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November 9, 2016 - Industry News

Auto Balances Up 9% in Q3, TransUnion Reports

Total auto loan balances in the third quarter grew 9% from a year ago to $1.1 trillion, with subprime balances leading the way, TransUnion reported on Monday.

Tags: Auto Loan Originations, Auto Loans, Third Quarter, TransUnion

November 8, 2016 - Industry News

Ally Remains Bullish About Future Prospects

Ally CEO Jeffrey Brown acknowledged the finance source missed analysts’ expectations in the third quarter, but said the finance sources feels even more ‘bullish about the upside potential that exists’ ahead. He was referring to the company’s acquisition of an online auto lender exchange that will help it build a direct-to-consumer option.

November 8, 2016 - Industry News

Black Book: Depreciation Slows for Cars and Trucks

Both the car and truck segments experienced an overall reduction in depreciation during the week of Oct. 28, with car and truck wholesale values decreasing by 0.53% and 0.58%, respectively, vs. 0.76% and 0.80% the previous week..

Tags: Black Book, Depreciation, Used Vehicles, Wholesale Pricing

November 8, 2016 - Industry News

Wholesale Used-Vehicle Prices Decline in October, Manheim Reports

Wholesale used-vehicle prices declined 0.7% in October, according to Manheim. Non-seasonally adjusted prices declined 2%, with the Manheim Used Vehicle Value Index increasing 0.6% from a year ago to 126.0.

Tags: Manheim, Manheim Index, Manheim Used Vehicle Report, New-Vehicle Sales

November 8, 2016 - Industry News

GWC Warranty's Blog Honored at AAPEX

This week, F&I product provider GWC Warranty was awarded a 2016 Automotive Communication Award at the Women’s Board Reception during the Automotive Aftermarket Products Expo.

Tags: Awards, Blog, Communications, GWC Warranty Corporation

November 7, 2016 - Industry News

Auto/Mate Wins Seventh Consecutive 'Best Place to Work' Award

Auto/Mate Dealership Systems has been recognized as one of the 30 “Best Places to Work” in New York State’s Capital region by the Albany Business Review, the company announced today.

Tags: Auto/Mate, Awards, Dealerships, DMS

November 4, 2016 - Industry News

Copart Announces Land Expansion, Activation Across Five States

Copart Inc. announced the activation of reserve land in Georgia and Virginia, in addition to the expansion of existing locations in the Carolinas and Florida. The land expansions and activations are connected to Hurricane Matthew, allowing the global online vehicle auction company's Catastrophe Response Team to provide even greater service in response to weather-related damage.

Tags: Auto Auctions, Copart

November 3, 2016 - Industry News

Sold Calif. Dealership Leaves Customers With Worthless Lifetime Service Package

Customers who bought cars from Hooman Toyota of Long Beach are angry after losing the perks of an offer they paid into following the dealership's change of ownership, NBC 4 News reports.

Tags: Advertising, Dealership, Hooman Automotive Group, Toyota

November 3, 2016 - Industry News

Black Book: Small Cars Falter, Small Pickups Prosper in October

The average price of a used vehicle for model years 2011-2015 depreciated 2.9% in October, a noticeable change from September's 2.3% depreciation rate, according to Black Book.

Tags: Black Book, Retention, Used Vehicles

November 3, 2016 - Industry News

Sonic: Q3 'Operationally Challenging'

F&I, used retail sales, and fixed ops helped dampen Sonic's third quarter declines in volume and gross profit per unit (GPU) retailed. The group also reported that its EchoPark locations increased their F&I per-copy average by 16.3% to $1,078. Overall, the group's F&I operations averaged $1,341 per copy during the period.

Tags: F&I, Quarterly Earnings, Sonic Automotive, Third Quarter, Used Vehicles

November 2, 2016 - Industry News

Fletcher Jones Targets Millennials With New Car-Buying App

The mobile app allows customers of the group's Mercedes-Benz stores to select their vehicle, the dealership from which to buy, apply for financing or a lease, and then take their approval to the dealership to pick up their vehicle.

Tags: AutoGravity, Fletcher Jones, Mercedes-Benz, Mobile Applications, Technology

November 2, 2016 - Industry News

ADESA Opens New Location In Chicago

ADESA has officially opened its new ADESA Chicago auto auction, a location that cost the company $40 million to develop, according to a company announcement.

Tags: ADESA, Chicago, KAR Auction Services, Technology

November 2, 2016 - Industry News

Sun Toyota Names New Used Car Director

Sun Toyota promotes Shawn Mazzoni to used-car director, the dealership announced this week. He will lead the consolidation of two separate used-car operations into a single department, which will be housed in a newly constructed sales tower.

