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December 16, 2015 - Industry News

(UPDATED) Vroom to Acquire Texas Direct Auto

The online startup looking to reinvent how cars are bought and sold has agreed to purchase the pioneer of selling vehicles online. According to officials, the two brands will co-exist and continue to operate online separately.

Tags: Online Buying, online shoppers, pre-owned customers, Texas Direct Auto, Used-Vehicle Sales, Vroom

December 15, 2015 - Industry News

New-Vehicle Registrations Return to Prerecession Levels

Based on new-vehicle registration data collected by Experian Automotive, industry sales have returned to prerecession levels. Crossover utility vehicles and the state of California have led the way, accounting for 23.9% and 11.8% of all new-vehicle registrations, respectively.

Tags: Cheverolet, Crossover Utility Vehicles, Experian Automotive, Ford, Honda, New-Vehicle Registrations, New-Vehicle Sales, Nissan, Toyota

December 15, 2015 - Industry News

TransUnion: Average Auto Balances to Rise in 2016, Delinquencies to Remain Flat

TransUnion expects the average auto loan debt per borrower to increase to $18,509 by the end of 2016, a more than $3,500 increase since the Great Recession. The firm noted, however, that subprime auto loans still make up less than the 23.7% share recorded in the third quarter 2009.

Tags: Auto Loan Delinquency Rate, auto loan volume, Delinquencies, TransUnion

December 10, 2015 - Industry News

S.C. GAP Law Takes Effect

The new law mirrors the model act developed by the Guaranteed Asset Protection Alliance and clarifies how the product may be offered in the state. But the law contains restrictions on when the protection can be sold.

Tags: GAPA, guaranteed asset protection, Guaranteed Asset Protection Alliance, South Carolina

December 10, 2015 - Industry News

Dealer.com Joins Bing Ads Elite Partner Program and Yahoo Gemini

Dealer.com has joined the New Bing Ads Elite SMB Partner program and expanded its relationship with the Yahoo Preferred Partner Program.

Tags: Bing, Cox Automotive, Dealer.com, Yahoo

December 9, 2015 - Industry News

KAR CFO Named CFO of the Year Award

KAR Auction Services' Eric Loughmiller was named the Indianapolis Business Journal’s 2015 CFO of the Year award in the public companies category, the firm announced this week

Tags: Awards, Eric Loughmiller, executive vice president, KAR Auction Services

December 8, 2015 - Industry News

Industry Posts 18.19 Million SAAR in November, Autodata Reports

The industry sold 1.32 million units in November, a 1.3% increase from a year ago. Year to date, 15.8 million cars and trucks have been sold, according to Autodata Corp.

Tags: Autodata Corp, monthly sales, New Vehicles, Retail Sales, SAAR

December 8, 2015 - Industry News

DriveItNow Integrates With GoMoto’s Customer Experience Platform

DriveItNow will integrate its online prequalified monthly payment technology into GoMoto’s mobile kiosk technology. Dealers using the GoMoto platform will be able to deliver personalized monthly finance and lease payment offers to in-store shoppers.

December 8, 2015 - Industry News

Canada's Desjardins Group Now Available on RouteOne Platform

RouteOne Canada has announced that Desjardins Group has joined its auto financing portal. Dealers accredited with the cooperative financial group can access credit services, and process credit applications and finance contracts through RouteOne’s platform.

Tags: Credit, Credit Applications, Desjardins Group, RouteOne

December 8, 2015 - Industry News

Manheim to Launch New Market Structure in 2016

Manheim revealed on Monday plans to segment its physical operating locations into two divisions: Local & Mobile and National. The firm also revealed the two vice presidents who will oversee the two divisions when the company’s new structure goes into effect on Jan. 1, 2016.

Tags: Manheim, Remarketing, Vice President

December 8, 2015 - Industry News

Santander Names Ismail Dawood CFO

Dawood will officially become the finance source's new CFO on Dec. 16. Santander’s interim CFO, Jennifer Davis, will serve as deputy CFO.

Tags: auto finance, Ismail Dawood, Santander Consumer USA

December 3, 2015 - Industry News

BMO Completes Acquisition of GE's Transportation Finance Business

Photo courtesy of BMO Harris Bank.

