October 25, 2017 - Industry News
Despite the expected decline, October looks to be relatively strong on strong replacement demand in hurricane-impacted states and higher incentive spending. Kelley Blue Book analysts, however, believe these are indicators that new-vehicle demand is still contracting.
Tags: Fiat Chrysler, Honda, Kelley Blue Book, new-vehicle sales, Nissan, SAAR, Toyota, Volkswagen
The latest edition of eLEND Solutions’ Digital Retailing Survey finds most dealers describe themselves as willing to adopt digital retailing but actual adoption rates — and levels of understanding — are wanting.
The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.
Tags: Arbitration, CFPB, compliance, F&I products
A new survey from Roadster shows that when it comes to millennials, the car business ranks just behind 'politician' and 'tax collector' as occupations they'd like to avoid.
Tags: car dealerships, digital retailing, Millennials, online F&I, Roadster, technology
October 24, 2017 - Industry News
The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.
Tags: auto finance, CFPB, compliance, dealer markups, F&I products
Auto/Mate’s annual User Summit drew more than 100 customers for three days of sessions and networking.
Flick Fusion’s new VidCom mobile app was designed to offer auto dealers a multiplatform video communications tool.
The fixed ops director for Florida’s Gettel Automotive Group credits ELEAD1ONE with effecting a customer experience improvement that drove a 15% increase in fixed ops gross.
October 23, 2017 - Industry News
September’s rate was recorded after August’s 68.3% approval rate. The car leasing marketplace attributed September’s rate to the effects of hurricanes Harvey and Irma.
Tags: credit approval rate, lease, Swapalease.com
Fair’s latest funding round was led by BMW iVentures and includes investments from Penske Automotive Group and other investors. The startup also raised nearly $1 billion in debt funding from a group of investment banks and a Sherpa Capital-led entity.
Tags: digital retailing, Fair, George Bauer, online F&I, Scott Painter, TrueCar
October 19, 2017 - Industry News
Honcker announced the closing of a seed financing round led by Evolution Corporate Advisors and the expansion of its car leasing marketplace into a total of eight states.
TradeRev has enhanced the role of Executive Vice President Keith Crerar while promoting Will Farmer to executive director of U.S. dealer sales and hiring Vince McNeal as executive director of commercial sales for the U.S. and Canada.
Fastlane has partnered with F&I Express to incorporate VIN-specific vehicle service contract and aftermarket pricing in its dealer-focused online car-buying platform.
October 18, 2017 - Industry News
The attorney general's two-year crackdown on payment packing and the unlawful sale of credit repair services has resulted in 13 dealership settlements and more than $19 million in total restitution and penalties.
Tags: Credit Forget It, credit repair services, Eric T Schneiderman, F&I manager, jamming, payment packing
Under the transaction agreement, Assurant Inc. will become a wholly owned subsidiary of TWG Holdings Limited, whose name will be changed to Assurant Ltd. Assurant shareholders will own approximately 77% of the combined company, while TPG and its affiliates will own the remaining 23%. The transaction is expected to close in the first half of 2018.
Tags: Assurant Solutions, F&I products, The Warranty Group, vehicle service contracts, warranty
Nenni will use his three decades of auto tech experience with Dealer Specialties and Dominion Dealer Solutions to enhance vendor and dealer operations.
Automotive retail and compliance expert Max Zanan is set to release ‘Perfect Dealership,’ a new book designed to serve as an auto dealer’s guide to surviving the Digital Age.
CarStory’s new, AI-driven predictive analytics interface was designed to show dealers how their sales will rank in their local markets.
October 17, 2017 - Industry News
Depreciation increased for both cars and light trucks, with car segments recording the highest weekly depreciation in seven weeks. Prices in the Houston-area, however, remain elevated, according to the firm.
Tags: Auction, Black Book, used-vehicle values, vehicle depreciation
‘Like I See It’ has already achieved best-seller status based on preorder sales. The book devotes chapters to margin compression, increased OEM control and financial reliance of their dealer partners, technology disruption and consumer preferences for digital retailing.
Tags: Customer Experience, Dale Pollak, digital retailing, Inventory Management, online F&I
The fintech firm named Chuck Schofield vice president of dealer sales. The new executive previously served as a regional senior manager for Mercedes–Benz Financial Services. He now joins AutoGravity cofounder Aleks Bogoeski in expanding the firm's dealer network development program.
Tags: auto finance, AutoGravity, digital retailing, online F&I
October 16, 2017 - Industry News
Cars.com has launched a number of new features and enhanced vehicle inventory pages designed to enable car buyers to quickly and easily find the right car for their needs.
CloudOne and iHeartMedia have agreed to a new advertising deal that will connect CloudOne’s lead-generation platform with iHeart’s network of radio stations.
Autotrader has listed the 10 most-searched vehicles in the site’s 20-year history, which includes more than 2 billion car shoppers and 350 million vehicle listings.
October 12, 2017 - Industry News
This was the first time the F&I product company entered the contest, ranking No. 51 out of 100 companies that made the business networking group’s annual list.
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