Tags: Promotion, Sun Toyota, Used Vehicles

November 1, 2016 - Industry News

KBB: New-Vehicle Transaction Prices Rise More Than 2% in October

The estimated average transaction price for a light vehicle in the U.S. in October was $34,663, a 2.3% increase over the same time last year. Fiat Chrysler registered the biggest gain in average transaction price, followed by Nissan and Ford.

Tags: Ford, KBB, Kelley Blue Book, Nissan, Transaction Prices

November 1, 2016 - Industry News

AutoNation Continues Living Above $1,600 Per-Copy in Q3

For the third time this year, AutoNation's F&I department has cracked the $1,600 per-copy mark. But the big news is the group's intention to open used-only dealerships in 2017. They will be called AutoNation USA stores, and will feature noncommission-based sales associates and negotiation-free pricing.

Tags: AutoNation, Financial Report, Q3, Quarterly Earnings

November 1, 2016 - Industry News

Yamaha Captive Launches Credit Card Program

Launched last year to serve first-time and limited credit buyers, Yamaha Motor Finance Corp. is in expansion mode. The captive launched a new credit card to replace a program managed by various banks over the last 20 years. The finance source will also be targeting prime customers with its new card.

November 1, 2016 - Industry News

Vehicle Depreciation Accelerates Heading Into Q4

A steep decline in Crossover/SUV wholesale values, which have been strong all year, may point to more than seasonality as the reason for the accelerated depreciation of two-year-old vehicles, Black Book said this week.

Tags: Black Book, Finance, used-vehicle values, vehicle depreciation, Wholesale Values

November 1, 2016 - Industry News

Carl Grane Appointed Director of Training for EasyCare

The 28-year industry veteran will spearhead the development and execution of new financing, sales, and service training programs, as well as refine the company’s overall training strategy for internal employees, agents and dealers.

Tags: EasyCare, F&I manager, F&I products, F&I Training, general agents

November 1, 2016 - Industry News

Unotifi Integrates myCarfax Service Shop Tools Into CRM System

With open recall information from Carfax integrated into the Unotifi Communicator platform, dealerships and service shops can alert new and existing customers about safety recalls on their vehicles.

Tags: Carfax, CRM, Parts and Service, Recall Management, Unotifi

November 1, 2016 - Industry News

MVSC Rolls Out Titling Solution for California, Nevada Credit Unions

Vitu Lending is designed to cut down on what had been a two-week process for Nevada and California credit union clerks to two days. Additional regional solutions are planned for the start of 2017.

Tags: Credit Unions, ELT, Finance, MVSC

October 27, 2016 - Industry News

Volvo Teams With JM&A on F&I Product Suite

The products will be marketed as Volvo Increased Protection Plans, or VIP. The suite will feature vehicle service contracts, including plans geared toward certified pre-owned units, prepaid maintenance, and tire-and-wheel protection. JM&A will also provide F&I performance and compliance training.

Tags: F&I products, JM&A Group, Partnership, Volvo

October 27, 2016 - Industry News

Florida Dealer Sues Competitor For Selling Vehicles With Takata Airbags

A Florida dealer who has ceased selling Takata airbag-equipped cars is now suing a competitor for failing to disclose to consumers that vehicles on his lot are equipped with the defective airbag.

Tags: Dealer, Disclosures, Florida, Lawsuit, Takata

October 27, 2016 - Industry News

DRIVIN Wins Chicago Innovation Award

DRIVIN, which operates an online marketplace for dealers to sell, search and buy used inventory, was named one of the winners at the 15th annual Chicago Innovation Awards, the firm announced this week.

Tags: Awards, DRIVIN, Online Marketplace, Used Vehicles

October 27, 2016 - Industry News

KBB: SUV Sales to Top Car Sales in October

For the first time on Kelley Blue Book’s record, SUV sales should top car sales in the United States. The firm also expects new-vehicle sales to decline 6% in October due, in part, to two fewer selling days vs. a year ago.

Tags: Kelley Blue Book, New-Vehicle Sales, SAAR, Subaru

October 27, 2016 - Industry News

Lithia: Right People, Pay Plans and Product Deliver Record F&I Performance in Q3

Record-setting F&I, a strong used-vehicle segment, and gains in parts and service paved the way for a year-over-year improvement in total gross profit for Lithia Motors during the period.

Tags: F&I, Financial Report, Lithia Motors, Third Quarter