September 28, 2017 - Industry News
Dealers with a Carfax Advantage account can now use Carfax information when searching for inventory through manufacturers’ digital sales platforms powered by RMS Automotive. BMW Financial Services NA LLC is the first company to incorporate the search function into its RMS-powered digital marketplace.
Tags: Auto Auctions, Carfax, remarketing, RMS Automotive, vehicle history report
Founded by Jim Landy and other auto finance veterans, the digital retailing company is looking to revolutionize the automotive fintech space behind a set of self-serve, real-time finance tools. So far in 2017, the firm reports a compound monthly growth rate for completed loans of 20%.
Tags: auto finance, digital retailing, Jim Landy, online F&I, SpringboardAuto
Twenty-year industry veteran Keith Mahoney has joined CNA National’s executive leadership team as the company’s first-ever chief development officer.
September 27, 2017 - Industry News
Barnard steps into a role vacated by the retirement of longtime human resources leader Rock Anderson. Filling her role as president of the company’s Inventory Solutions group is Grace Huang, who served as senior vice president of Manheim Inventory Services.
Kelley Blue Book said replacement demand driven by hurricanes Harvey and Sandy is already being felt in some areas. The firm predicts that will continue into October and potentially November as vehicle insurance payouts are received.
Tags: Hyundai-Kia, Kelley Blue Book, new-vehicle sales, SAAR, Toyota
More than 750,000 car buyers have downloaded the AutoGravity app, pushing the company past $1 billion in total finance amount requested.
Tags: AutoGravity, digital retailing, online F&I
Massachusetts Attorney General Maura Healey has filed a lawsuit accusing JD Byrider of selling poorly reconditioned vehicles under unaffordable terms with unwanted F&I products.
September 26, 2017 - Industry News
Wholesale prices of used vehicles up to eight years in age fell by 1.2% in August. Over the past five years, however, losses for the period averaged a more significant 2.2%.
Tags: JD Power, NADA Used Car Guide, used-vehicle sales, used-vehicle values, Wholesale Pricing, wholesale values
Alpha Warranty has updated its PriorityOne program to include unlimited mileage and extend eligibility to vehicles up to 10 model years and 125,000 miles.
The bureau released results of a national survey that measures the financial well-being of specific consumer groups as well as the population as a whole. The regulator also announced the release of a new tool designed to allow consumers to measure their level of financial well-being.
Tags: auto finance, CFPB, Credit
September 22, 2017 - Industry News
Sentiment speaks to recent auto finance data showing prime and superprime car buyers shifting toward used, where the average monthly payment was $139 less than the record $504 average monthly payment for new in the second quarter.
Tags: auto finance, Cox Automotive, Experian Automotive, new-vehicle sales, used-vehicle sales
iA Financial Group, one of the largest life and health insurance companies in Canada, has signed an agreement to acquire shares of third-party administrator SouthwestRe and its insurance arm, Dealers Assurance Co. The acquisition is expected to more than double the firm’s vehicle warranty business.
Tags: Dealers Assurance Company, F&I products, iA Financial Group, Jim Smith, reinsurance, SouthwestRe, vehicle service contracts
September 21, 2017 - Industry News
The F&I product provider named Brian Stach to the post. The former vice president for Internet Brands will oversee all of GWC Warranty's field sales operations, including a nationwide team of area vice presidents, dealer consultants, and trainers.
Tags: F&I products, GWC Warranty, Used-Vehicle Service Contracts
House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.
Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services
CitiFinancial has agreed to pay $907,000 to settle U.S. Department of Justice charges that it illegally repossessed vehicles sold to active-duty military members.
September 20, 2017 - Industry News
Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for Hyundai, Kia or Genesis.
Shoppers on Jumpstart Automotive Media’s portfolio of automotive publishers are gravitating toward the luxury sport, coupe, luxury sport sedan, and large SUV categories. But the two segments grabbing the most attention are alternative fuel vehicles and subcompact SUVs and CUVs.
Tags: BMW, Jaguar, Jumpstart Automotive, online shoppers, Toyota
TrueCar and Team Red, White & Blue have partnered to support Old Glory Relay, a 4,600-mile journey across America that will deliver a free van to a deserving veteran or active military member.
The new program combines the ‘as you drive’ benefits of the F&I product provider’s ancillary products, including dent-and-ding, windshield repair, interior/exterior repair, and key replacement, with a lease-end benefit.
Tags: dent-and-ding, F&I products, key replacement, lease, RoadVantage, windshield protection
CarStory Insights is a new feature that adds predictive analytics functionality to Vast’s artificial intelligence platform.
Gubagoo’s new Credit Pre-Qualification feature is designed to provide dealers with rich data they can use to prequalify customers during an online chat session.
Gubagoo has launched Outbound Texting, a new feature designed to add permission-based SMS texting to the company’s ResQ mobile and desktop app.
September 19, 2017 - Industry News
The subprime pullback continued in the second quarter. However, the big news was the continued shift toward used by consumers with prime and superprime credit.
Despite the nine-basis-point increase, the auto loan default rate remains near levels recorded one year ago. However, declining auto sales and the normal end-of-year push to make room for newer models may encourage easier credit conditions and raise concerns about future defaults.
Tags: auto defaults, auto finance, new-vehicle sales, S&P/Experian
Hearst Autos now has a new, permanent office in the Antique Row district of Chamblee, Ga., near Atlanta. According to officials, the overall idea of the new office space was to create an innovative and inspiring environment.
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