August 26, 2015 - Industry News
The two firms reported this week that overall vehicle depreciation is expected to reach between 14% and 14.5% by the end of the year.
August 25, 2015 - Industry News
J.D. Power found that even Gen Y vehicle owners aren't finding the latest in-car entertainment and connectivity features useful. What consumers want are features that enhance the driving experience and safety.
Tags: Connected Vehicle, features, J.D. Power, Technology
The American Customer Satisfaction Index showed declines for most automakers, with imports topping domestic brands. The nameplate with the highest score was Toyota’s Lexus.
DealerSocket released its annual Dealership Action Report, which emphasized the importance of formal, technology-driven processes to thrive and increase profitability during slow periods.
Tags: data mining, DealerSocket, Online Marketing, Parts and Service
DealerSuccess announced the launch of Virtual Deal, an online deal creator that uses DMS-integrated technology to give consumers the option to work an entire deal online.
Tags: CRM, DMS integration, Online Marketing, online shoppers
August 21, 2015 - Industry News
F&I Trainers Gerry Gould and Fernando Romani discuss Industry Summit's 2015 program (www.industrysummit.com). They also talk about what attendees can expect from their "Actions Speak Louder Than Words" workshop on Wednesday, Sept. 9, at 10:40 a.m.
Tags: F&I manager, F&I products, F&I Tip of the Week, Fernando Romani, Gerry Gould, UDS
August 20, 2015 - Industry News
GWC Warranty has added educational video content, digital brochures and historical reporting to its online Dealer Portal, which celebrated its one-year anniversary since its launch.
August 19, 2015 - Industry News
Designed by FICO, CU Direct Connect’s new auto-loan risk score will help credit unions make more profitable auto-lending decisions. The new feature will be available in 2015’s third quarter.
Tags: Credit Scores, CU Direct Connect, FICO, FICO Score
Used-car sales franchise J.D. Byrider has opened a second dealership in Richmond, Va., the sixth new J.D. Byrider franchise to open in 2015. The company now has 169 locations in 34 states.
Tags: Franchised Dealerships, used car sales, Virginia
August 18, 2015 - Industry News
Gerry Gould, the original host of F&I and Showroom’s F&I Tip of the Week, will cover the online video series’ Top 20 tips during his role-playing session at Industry Summit 2015.
Tags: AFIP, F&I Tip of the Week, Gerry Gould, Industry Summit, Jim Ziegler, NADA, National Automobile Dealers Association, UDS
AutoNation has signed agreements to acquire 13 stores in Georgia, Alabama and Tennessee, and three stores in the Baltimore, Md., market, bringing its total franchise count to 327.
Tags: Acquisition, AutoNation, Franchised Dealerships, Mike Jackson
Exeter Finance Corp. has appointed Brian Donohue to the position of executive vice president of analytics and marketing.
Tags: Analytics, Capital One Auto Finance, Exeter Finance Corp., Hiring, Marketing
Consumer credit defaults remained relatively stable in July, according to data from S&P Dow Jones Indices and Experian. The on exception were auto loans, which showed an increase in defaults.
Tags: Auto Loans, Consumer Credit, default rates, Experian, S&P/Experian
RouteOne and Santander Consumer USA, along with the finance source’s Chrysler Capital program, will make full eContracting capabilities available to all of Santander’s and Chrysler Capital’s dealers by 2016’s second quarter.
Tags: Chrysler, Chrysler Dealers, eContracting, RouteOne, Santander Consumer USA
An analysis by IHS Automotive commissioned by CallSource found that dealers are failing to convert 84% of inbound prospect calls due to a lack of professionalism and inventory knowledge, among other reasons.
Tags: CallSource, how to sell over the phone, IHS Automotive, phone customer
August 12, 2015 - Industry News
AMG Auto Connection and its owner are accused of violating Ohio’s Certificate of Motor Vehicle Title Act after the dealership failed to deliver a car title in the time frame required by law.
Tags: Attorney General, Compliance, Lawsuit, Mike DeWine, Ohio, Ohio Attorney general, vehicle title
LotLinx announced this week appointed company cofounder Denise Chudy CEO, effective immediately.
Tags: automotive retail, leadership, LotLinx, Promotions
The total dollar volume for outstanding automotive loan balances grew by $92 million from the second quarter of 2014 to the second quarter of 2015, the largest dollar volume growth since 2006, according to a report from Experian Automotive.
Tags: Auto Loan Delinquency Rate, Auto Loans, Experian, Experian Automotive, Subprime
August 11, 2015 - Industry News
The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.
Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, rate markup, Santander Consumer USA
The auto finance industry originated nine million auto loans through the first four months of year, totaling $182.9 billion. Equifax said these were the highest levels for this time of year since it began tracking auto finance data.
Tags: auto finance, Auto Loans, banks, captive finance, Equifax, F&I manager, F&I Process
Automotive technician Steve Travis was named to the Toyota 2014 Assembly of Champions, the only technician in the United States to receive the honor.
Tags: Awards, Maintenance, Toyota
Auto/Mate Dealership Systems released a new corporate video reflecting the company’s marketing initiative, which emphasizes employee happiness.
Tags: Auto/Mate, Customer Service, employees, Marketing
Industry Summit 2015 will feature three workshops and two panel discussions that will address the current regulatory climate, provide a review of the current rules and regulations, and provide practical tips on how F&I managers can make compliance work for them.
Tags: Andy Koblenz, CFPB, Compliance, Department of Justice, Industry Summit, NADA
F&I income development company Service Group has announced that its SG Forensix analytics tool is now patent pending with the U.S. Patent and Trademark Office.
Tags: Analytics, F&I products, Service Group
August 6, 2015 - Industry News
TrueCar CEO Scott Painter has announced that he will vacate his post in the wake of second quarter losses of nearly $15 million.
Tags: AutoNation, Quarterly Earnings, Scott Painter, TrueCar
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