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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

June 4, 2015 - Industry News

Superior Integrated Solutions Now Largest Integrator for Dealertrack’s Opentrack

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

June 4, 2015 - Industry News

Severe Delinquencies Fall to 10-Year Low, Equifax Reports

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

Auto/Mate’s DMS Integrates With Ristken’s Enterprise Solutions

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

June 3, 2015 - Industry News

DealerPeak Chooses Flick Fusion for Video Marketing

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

June 3, 2015 - Industry News

Dealer Wins Federal Birth Control Lawsuit

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

June 3, 2015 - Industry News

Recall Masters Launches Marketing Platform for Factory Recalls

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

June 3, 2015 - Industry News

Michigan Suspends Licenses of Five Dealers

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

June 3, 2015 - Industry News

AUL Corp Launches Product Suite for Dealers

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

FTC Clarifies Online Marketing Guidelines in Latest Update

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

June 2, 2015 - Industry News

Auto Lenders at Risk for Unpaid Customer Refunds

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

June 2, 2015 - Industry News

Auto Loan Terms Reach All-Time Highs, Experian Reports

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

June 2, 2015 - Industry News

AutoAp Service Provides Recall Data on Dealer Inventory

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