expand in the Portland area, officials said.
Tags: Acquisition, Dealer Group, Gee Automotive Co., Ron Tonkin
Prodigy, a Stanford-StartX company dedicated to building solutions for auto retail, announced the launch of an all-in-one, tablet-based sales platform for dealerships.
Tags: Prodigy, Sales Process, technology
December 13, 2016 - Industry News
John Krafcik, the former president of TrueCar and the current CEO of Google’s self-driving car division, announced in a blog post that Google’s parent company has launched Waymo, a self-driving technology company.
Tags: Autonomous Driving, Google, Self Driving, technology, Waymo
The F&I product provider joins 100 other companies on the list. This was the first time the company entered the contest, which is designed to recognize and honor the best places of employment in Texas, benefiting the state economy, workforce and business.
Tags: F&I product provider, Portfolio, reinsurance, vehicle service contracts
Cutting transaction times was the No. 1 focus for franchised dealers in 2016, but it wasn't the top painpoint for car buyers, according to DealerSocket's 2016 Dealership Action Report.
Tags: Car-Buying Experience, DealerSocket, J.D. Power, Report, Survey, technology
The company’s directors say Reputation Butler tackles a problem that dealerships face almost daily: monitoring and keeping track of online consumer reviews on countless platforms.
Tags: Cars.com, Customer Reviews, Dealerrater, Edmunds, online reputation management, reputation management, SureCritic, Yellow Pages, Yelp
December 12, 2016 - Industry News
Helion Automotive Technologies issued its Top 5 priorities for dealership IT departments today. According to the company, allocating budgets to improve internet bandwidth, wireless signals, incoming call flow, security and regulatory compliance are a must for 2017.
Tags: Dealership, Helion Automotive Technologies, IT, technology
More than 500,000 North Texas residents are driving recalled vehicles equipped with faulty Takata airbag inflators, according to Airbag Recall, a website setup by the Takata Corp. to inform consumers about the recall. The company is urging drivers of these vehicles to have them repaired immediately.
Tags: Airbag, Inflator, NHTSA, Recall, Takata, Texas
Autotrader today released its list of the Top 8 certified pre-owned programs for the holiday season. According to the company, these certified pre-owned vehicles offer consumers the reliability and safety of a new vehicle, but at a more affordable price.
Tags: Acura, Autotrader, BMW, Buick, CPO, GMC, Lexus, Lincoln, Mercedes-Benz, Nissan
December 8, 2016 - Industry News
Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.
Tags: Banks, CFPB, Congress, Credit Unions, Regulations, Senate
Former TrueCar CEO Scott Painter is back. On Wednesday, TechCrunch reported that his newest venture has added online retailer Beepi, which is shutting down its operations outside of California and laying off 180 staffers.
Tags: Beepi, Fair.com, Online Buying, Scott Painter
Attorney General Eric T. Schneiderman’s crackdown on payment packing continues. Last week, the New York regulator announced settlements with SG Hyland Motors Corp. of Staten Island and Best Auto Outlet of Floral Park, which will collectively pay $1.6 million in restitution to more than 2,300 victims of their alleged deceptive sales tactics.
Tags: Attorney General, Eric T Schneiderman, Lawsuit, New York, Settlement
Trever Enge, John Duplanty, Gus Jones and Maxine Vega will lead the Manheim Georgia, Manheim Tucson, Manheim Arizona and Manheim New Mexico locations, respectively, the company announced this week.
Tags: Auto Auctions, Manheim, Promotion
December 7, 2016 - Industry News
After two years of negotiation, Bomnin Chevrolet has acquired Grand Prize Chevrolet. The acquisition of the West Kendall, Fla.-based dealership expands Bomnin Chevrolet’s footprint in the Miami area, allowing the operation to offer service to customers in more than one location.
Tags: Acquisition, Chevrolet, Florida, GM
Chai previously served as president of CIT Group Inc. He replaces Thomas W. Warsop III, who has served as The Warranty Group's president and CEO since August 2012.
Wholesale used vehicle prices on a mix-, mileage-, and seasonally adjusted basis declined 1% in November, according to Manheim’s Used Vehicle Value Index report. Due to this decline, the Manheim Used Vehicle Value Index fell 0.3% from a year ago to 124.7.
Tags: Manheim, Used Vehicle Value Index, Used Vehicles, Wholesale Pricing
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