The acquisition comes more than two months after BMO Harris Bank informed dealers it was exiting 12 states to refocus its indirect auto business.

Tags: BMO Harris Bank, Consumer Financial Protection Bureau, General Electric, lenders

December 3, 2015 - Industry News

Huntington Bank Adds Auto Finance Veteran

The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.

Tags: auto finance, Huntington Auto Finance, Huntington Bank, Indirect Lending, Rich Porrello, Tom Wirth

December 2, 2015 - Industry News

Experian: Leasing Maintains Record Pace in Q3

Consumers continued to lease vehicles at a record pace in the third quarter, while captives claimed their largest share of new-vehicle financing since the Great Recession.

December 2, 2015 - Industry News

Volkswagen Suffers 24.7% Drop in Unit Sales

The effects of Volkswagen’s diesel engine scandal are beginning to sink in, with the automaker reporting a 24.72% drop in November sales.

Tags: Autotrader, Diesel Powered, Kelley Blue Book, Volkswagen

December 2, 2015 - Industry News

KBB, Autotrader Report Strong November Unit Sales

Autotrader and Kelley Blue Book reported stronger-than-expected auto sales during the month of November. The overall industry health is looking strong, but the two firms noted several risk factors that could negatively impact the industry as it heads into 2016.

Tags: Autotrader, Incentive Spending, Kelley Blue Book, Transaction Prices

December 1, 2015 - Industry News

Horst Meima Named President and CEO of VW Credit

Horst Meima has served in a variety of roles during his 20-year career with the company. He will officially become president and CEO of Volkswagen Credit on Jan. 1, 2016.

Tags: Audi Financial Services, Horst Meima, Volkswagen Credit

December 1, 2015 - Industry News

Lincoln, Ford Captives Rank Highest in Customer Satisfaction, J.D. Power Reports

The firm’s annual Consumer Financing Satisfaction Study showed that Lincoln Financial Services led the way in the luxury segment, while Ford Credit ranked highest in the mass market segment.

Tags: auto finance, captive finance, Ford Credit, J.D. Power and Associates, Lincoln Automotive Financial Services

December 1, 2015 - Industry News

Spireon’s Kahu Provides New Revenue Stream for Dealers

Spireon’s new Kahu connected car service can be used to track and manage inventory. But dealers can also upsell the service’s mobile app to customers, who can take advantage of Kahu’s theft recovery, 24/7 vehicle location and smart alerts features.

Tags: Kahu, mobile app, smartphone, Spireon, Telematics, theft recovery

December 1, 2015 - Industry News

TimeHighway, Recall Masters Team Up on Recall Service Solution

Recall Masters has integrated its real-time recall status service with TimeHighway’s online scheduling solution, allowing dealers to purchase parts and free up technicians before a customer arrives for service.

Tags: General Motors Recall, Recall Masters, TimeHighway.com, Toyota recall, vehicle recall, Volkswagen

December 1, 2015 - Industry News

Reynolds Becomes NIADA Member Benefit Partner

After working informally with the National Independent Automobile Dealers Association for a number of year, Reynolds and Reynolds has signed an agreement to become an NIADA Member Benefit Partner.

Tags: Compliance, documentation, NIADA, Reynolds & Reynolds

November 25, 2015 - Industry News

ADESA Names Vice President of Legal

ADESA named Heather Greenawald vice president of legal. She will lead the company’s legal team and manage relationships with outside counsel.

Tags: ADESA, KAR Auction Services

November 25, 2015 - Industry News

Recall Masters Launches New Website

The new site serves as a one-stop shop for all automotive recall news, data, training and communications, according to officials.

Tags: GM Recalls, Recall Masters, Toyota recall, vehicle recall

November 24, 2015 - Industry News

House Committee Report Takes Aim at CFPB’s Proxy Methodology

The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.

Tags: American Financial Services Association, CFPB, CFPB study, Charles River Associates

November 24, 2015 - Industry News

Ohio Dealers Settle FTC’s Deceptive Advertising Charges

The FTC announced this week that it has reached an agreement with two Ohio dealers to settle charges that their lease advertisements violated the FTC Act and the Consumer Leasing Act’s Regulation M.

Tags: Consumer leasing Act, Deceptive Advertising, FTC, FTC Act, Regulation M