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November 24, 2015 - Industry News

CalTex Names Senior Director of Business Development

Kerri Walker Lewis was named to the post after serving as a senior executive for Dent Zone. She brings an extensive background in business development, relationship management, and sales and marketing.

Tags: CalTex, environmental protection, F&I products, Kerri Lewis, theft protection

November 24, 2015 - Industry News

TrueCar Replaces Painter With Autotrader's Founding CEO

Starting Dec. 15, Chip Perry, who helped build Autotrader from a one-person startup to a $1.5 billion online marketplace, will take on the task of restoring TrueCar’s relations with dealers after a tumultuous summer.

Tags: Autotrader, Chip Perry, Digital Marketing, Scott Painter, third-party sites, TrueCar

November 24, 2015 - Industry News

CFPB Releases Fall 2015 Rulemaking Agenda

The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau, lenders

November 24, 2015 - Industry News

ChannelNet Expands Into New York City, Austin, Texas

The firm helping finance sources like Toyota Financial Services and Ally connect with car buyers online has expanded into two major markets. Officials say the expansion will aid the firm’s efforts to further penetrate the financial services industry.

Tags: Ally, auto finance, Captive, ChannelNet, Digital Marketing, multichannel marketing, Toyota Financial Services

November 19, 2015 - Industry News

Dealer.com Becomes Primary Web Platform for Cox Automotive Clients

Cox Automotive announced that the Dealer.com website solution will serve as the primary solution for Cox Automotive customers. Current users of VinSolutions' website product will begin migrating to the Dealer.com platform beginning in early 2016.

Tags: Cox Automotive, Dealer Websites, Dealer.com, Dealertrack, Digital Marketing, VinSolutions

November 19, 2015 - Industry News

VW Apologizes, Promises Imminent Diesel Fix

The CEO of Volkswagen's North American operations offered a public apology to consumers and dealers during the Los Angeles Auto Show's press day. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.

Tags: Diesel Powered, emmissions, Michael Horn, Volkswagen

November 19, 2015 - Industry News

Ontario Teachers’ Pension Plan to Acquire Majority Stake of APCO

The transaction is expected to close this December. Officials said APCO’s management team will remain in place once it does.

Tags: APCO, EasyCare, GWC Warranty Corporation, Larry Dorfman, Stone Point Capital, vehicle service contracts

November 19, 2015 - Industry News

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA, Rep. Ed Perimutter, Rep. Frank Guinta

November 19, 2015 - Industry News

NADA Says New-Vehicle Sales to Reach 17.7 Million in 2016

In a joint press conference preceding the Los Angeles Auto Show, representatives from the NADA and J.D. Power spoke on the current state of auto retailing and delivered their 2016 new- and used-vehicle sales predictions.

Tags: Diesel Powered, Jonathan Banks, NADA, New-Vehicle Sales, Steven Szakaly, Used Car Guide, used-vehicle values, Volkswagen

November 16, 2015 - Industry News

Auto Loan Balances Top $1 Trillion in Q3, TransUnion Reports

Despite auto loan balances rising by $101 billion, delinquencies remained flat from a year ago. Officials with the credit reporting agency said their seeing controlled and deliberate growth by lenders.

Tags: 60-Day Delinquency Rate, auto loan origination, Auto Loans, Delinquencies, TransUnion

November 16, 2015 - Industry News

House to Vote on CFPB-Altering Bill This Week

Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA

November 16, 2015 - Industry News

Edmunds to Boost Workforce

Crediting the industry's record sales pace, Edmunds announced last week it expects to add 100 new employees

Tags: Edmunds.com, third-party sites

November 16, 2015 - Industry News

EFG Named to Dallas Morning News' 'Top 100 Places to Work' List

EFG Companies was named to the Dallas Morning News' list of Top 100 Places to Work, marking the firm's ninth national award the group has earned this year for excellence and customer service.

