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July 17, 2015 - Industry News

CFPB Deputy Director Steve Antonakes Steps Down

After nearly five years with the CFPB, Deputy Director Steve Antonakes is stepping down from his position as the bureau’s No. 2 official to spend more time with his family.

Tags: CFPB, Consumer Financial Protection Bureau, employment, Richard Cordray, Richard Hackett

July 16, 2015 - Industry News

Win a Trip to Industry Summit 2015

IAS and F&I and Showroom magazine have launched a new contest that will send five F&I managers to Industry Summit 2015. The competition will be used to tee up a special F&I manager- and agent-only workshop session at the magazine’s annual conference.

Tags: Ask Joe, F&I director, F&I manager, F&I Products, F&I Training, IAS, Industry Summit, Innovative Aftermarket Systems, Joe St. John

July 15, 2015 - Industry News

Depreciation Slows in June, NADA Used Car Guide Reports

Used-vehicle depreciation slowed modestly in June compared to May’s more rapid pace, the firm reported this week, with prices for vehicles up to eight years in age falling 2.5% on a monthly basis in June.

Tags: J.D. Power and Associates, NADA Used Car Guide, Used Vehicles, used-vehicle values, vehicle depreciation

July 15, 2015 - Industry News

Ricky Beggs Receives NIADA’s Ring of Honor Award

Ricky Beggs, who previously served as Black Book's senior vice president, was honored as the newest member of the National Independent Automobile Dealers Association's prestigious Ring of Honor.

Tags: Black Book, National Independent Automobile Dealers Associatio, NIADA, Ricky Beggs

July 15, 2015 - Industry News

Holman Acquires New Jersey BMW and Mini Dealerships

Holman Automotive Group acquires Princeton BMW and Princeton Mini, expanding the company’s footprint into central New Jersey.

Tags: Dealership, Holman Automotive Group, merger and acquisition, New Jersey

July 14, 2015 - Industry News

NADA Urges Dealers to Review FCC’s TCPA Ruling

The ruling, issued Friday, could require changes in dealers’ telephone and text marketing practices. Among the changes that could affect dealers is the TCPA’s interpretation of the term “automatic telephone dialing system.”

Tags: autodialers, NADA, telemarketing, Telephone Communications Protection Act

July 14, 2015 - Industry News

N.Y. AG Announces Two Actions Against Dealers

New York Attorney General Eric T. Schneiderman announced two separate actions this week against a 22-store dealer group and a Hyundai dealership, both related to deceptive advertising practices.

Tags: Attorney General, Compliance, Deceptive Advertising, New York, Settlement

July 14, 2015 - Industry News

CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.

Tags: American Honda Finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, rate markup

July 14, 2015 - Industry News

NADA Files Request to Make CFPB Memo Public

The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, Dodd-Frank Act, markups, NADA, National Automobile Dealers Association, Richard Cordray

July 9, 2015 - Industry News

Ally to Offer APR, FICO Score and Secure Email for Auto Consumers

Starting July 19, Ally will offer customers direct access to their FICO Scores and APR within their online accounts. The finance source has also launched a secure email feature on its site to help customers send and receive account information and documentation.

Tags: Ally, Ally Financial, APR, Auto Loans, FICO Score

July 8, 2015 - Industry News

Edmunds Opens Registration for Used+ Program

Edmunds.com has opened registration for its Used+ used-car sales program, which offers shoppers a vehicle-protection plan and a $200 gas card. Asked if the program might lead Edmunds into F&I product sales, a spokesperson said '... It is an option we would be open to exploring.'

Tags: Edmunds.com, Incentives, used car sales, Warranty

July 8, 2015 - Industry News

Cox to Resubmit Federal Filing for Proposed Dealertrack Acquisition

The company still expects to complete its proposed acquisition of Dealertrack in the third quarter despite voluntarily withdrawing its filing under the Hart-Scott-Rodino Antitrust Improvements Act. The move was made to give the Justice Department more time to review the proposed deal.

July 8, 2015 - Industry News

Used-Vehicle Market Remains Solid, Manheim Reports

Used-vehicle values remained in line with expectations during the second quarter, according to Manheim.

Tags: Manheim, Manheim Used Vehicle Report, Second Quarter, used-vehicle values

July 8, 2015 - Industry News

GSFSGroup Launches Project to Support Veterans

GSFSGroup associates have launched an annual service project to assemble care packages for military veterans at the Michael E. DeBakey VA Medical Center in Houston.

Tags: GSFSGroup

July 8, 2015 - Industry News

Smaller Cars, Domestics Depreciated Most in June, Black Book Reports

Data from Black Book shows an increasingly large disparity between car and truck depreciation patterns, with smaller cars experiencing the most depreciation during June.

Tags: Black Book, car prices, June, vehicle depreciation

July 7, 2015 - Industry News

Industry Summit Organizers Reveal New Conference Features

Industry Summit 2015 will feature new lightning-round sessions that will allow attendees to discover new F&I tools and solutions, event organizers announced.

July 7, 2015 - Industry News

UDS Names New South Florida Regional Manager

A former F&I development manager for AutoNation has joined United Development Systems as its new regional manager for the South Florida market.

July 7, 2015 - Industry News

AutoStar Solutions Shares Top Credit Reporting Mistakes

AutoStar's Richard Hudson shares the five most common mistakes dealers and lenders make when notified of a credit reporting dispute.

Tags: auto lending, AutoStar Solutions, CFPB, credit reporting, Dealers

July 7, 2015 - Industry News

F&I Express Wins Dealers’ Choice Award for F&I Technology

F&I Express has won a Gold Award in the F&I Technology category of Auto Dealer Monthly’s Dealers’ Choice Awards.

Tags: Auto Dealer Monthly, Dealers' Choice Awards, F&I Express

July 7, 2015 - Industry News

Larry H. Miller Dealerships Begins Online Parts Sales

Customers of Larry H. Miller Dealerships can now order vehicle parts directly through a new e-commerce platform, currently available through 20 Larry H. Miller dealership websites.

Tags: e-commerce, Larry H. Miller Dealerships, Parts and Service, special order parts

July 7, 2015 - Industry News

Nomination Deadline for F&I Dealer of the Year Announced

Pictured are F&I and Showroom's Gregory Arroyo, 2014 F&I Dealer of the Year Jane Vaden Thacher, and The Warranty Group's Ash Bauer.

F&I and Showroom is now accepting nominations for the 2015 F&I Dealer of the Year award. Nominations must be received by July 31, 2015.

Tags: F&I Dealer of the Year

July 1, 2015 - Industry News

CFPB Preparing to Cite Three Captives, American Banker Reports

According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.

Tags: American Honda Finance, auto lending, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Honda, Nissan, Nissan Motor Acceptance Corp., Toyota, Toyota Financial Services, Toyota Motor Credit Corp

July 1, 2015 - Industry News

DealerRater Streamlines Review Collection for Dealers

The dealer review site announced the addition of ReviewBuilder to its certified dealer program. The automated solution is designed to help dealers accelerate the collection of online reviews.

July 1, 2015 - Industry News

New-Car Transaction Prices Continue to Rise in June

New-car transaction prices rose 2% in June, with Ford leading the way. The only automaker to realize a decrease was the Volkswagen Group.

Tags: Kelley Blue Book, New-Vehicle Sales, Transaction Prices

July 1, 2015 - Industry News

OnlineBKmanager.com Analyzes Benefit of Daily Leads Program

OnlineBKmanager.com reported this week that its Daily lead program significantly increased response rates for dealers marketing to bankrupt shoppers.

Tags: bankruptcy, online marketing, OnlineBKManager