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July 7, 2016 - Industry News

LoJack Issues Warning About 'Connected Car Thieves'

LoJack launched a campaign this month to educate and alert vehicle owners about the sophisticated techniques employed by today's 'connected vehicle thief.' The information shared can be used by F&I managers to educate consumers about the need for vehicle-recovery systems.

Tags: identity theft, LoJack, theft protection, Vehicle Theft

July 6, 2016 - Industry News

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

Tags: auto finance, CFPB, GAP, payment deferral

July 6, 2016 - Industry News

Online Retailer Launches Nationwide Vehicle Delivery

Beepi, an online used-vehicle retailer founded in 2013 by a serial entrepreneur who had a bad car-buying experience, is now offering nationwide vehicle delivery. The cost of the service, according to the company, is determined by the distance between the seller and buyer.

Tags: Beepi, Online Buying, Vroom

July 6, 2016 - Industry News

Registration Opens for Las Vegas Compliance Summit

Organizers of Compliance Summit announced that registration for the Las Vegas event is now open. This two-day event, part of the annual Industry Summit, is scheduled for Aug. 29-30 at Paris Las Vegas.

Tags: Compliance Summit, Industry Summit

July 6, 2016 - Industry News

Vroom, eBay Motors Forge Partnership

Starting in the third quarter, eBay will allow Vroom to make formal cash offers to private vehicle sellers on its website.

Tags: eBay Motors, Partnership, Vroom

July 5, 2016 - Industry News

FTC Announces Significant Hike to Civil Penalty Maximums

Violations of the Federal Trade Commission’s prohibition on unfair or deceptive acts or practices are going to get more expensive come Aug. 1. That’s when the commission’s interim final rule aimed at increasing a variety of civil penalties takes effect.

Tags: compliance, Deceptive Practices, Federal Trade Commission

July 5, 2016 - Industry News

Jumpstart: 60% of Millennials Buy a New Vehicle Every Three Years

A study from Jumpstart and Ipsos Connect found that 74% of Millennials now take four weeks or less when shopping for a car. It also found that women continue influence a majority of all vehicle transactions.

July 5, 2016 - Industry News

CFPB Proposes Implementation of Privacy Notice Exemption

Last week, the CFPB proposed to implement an amendment to the Gramm-Leach-Biley Act (GLBA) that will grant certain financial institutions exemption from sending annual privacy notices to customers.

Tags: CFPB, Customer Privacy, Law

July 5, 2016 - Industry News

KBB: Average Transaction Price Rises in June

Fueled by domestic brands and the sale of trucks and SUVs, the average price for a new vehicle in June increased 2% from a year to $33,652, according to Kelley Blue Book.

Tags: Fiat Chrysler, Ford, General Motors, KBB, Transaction Prices

June 30, 2016 - Industry News

NHTSA Issues Urgent Warning to 313,000 Honda, Acura Owners

Two Honda models that contain the dangerous Takata air bag inflators. 

New tests on Takata airbag inflators show that certain model-year 2001-2003 Honda and Acura vehicles have up to a 50% chance of rupturing during a crash, according to a National Highway Traffic Safety Administration (NHTSA) alert.

Tags: Acura, Danger, Honda, NHTSA, Recall, Takata

June 30, 2016 - Industry News

Roadster Launches Ecommerce Solution for Dealers

Roadster announced today it’s making its Express Storefront available as a white-label solution for dealers. The mobile eCommerce platform is designed to allow dealers to bring the entire car-buying experience online, from merchandising to home delivery.

June 29, 2016 - Industry News

SurgeCurve CEO Seeks 12 More Dealerships for New Marketing Platform

SurgeCurve, a new web-based customer engagement and marketing tool, launched Tuesday. With its release, company CEO Matt Rutkovitz announced that he’s seeking 12 additional retailers to experience how his new “Meet the Sales Team” online video tool works.

June 29, 2016 - Industry News

Technology Veteran Joins AutoLoop as COO

Alex Eckelberry, COO, AutoLoop. 

AutoLoop has appointed Alex Eckelberry as its new COO. The technology veteran will be responsible for overall operations of the company.

Tags: AutoLoop, COO, hiring

June 29, 2016 - Industry News

DealerSocket Adds LenderPay Integration to FEX DMS

DealerSocket’s FEX DMS is now integrated with ProPay’s LenderPay platform. The partnership, the company stated, will allow FEX users to select the credit processor that best fits their dealership’s unique needs.

