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June 24, 2015 - Industry News

Helion Adds Two Miami Dealer Group Clients

Helion Automotive Technologies now provides managed IT services for two new dealer group clients, Kendal Lexus and Toyota and Braman Motors.

Tags: Helion Technologies, Technology

June 24, 2015 - Industry News

Honor Finance Secures New Funding Facility

CIVC Partners’ portfolio company, Honor Finance, has established a new funding facility with Wells Fargo Securities. The new facility provides a substantial increase in funding capacity.

Tags: Subprime, Wells Fargo Securities

June 23, 2015 - Industry News

Equifax, 700 Credit Expand Partnership

The two firms announced today that they have expanded their relationship to provide dealers and their F&I offices with a fully integrated income and employment verification solution.

Tags: 700Credit, Employment Verification, Equifax, F&I manager, F&I office, Income Verification

June 23, 2015 - Industry News

NAMAD, EFG Name Northwood University Scholarship Recipient

EFG Companies, together with the National Association of Minority Automobile Dealers, has selected sophomore Javante Dilworth as the recipient of their Northwood University private donor scholarship.

Tags: EFG Companies, merit scholarships, National Association of Minority Automobile Dealer, Northwood University

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, auto lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

June 17, 2015 - Industry News

N.Y. Dealers Targeted for Payment Packing and Other Deceptive Practices

Attorney General Eric Schneiderman, which announced on Wednesday a $14 million settlement with three Paragon dealerships, says he intends to file suit against 11 additional dealerships for the unlawful sale of credit repair and identity theft-prevention products.

Tags: Attorney General, credit repair, Eric Schneiderman, F&I office, F&I products, identify theft, Payment Packing

June 17, 2015 - Industry News

CFPB Sues Auto Lender for Aggressive Debt Collection Tactics

The Consumer Financial Protection Bureau has sued auto loan company Security National Automotive Acceptance Company for aggressive and misleading debt collection tactics against military service members.

Tags: CFPB, Debt Collection, Military Buyers, SNAAC, Veterans

June 17, 2015 - Industry News

Inspection Service Generates Leads for Dealers

VehicleSpection has launched a service that provides dealerships with on-site, professional inspections of certified used vehicles.

Tags: Internet Leads, Sales, Vehicle History Reports, Vehicle Inspection

June 17, 2015 - Industry News

Eyewitness Surveillance Launches Line of Dealership-Specific Tools

Eyewitness Surveillance announced the launch of a beta program for three products designed specifically for dealerships.

Tags: chat service, Customer Service, Finance, Service Department

June 17, 2015 - Industry News

Dealer-FX Win’s TU-Automotive Industry Newcomer Award

Dealer-FX was selected as the TU-Automotive 2015 Industry Newcomer at the TU-Automotive show in Detroit, Mich.

Tags: Awards, Connected Vehicle, DMS integration, service scheduling, Telematics

June 16, 2015 - Industry News

Motor Trend Certifies Indiana Dealer

Town & Country Ford has become the exclusive Motor Trend Certified Dealer in Evansville, Ind.

Tags: certified pre-owned vehicles, Motor Trend

June 16, 2015 - Industry News

RoadVantage Launches Bundled F&I Product Program

RoadVantage is offering bundled F&I product packages for both retail or lease customers on a single form as part of its Total Solution program.

Tags: F&I product provider, F&I products, Key Replacement, RoadVantage, Tire and Wheel, windshield protection

June 16, 2015 - Industry News

Car Lister Secures $6.5 Million in Funding

Car Lister announced that it has raised $6.5 million in angel-round funding to support the company’s national expansion.

Tags: Dealers, Online Buying, online shoppers, Vehicle Sales

June 16, 2015 - Industry News

Cox Automotive to Buy Dealertrack for $4 Billion

The software giants are currently forming an integration team to determine how the combined companies will be organized once the deal closes in the third quarter. A company official said Cox had identified Dealertrack as an acquisition target last year.

Tags: Acquisition, Cox Automotive, Dale Pollak, Dealertrack, Mark O'Neil, merger and acquisition, Sandy Schwartz, vAuto

June 16, 2015 - Industry News

IAS Names New Regional Sales Manager

Sean Dawson, who formerly worked with dealers in roles at PermaPlate and TD Auto Finance, has been selected as a regional sales manager for IAS.

Tags: AutoNation, employment, Hiring, IAS, TD Auto Finance

June 11, 2015 - Industry News

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance

June 10, 2015 - Industry News

Depreciation Picks Up Steam in May, Black Book Reports

After showing strong retention in April, compact SUVs exit May with the highest depreciation. The firm expects the annual vehicle depreciation rate to come in at 14.5%, which would sit just below the pre-recession range of 15% to 18%.

Tags: Black Book, vehicle depreciation

June 10, 2015 - Industry News

CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies

The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.

Tags: auto lending, Auto Loans, CFPB, Consumer Financial Protection Bureau, Regulations, Richard Cordray

June 10, 2015 - Industry News

Serra Nissan Manager Charged With Defrauding Manufacturer

Federal prosecutors have accused the general manager of Serra Nissan of directing dealership employees to falsify sales reports to receive incentive payments from the manufacturer. Earlier in the week, the dealership’s controller was arrested for fraud.

Tags: Fraud, Nissan, U.S. Attorney

June 10, 2015 - Industry News

Pittsburgh Dealer Awarded All-New Audi Franchise

#1 Cochran, an automotive retailer in Western Pennsylvania, was selected by Audi of America Inc. to operate a newly created sales point within the city of Pittsburgh.

Tags: Audi, Pennsylvania

June 10, 2015 - Industry News

ADESA Unveils Enhanced Website Features

ADESA has launched a series of updated features on its website, spanning search functions and vehicle details pages.

Tags: ADESA, Auto Auctions, websites

June 9, 2015 - Industry News

AAGI Names Chief Financial Officer

American Auto Guardian has announced the promotion of Hari Subramania to the position of chief financial officer.

Tags: AAGI, American Auto Guardian, employment, Promotions

June 9, 2015 - Industry News

Southeast Toyota Finance Adopts RouteOne Platform

Southeast Toyota Finance, a provider of automotive financing to 176 Toyota dealers in the Southeastern United States, is now available on RouteOne's automotive finance platform.

Tags: Credit Applications, Finance, RouteOne, Toyota

June 9, 2015 - Industry News

N.Y. AG Goes After Dealer for Payment Packing

After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena issued by the AG’s office in March. The dealer group is accused of “jamming” credit repair contracts into vehicle sales and leases.

Tags: Attorney General, F&I products, New York, Payment Packing, subpoena

June 8, 2015 - Industry News

Holman Group Acquires Audi Willow Grove

Holman Automotive Group has acquired Audi Willow Grove in Willow Grove, Pa. The outlet becomes the second Audi dealership under the Holman brand.

Tags: Acquisition, Audi, Dealers