July 21, 2016 - Industry News
The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.
Tags: AFSA, auto finance, CFPB, compliance, dealer participation, NADA, NIADA
Conducted by Harris Poll on behalf of online retailer Beepi, the study revealed an apparent distrust and negative opinion of car dealerships among consumers polled. In the survey’s findings, 61% of respondents felt like they were taken advantage of at some point in the dealership.
Tags: Beepi, Dealership Experience, Millennial, Survey
July 20, 2016 - Industry News
Capital Z Partners Management announced it has acquired Portfolio Group Inc. from Frontenac Company LLC. The F&I product provider's current management team will retain their current roles and significant ownership.
Tags: Acquisition, Capital Z, F&I, F&I Product Provider, Frontenac, Portfolio Group
Regulators in Maryland, Massachusetts and New York charge that the emissions scandal and alleged cover-up was orchestrated and approved 'at the highest levels of the company, up to and including former CEO Martin Winterkorn.'
Tags: compliance, emmissions, Volkswagen, Volkswagen Scandal
What’s Next Media will leverage Flick Fusion’s Smart Flicks marketing platform to hose and distribute its customers' videos.
Tags: Flick Fusion, Video Marketing, What's Next Media
Manheim has named Derek Hansen vice president of digital inventory solutions and Angela Babin vice president of retail solutions.
Tags: Hiring, Manheim, Promotions, Vice President
The new director, Paul Spears, will be responsible for leading the company's safety and compliance efforts, as well as providing additional operational support for the company's paint shops and Frontline Fast dealer clients.
Tags: compliance, Dent Wizard, Hiring
July 19, 2016 - Industry News
Fiat Chrysler Automobiles confirmed in a statement issued today that it’s under investigation by the U.S. Security and Exchange Commission and the U.S. Department of Justice. According to Bloomberg, FBI agents visited the homes of nine people who run FCA business centers as part of a probe into the automaker’s monthly sales reporting.
Tags: Chrysler, Ed Napleton, FCA, Fiat, Napleton Automotive Group, new-vehicle sales
Terry O’Loughlin, director of compliance for Reynolds and Reynolds and a former regulator, will serve as a featured speaker at the upcoming Compliance Summit, scheduled for Aug. 29-30 at Paris Las Vegas.
Tags: compliance, Compliance Summit, F&I, Reynolds & Reynolds, Terry O'Loughlin
The Office of the Comptroller of the Currency has once against expressed concern about rising credit risks in the auto finance arena, noting that underwriting standards for both direct and indirect auto loans have begun to decline due to increased competition.
Tags: Indirect Lending, Regulations, Study, Underwriting
Organizers of Compliance Summit announced that attorney and compliance expert Aaron Lunt will deliver the opening keynote address at the inaugural Las Vegas event, scheduled for Aug. 29-30 at Paris Las Vegas
Tags: Aaron Lunt, compliance, Compliance Summit, F&I products, Industry Summit, The Warranty Group
Jumpstart Automotive Group has signed an exclusive ad sales representation agreement with Autolist.com. Jumpstart CEO Nick Matarazzo said the partnership will allow his company to tap into consumers deep in the automotive purchase funnel.
Tags: Auto Publisher, Autolist.com, Jumpstart Automotive
Champlain National Bank has entered the indirect auto finance channel behind a cloud-based loan origination system developed by Teledata Communications Inc. The bank is currently integrated with Dealertrack and RouteOne, and has signed 'a substantial number of dealers' in the New York region.
Tags: Auto Loans, Champlain National Bank, Lending, Software
Dealertrack announced this week that Volvo Car Financial Services is now available for econtracting with Volvo dealers nationwide on the Dealertrack platform. The decision to go national was spurred by results of a regional pilot.
Tags: Dealer Software, Dealertrack, econtracting, Volvo
July 14, 2016 - Industry News
The event — which is exclusive to NADA and American Truck Dealers members — will be held at Mardi Gras World on Jan. 26, 2017. It will feature cuisine from top New Orleans restaurants and entertainment from Foreigner, Cowboy Mouth and local jazz musicians.
Tags: NADA, NADA Convention and Expo
A Missouri dealer has agreed to pay $38,067 in restitution to 23 former customers to settle the state attorney general's charges that he and his dealership did not provide vehicle titles and did not honor repair agreements. The dealer is also prohibited from operating a dealership for five years.
Tags: Attorney General, Consumer Laws, Deceptive Practices, Missouri
Loan terms continue to stretch thanks to high vehicle prices, with terms in the 73- to 84-month band more than doubling between 2010 and 2015. But finance sources, according to a new study from TransUnion, aren’t capturing the benefits of more payments and greater interest income.
While unfortunate, employee crimes against dealers do happen. This week, Automotive Compliance Consultants released a list of tactics dealers can employ to prevent employee theft at their store.
Tags: Compliant, Dealership, Security, Theft
LMC Automotive has revised its forecast for U.S. auto sales for the 2016-2023 periods. The company expects nearly 250,000 fewer units will be sold each year during that timeframe, with a larger reduction occurring between 2016 and 2017.
Tags: Forecast, LMC Automotive, U.S. Sales
July 13, 2016 - Industry News
Black Book has signed another distribution agreement with a marketing agency. This time, the vehicle valuation firm has teamed with Outkazt Media, which will leverage Black Book’s Bullseye Prospecting solution in dealer marketing campaigns.
Tags: Black Book, Bullseye Prospecting, digital marketing, Email Campaign, online advertising
The average price of a used vehicle for model years 2011-2015 depreciated 1.7% in June, according to Black Book. On a year-over-year basis, these vehicles fell 15.4% in value.
Tags: Black Book, depreciation, Pricing, Used Vehicles
Automotive Finance Corporation (AFC) has named Tiff Arcella as its new vice president of sales and Devra Callaghan as its new vice president of marketing and business development, according to a company announcement.
Tags: Automotive Finance Corporation, Hiring, Promotion, Vice President
July 12, 2016 - Industry News
Leading attorney and compliance expert James S. Ganther has agreed to speak at the upcoming Compliance Summit Las Vegas, organizers announced Tuesday. The event is scheduled for Aug. 29–30, 2016, at Paris Las Vegas, as part of Industry Summit.
Tags: compliance, Compliance Summit, Event, Industry Summit
Average wholesale values fell again on a month-over-month basis in June, but they remain up on a year-over-year basis thanks to the continued price strength of trucks, according to ADESA Analytical Services.
Tags: ADESA Analytical Services, Tom Kontos, used-vehicle sales, used-vehicle values
Infiniti dealerships treat its customers best, at least according to the newly released 2016 Pied Piper Prospect Satisfaction Index (PSI) U.S. Auto Industry Benchmarking study. Now in its 10th year, the study measures how car shoppers are treated at the dealership.
Tags: customer satisfaction, Dealership Experience, Infiniti, Study
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