Tags: EFG Companies, F&I product provider, F&I products, Hyundai

November 16, 2015 - Industry News

Larry H. Miller Management Corp. Announces Board of Directors

The appointment of the new board follows the company’s March 2015 announcement of a new corporate structure and a nationwide search for board members with executive experience outside the Miller organization.

Tags: Greg Miller, Larry H. Miller Dealerships

November 12, 2015 - Industry News

JM Family Names Ron Coombs CFO

Coombs, a 10-year member of JM Family’s executive management team, was named senior vice president and CFO, a role in which he will oversee the company’s financial operations.

Tags: JM Family, JM&A Group, Ron Coombs, World Omni Financial Corp.

November 12, 2015 - Industry News

Embracing Tech Results in Higher Customer Satisfaction, J.D. Power Finds

In its 29th year, J.D. Power’s U.S. Sales Satisfaction Index Study showed that the use of technology tools like tablets and computer displays resulted in higher customer satisfaction.

Tags: Digital Age, F&I manager, Internet customer, internet sales, J.D. Power and Associates, Tablet Menu, Vehicle Sales, virtual F&I office

November 12, 2015 - Industry News

Budco Financial Integrates VSC Financing Plan Into iTapMenu

Budco Financial has integrated its interest-free financing plan for service contracts into iTapMenu’s tablet F&I menu.

Tags: Budco Financial, iTapMenu, Payment Plan

November 12, 2015 - Industry News

S.C. Supreme Court Upholds Jury Court’s $3.6 Million Doc Fee Ruling

Dissenting Justices in the South Carolina Supreme Court's 3-2 decision say the dealership, which is part of the 94-rooftop Hendrick Automotive Group, was ‘punished for doing exactly what South Carolina permitted it to do.’

Tags: document fees, Hendrick Honda of Easley, Henrick Automotive Group, South Carolina Supreme Court

November 12, 2015 - Industry News

MakeMyDeal Rolling Out F&I Connect Tool

Billed as a product designed to bring the F&I process into the Digital Age, F&I Connect allows dealers to promote their F&I products and prices to customers in a controlled online environment.

Tags: Cox Automotive, F&I products, MakeMyDeal, Online F&I , Online Marketplace

November 10, 2015 - Industry News

Panasonic to Release Service Bay-Ready Laptop

The new device, which Panasonic describes as the first fully rugged detachable laptop, will be available in February 2016 for an estimated price of $3,099.

Tags: Panasonic, Parts and Service, service drive, Service Tools

November 10, 2015 - Industry News

CFPB Again Rejects NADA's FOIA Request

For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

Tags: CFPB, dealer markups, dealer participation plans, interest rates, NADA

November 10, 2015 - Industry News

Former Ford Exec Joins Motormindz

John Felice, who served as director of Ford's fleet sales unit, has joined the global automotive professional services and technology company as a senior partner.

Tags: fleet sales, Ford, technology solutions

November 10, 2015 - Industry News

Volkswagen Launches 'TDI Goodwill Program'

Volkswagen has launched a "TDI Goodwill Program" to offer compensation to owners of its diesel-powered vehicles.

Tags: Diesel Powered, EPA, TDI, Volkswagen

November 10, 2015 - Industry News

JM Family Makes Fortune’s 50 Best Workplaces for Diversity

JM Family lands at No. 47 on Fortune and Great Places to Work’s list of 50 Best Workplaces for Diversity. The company also ranked No. 9 on Essence’s list of 10 Best Workplaces for African Americans.

Tags: Best Places to Work, Essence, FORTUNE, JM Family, People

November 10, 2015 - Industry News

Indiana Dealer Reaches Settlement Regarding Doc Fees

Jeff Wyler Clarksville will repay more than 4,000 customers who paid a document fee the state attorney general said violated Indiana’s Motor Vehicle Dealer Unfair Practices Act.

Tags: document fees, Indiana Attorney General's Office, Jeff Wyler Clarksville, Unfair Practices