March 7, 2017 - Industry News
The new offering is designed to improve dealer profit margins and foster customer retention for the life of the vehicle.
The new collaboration aims to improve customer interaction tracking and data reporting.
Black Book and AutoGravity have reached an agreement that pairs Black Book’s valuation tools with AutoGravity’s digital sales and financing platform.
March 3, 2017 - Industry News
Eastman Chemical Co.’s Darrell Reed announced the launch of a new consumer campaign designed to drive dealership sales of window protection film.
March 2, 2017 - Industry News
Ron Lamb, who was named president of the software firm in October 2010, has stepped down from his post. Officials said the position will not be immediately filled.
Tags: Dealer Software, Reynolds & Reynolds, Ron Lamb
Jumpstart named the Chevrolet Impala the most cross-shopped mass-market vehicle across its portfolio of sites in 2016.
The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
Tags: auto finance, deliquencies, Experian Automotive, leasing, new-vehicle financing, used-vehicle financing
The 30-year industry veteran will focus on developing customer solutions that integrate KAR’s capabilities and businesses. He will report to COO Don Gottwald.
America's 9,500 international nameplate franchises accounted for 54% of all new vehicles sold in the United States in February. Industrywide, 1.33 million light vehicles were sold last month.
Tags: American International Automobile Dealers Associat, Audi, Autodata Corp, Honda, SAAR
March 1, 2017 - Industry News
With sales skewed toward utility vehicles, the average transaction price for light vehicles rose by $757, or 2.3%, from a year ago to $34,352 in February, the firm reported today.
Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales
The fintech firm today announced it has surpassed 200,000 downloads of its native iOS and Android smartphone apps. The company’s platform allows car shoppers in 46 states to secure financing on a specific vehicle before heading to the dealership to complete the deal.
Tags: AutoGravity, digital retailing, online F&I
Wilen has launched a new division offering direct mail services to auto dealers and manufacturers.
Tags: direct mail, direct marketing, Wilen Auto
F&I Express is sponsoring the 2017 F&I Digital Media Awards in partnership with F&I and Showroom.
Tags: digital retailing, F&I Digital Media Awards, F&I Express, online F&I
February 28, 2017 - Industry News
RouteOne has promoted Jeff Belanger to senior vice president of sales and created the position of vice president of strategy for Amanda George.
Tags: F&I Technology, MaximTrak, online F&I, RouteOne
Wholesale used-vehicle prices in January averaged $10,945, a 6.7% increase from a year ago and a 2.8% rise from the prior month, according to ADESA Analytical Services.
Tags: ADESA, certified pre-owned vehicles, Tom Kontos, used-vehicle sales, wholesale values
The company announced the appointment of Ed Brown as president. He succeeds Brent Sergot, who was promoted to group vice president with World Omni Financial Corp.
eBay Motors reports an expanding network of dealers and car buyers. The program is designed to offer automotive partner organizations the ability to sell eBay’s subscription packages to their existing dealer networks.
Tags: eBay Motors
After four weeks of living below 0.37%, the depreciation rate for the truck segment reached its highest level in February — and its second-highest this year — last week, according to Black Book’s Feb. 27 Market Insights report.
Tags: Black Book, vehicle depreciation, wholesale values
February 27, 2017 - Industry News
The vehicle valuation firm said the depreciation rate will rise from 17.3% in 2016 to 17.8%, while Fitch said Auto ABS performance will continue to slow in 2017 as losses slowly rise to more normalized levels.
Tags: Auto ABS, Black Book, Fitch Ratings, vehicle depreciation
CNA National Warranty Corp. (CNAN) returned more than $40 million to automobile dealers across the U.S. through its various participation plans for 2016, the company announced this week.
Tags: CNA National, GAP, vehicle service contracts
AutoFi today announced the addition of iLendingDIRECT and its network of credit unions to its point-of-sale auto finance solution. The fintech firm also announced its entrance into the used-vehicle market.
Tags: AutoFi, digital retailing, online F&I
February 24, 2017 - Industry News
Entries are now being accepted for the 2017 F&I Digital Media Awards, organizers announced Friday. The submission deadline is Friday, March 31, 2017.
Tags: digital retailing, F&I Digital Media Awards, online F&I
February 23, 2017 - Industry News
Spireon Inc. reported second-half gains in revenue, profitability and multiple segments in 2016. The company is also in the midst of a 14-year run of top-line growth and 'outstanding' financial and operational performance, officials said.
Tags: Connected Vehicle, Spireon, telematics
Every type of debt posted a quarter-over-quarter increase, with auto loan balances increasing by $22 billion ($93 billion from a year ago) to $1.16 trillion. Much of that growth was driven by originations, which totaled $142 billion. That’s the highest level recorded in the 18-year history of New York Fed’s data.
Tags: Auto Loan Delinquency Rate, auto loan origination, Federal Reserve Bank of New York
A Georgia businessman this week pleaded guilty to operating an odometer fraud scheme that revolved around buying later-model cars at auction, tampering with the odometer reading, and then selling the cars at inflated prices, the U.S. Department of Justice announced.
Tags: compliance, Department of Justice, Odometer Fraud
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