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December 15, 2016 - Industry News

AutoGravity Unveils Vehicle Financing App

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

December 15, 2016 - Industry News

SouthwestRe Looking to Add Agents in 2017

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

Subprime Borrowers, Expected Interest Rate Hikes to Drive Up Delinquency Rates in 2017

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

December 14, 2016 - Industry News

Mass Action Lawsuit Against Carfax Dismissed

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

December 14, 2016 - Industry News

EFG Companies Names Winner of 2016 Innovator of the Year Award

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

December 14, 2016 - Industry News

Ron Tonkin Dealerships Sold to Gee Automotive

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

December 14, 2016 - Industry News

Prodigy Launches End-to-End Sales Platform

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

Google Parent Company Launches Self-Driving Technology Company

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

December 13, 2016 - Industry News

Portfolio’s Dallas Office Named a ‘2017 Best Place to Work For in Texas'

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

December 13, 2016 - Industry News

Trust in Salespeople Top Painpoint for Consumers, DealerSocket Reports

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

December 13, 2016 - Industry News

Reputation Butler to Shake Up the Online Review Game

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: 5 Priorities for Dealership IT Departments in 2017

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

December 12, 2016 - Industry News

Half Million North Texas Residents Still Driving Unrepaired Recall Vehicles, Takata Warns

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

December 12, 2016 - Industry News

Autotrader Announces Top 8 CPO Programs for December

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 Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

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

December 8, 2016 - Industry News

Beepi Merges With Scott Painter's Fair.com

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

December 8, 2016 - Industry News

New York AG Settles Two Payment Packing Suits for $1.6 Million

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

December 8, 2016 - Industry News

Manheim Promotes Four General Managers From Within

Trevor Enge

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

Bomnin Chevrolet Acquires Grand Prize Chevrolet

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

December 7, 2016 - Industry News

Nelson Chai Named President, CEO of The Warranty Group

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.

December 7, 2016 - Industry News

Channel Stuffing, Incentives Responsible for Slip in Manheim Index

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

December 7, 2016 - Industry News

Bonita Springs Mitsubishi Owners Acquire Second Mitsubishi Store in Florida

The owners of Florida's Bonita Springs Mitsubishi have acquired Fort Myers Mitsubishi, the company announced today. With this purchase, owners Jeff Johnson and Bill Doraty hope to replicate the success of their Bonita Springs store, which cracked the Top 25 sales list for Mitsubishi dealerships nationwide.

Tags: Acquisition, Dealership, Florida, Mitsubishi

December 6, 2016 - Industry News

Black Book: Trucks Depreciating More Than Cars

The pendulum finally swung last week, with trucks showing higher depreciation than cars for the first time this year, according to Black Book.

Tags: Black Book, used-vehicle values, Value Retention, vehicle depreciation, wholesale values

December 6, 2016 - Industry News

New-Vehicle Sales Rise 3.7% in November, Autodata Reports

The industry sold 1.38 million new units in November, a 3.7% increase from a year ago, according to Autodata Corp. November's seasonally adjusted annual rate was 17.87 million, which was slightly lower than last November’s SAAR of 18.25 million.

Tags: Audi, BMW, Chrysler, Ford, GM, Honda, Hyundai, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Novemer, Porsche, Toyota, Vehicle Sales, Volkswagen

December 6, 2016 - Industry News

EFG Companies Receives Top Client Satisfaction Scores in National Study

In a study used by major brands to measure dealer services client satisfaction, EFG Companies scored higher than Nordstrom and Ritz Carlton, the F&I product provider shared today.