June 16, 2015 - Industry News
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
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
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
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
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
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
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
#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
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
American Auto Guardian has announced the promotion of Hari Subramania to the position of chief financial officer.
Tags: AAGI, American Auto Guardian, employment, Promotions
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
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 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
June 4, 2015 - Industry News
With more than one million real-time transaction a day, Superior Integrated Solution now represents the largest integrator for Dealertrack Technologies’ Opentrack platform, the company announced.
Tags: Dealertrack Technologies, DMS integration, Opentrack, Superior Integrated Solutions
Despite new auto loan originations reaching a record high, the auto finance industry saw severe delinquency rates fall to their lowest level in nearly a decade.
June 3, 2015 - Industry News
Ristken Software Services has integrated its core enterprise technology solutions for auto retailers with Auto/Mate's DMS.
Tags: Auto/Mate, DMS, DMS integration, F&I menus, Ristken
Flick Fusion was chosen as the preferred video marketing provider for DealerPeak’s full system CRM, website and desking solutions, the company announced.
Tags: Analytics, CRM, DealerPeak, Flick Fusion, Video Advertising
A U.S. District Court has ruled that, because of his religious beliefs, Joseph B. Holland, Jr. does not have to offer coverage of the morning after pill to employees of Joe Holland Chevrolet.
Tags: Barack Obama, birth control, Lawsuit, Obama administration, the morning after pill
Recall Masters has launched the Rambo marketing program. It's designed to drive more sales and service revenue from car owners affected by factory recalls.
Tags: dealership marketing, Parts and Service, vehicle recall
Michigan Secretary of State Ruth Johnson has suspended the licenses of five Detroit used-vehicle dealers after an investigation uncovered multiple fraudulent acts, including the sale of cars containing stolen parts and record-keeping violations.
Tags: Compliance, Fraud, Michigan, vehicle title
Vehicle service contract administrator AUL Corp. has unveiled its new Absolute suite of products for franchise dealers.
Tags: AUL Corp., Franchised Dealerships, vehicle service contracts
June 2, 2015 - Industry News
The Federal Trade Commission released updated guidance regarding endorsements and testimonials. It addresses topics such as Twitter endorsements, Facebook 'Likes' and YouTube videos.
Tags: Facebook, fake reviews, FTC, Guidelines, online advertising, social media marketing, twitter, YouTube
With government regulators keeping a close eye on the auto finance industry, Finance Express unveiled a new online system designed to help finance sources expedite recovery of ancillary product cancellation refunds.
Tags: auto finance, F&I Product Refunds, Finance Express, Finance Sources, Rich Apicella
The average loan term for new and used vehicles has increased by one month, reaching new all-time highs of 67 and 62 months, respectively, according to a new report from Experian.
Tags: Auto Loan Terms, Experian, Experian Automotive, loans
AutoAp launched a new service designed to provide dealers with daily recall updates for new- and used-vehicle inventory.
Tags: National Highway Traffic Safety Administration, Safety, Software, vehicle recall
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