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September 28, 2017 - Industry News

RMS Automotive Adds Carfax Search to Digital Sales Platform

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

September 28, 2017 - Industry News

SpringboardAuto Expands Operation to 22 States

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

September 28, 2017 - Industry News

CNA National Names Keith Mahoney CDO

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

Cox Automotive Names Janet Barnard Chief People Officer

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.

September 27, 2017 - Industry News

KBB Puts September's SAAR at 17.5 Million

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

September 27, 2017 - Industry News

AutoGravity Hits $1 Billion Mark

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

September 27, 2017 - Industry News

Mass. AG Sues JD Byrider for Predatory Sales and F&I Practices

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

J.D. Power: Wholesale Prices Decline in August

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

September 26, 2017 - Industry News

Alpha Reveals Unlimited Term Mileage Program

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.

September 26, 2017 - Industry News

CFPB: More than 40% of U.S. Adults Struggle to Make Ends Meet

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

Dealers More Optimistic About Used-Car Market vs. New

Photo via order_242/Wikimedia (Creative Commons)

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

September 22, 2017 - Industry News

SouthwestRe, DAC Sold to Canada's iA Financial Group

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

GWC Warranty Names New Chief Revenue Officer

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

September 21, 2017 - Industry News

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

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

September 21, 2017 - Industry News

CitiFinancial Pays $907K to Settle Military Repo Charges

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

Hyundai Capital America Partners With AutoGravity

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.

September 20, 2017 - Industry News

Jumpstart: Interest in Luxury Sport, Coupe Segments Growing

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

September 20, 2017 - Industry News

TrueCar Partners With Team RWB to Support Old Glory Relay

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.

September 20, 2017 - Industry News

RoadVantage’s New Preferred LeaseCare Combines Active Protection With Lease-End Benefit

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

September 20, 2017 - Industry News

Vast Adds Predictive Analytics Feature to CarStory Platform

CarStory Insights is a new feature that adds predictive analytics functionality to Vast’s artificial intelligence platform.

September 20, 2017 - Industry News

Gubagoo Adds Credit Check Capability to Live Chat

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.

September 20, 2017 - Industry News

Gubagoo Debuts Outbound Texting Capability

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

Experian: Shift Toward Used Continues in Q2

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.

September 19, 2017 - Industry News

S&P/Experian: Auto Default Rate Registers Largest Increase Since December 2011

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

September 19, 2017 - Industry News

Hearst Autos Sets Up Shop in Atlanta

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.