Tags: Credit Processing, DealerSocket, ProPay, Software

June 29, 2016 - Industry News

OP-ED: NADA Chairman Calls on Dealers to Rally Behind CFPB-Reform Bill

Introduced in March, U.S. Senate Bill 2663 aims to repeal the bureau's March 2013 guidance on dealer participation and add a few more steps to the regulator's guidance-writing activities. In an op-ed piece posted on the NADA's website, Chairman Jeff Carlson offers his thoughts on the legislation and explains why dealers need to rally behind it.

Tags: CFPB, dealer participation, Jeff Carlson, NADA

June 29, 2016 - Industry News

Mobile Phones, Online Research Shrinking Shopping Window, Study Shows

From start to finish, the time it takes consumers to pull the trigger on a vehicle purchase is shrinking. And according to a new study from Jumpstart Automotive, Millennials are the reason.

Tags: Car Shopping, Consumers, Dealership, Jumpstart Automotive, Study

June 28, 2016 - Industry News

RoadVantage Completes Second Annual SSAE 16 Type II Audit

RoadVantage has successfully completed its second annual SSAE 16 (SOC 1) Type II audit, ensuring the company’s controls and procedures continue to conform to industry standards for best practices, according to a company announcement.

Tags: Audit, RoadVantage, SSAE

June 28, 2016 - Industry News

Former Nissan Dealer to Pay $101,986 for Deceptive Practices

About 119 former customers of Saratoga Springs Nissan who were charged illegal fees and sold F&I products without their knowledge will share in $101,986 in restitution, according to the settlement reached between the dealership's former owner and the New York Attorney General's Office.

Tags: Attorney General, Crime, Deceptive Advertising, Deceptive Practices

June 28, 2016 - Industry News

96.7% of Jeeps Are U.S.-Built, Experian Reports

An Experian analysis found that out of all auto brands that sell in the United States, Jeep had the highest percentage of vehicles built domestically. According to the analysis, 96.7% of Jeeps on U.S. roads were assembled in the country.

Tags: American, Analysis, Experian, Experian Automotive, Jeep

June 27, 2016 - Industry News

KBB Predicts Record Sales in June

Kelley Blue Book expects June new-vehicle sales to increase 5% from a year ago to 1.55 million units. This predicted increase should result in an estimated 17.1 million seasonally adjusted annual rate (SAAR).

Tags: Compact Segment, CUV, June Sales, KBB, Kelley Blue Book, Mid-Size Segment

June 27, 2016 - Industry News

Helion Gains UCSE Tier 1 Support Certification

With its new certification, Helion Automotive Technologies is now authorized to work with auto dealers to design, program and implement custom UC systems, as well as provide support for day-to-day operations and perform high-level troubleshooting.

Tags: Communications, Dealerships, Helion Technologies, ShoreTel

June 27, 2016 - Industry News

EFG Companies Names Vice President of Compliance

Steve Roennau, vice president of compliance, EFG Companies.

EFG Companies has named 30-year industry veteran Steve Roennau vice president of compliance, the company announced last week.

Tags: EFG COmpanies, hiring, Vice President

June 24, 2016 - Industry News

CNA National Appoints New Chief Actuary

Karen Queen, chief actuary for CNA National Warranty Corporation.

Karen Queen has been appointed as the chief actuary for CNA National Warranty Corp. She spent the last nine years with CNA National's parent company, where she most recently served as the assistant vice president for professional liability pricing.

June 23, 2016 - Industry News

Supreme Court Rules in Favor of Dealers in Overtime Pay Dispute

In a 6-2 decision, the Supreme Court vacated the 9th U.S. Circuit Court of Appeals' ruling that service advisors qualified for overtime pay because they were not considered “salesmen” under the Fair Labor Standard’s Act (FLSA).

Tags: Overtime, Service Advisors, Supreme Court

June 23, 2016 - Industry News

Edmunds.com Predicts Best June Sales in 11 Years

Edmunds.com said today it expects the industry to post the best June sales since June 2005, when 1.67 million vehicles were registered. The retail SAAR should come in at 13.6 million units, with fleet transactions accounting for 20.1% of total sales, according to the firm.