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November 19, 2015 - Industry News

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA, Rep. Ed Perimutter, Rep. Frank Guinta

November 19, 2015 - Industry News

NADA Says New-Vehicle Sales to Reach 17.7 Million in 2016

In a joint press conference preceding the Los Angeles Auto Show, representatives from the NADA and J.D. Power spoke on the current state of auto retailing and delivered their 2016 new- and used-vehicle sales predictions.

Tags: Diesel Powered, Jonathan Banks, NADA, new-vehicle sales, Steven Szakaly, Used Car Guide, used-vehicle values, Volkswagen

November 16, 2015 - Industry News

Auto Loan Balances Top $1 Trillion in Q3, TransUnion Reports

Despite auto loan balances rising by $101 billion, delinquencies remained flat from a year ago. Officials with the credit reporting agency said their seeing controlled and deliberate growth by lenders.

Tags: 60-Day Delinquency Rate, auto loan origination, Auto Loans, Delinquencies, TransUnion

November 16, 2015 - Industry News

House to Vote on CFPB-Altering Bill This Week

Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA

November 16, 2015 - Industry News

Edmunds to Boost Workforce

Crediting the industry's record sales pace, Edmunds announced last week it expects to add 100 new employees

Tags: Edmunds.com, third-party sites

November 16, 2015 - Industry News

EFG Named to Dallas Morning News' 'Top 100 Places to Work' List

EFG Companies was named to the Dallas Morning News' list of Top 100 Places to Work, marking the firm's ninth national award the group has earned this year for excellence and customer service.

Tags: EFG COmpanies, F&I Product Provider, F&I products, Hyundai

November 16, 2015 - Industry News

Larry H. Miller Management Corp. Announces Board of Directors

The appointment of the new board follows the company’s March 2015 announcement of a new corporate structure and a nationwide search for board members with executive experience outside the Miller organization.

Tags: Greg Miller, Larry H. Miller Dealerships

November 12, 2015 - Industry News

JM Family Names Ron Coombs CFO

Coombs, a 10-year member of JM Family’s executive management team, was named senior vice president and CFO, a role in which he will oversee the company’s financial operations.

Tags: JM Family, JM&A Group, Ron Coombs, World Omni Financial Corp.

November 12, 2015 - Industry News

Embracing Tech Results in Higher Customer Satisfaction, J.D. Power Finds

In its 29th year, J.D. Power’s U.S. Sales Satisfaction Index Study showed that the use of technology tools like tablets and computer displays resulted in higher customer satisfaction.

Tags: Digital Age, F&I manager, Internet customer, internet sales, J.D. Power and Associates, tablet menu, Vehicle Sales, virtual F&I office

November 12, 2015 - Industry News

Budco Financial Integrates VSC Financing Plan Into iTapMenu

Budco Financial has integrated its interest-free financing plan for service contracts into iTapMenu’s tablet F&I menu.

Tags: Budco Financial, iTapMenu, Payment Plan

November 12, 2015 - Industry News

S.C. Supreme Court Upholds Jury Court’s $3.6 Million Doc Fee Ruling

Dissenting Justices in the South Carolina Supreme Court's 3-2 decision say the dealership, which is part of the 94-rooftop Hendrick Automotive Group, was ‘punished for doing exactly what South Carolina permitted it to do.’

Tags: document fees, Hendrick Honda of Easley, Henrick Automotive Group, South Carolina Supreme Court

November 12, 2015 - Industry News

MakeMyDeal Rolling Out F&I Connect Tool

Billed as a product designed to bring the F&I process into the Digital Age, F&I Connect allows dealers to promote their F&I products and prices to customers in a controlled online environment.

Tags: Cox Automotive, F&I products, MakeMyDeal, Online F&I, Online Marketplace

November 10, 2015 - Industry News

Panasonic to Release Service Bay-Ready Laptop

The new device, which Panasonic describes as the first fully rugged detachable laptop, will be available in February 2016 for an estimated price of $3,099.

Tags: Panasonic, Parts and Service, service drive, Service Tools

November 10, 2015 - Industry News

CFPB Again Rejects NADA's FOIA Request

For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

Tags: CFPB, dealer markups, dealer participation plans, interest rates, NADA

November 10, 2015 - Industry News

Former Ford Exec Joins Motormindz

John Felice, who served as director of Ford's fleet sales unit, has joined the global automotive professional services and technology company as a senior partner.

Tags: fleet sales, Ford, technology solutions

November 10, 2015 - Industry News

Volkswagen Launches 'TDI Goodwill Program'

Volkswagen has launched a "TDI Goodwill Program" to offer compensation to owners of its diesel-powered vehicles.

Tags: Diesel Powered, EPA, TDI, Volkswagen

November 10, 2015 - Industry News

JM Family Makes Fortune’s 50 Best Workplaces for Diversity

JM Family lands at No. 47 on Fortune and Great Places to Work’s list of 50 Best Workplaces for Diversity. The company also ranked No. 9 on Essence’s list of 10 Best Workplaces for African Americans.

Tags: Best Places to Work, Essence, FORTUNE, JM Family, People

November 10, 2015 - Industry News

Indiana Dealer Reaches Settlement Regarding Doc Fees

Jeff Wyler Clarksville will repay more than 4,000 customers who paid a document fee the state attorney general said violated Indiana’s Motor Vehicle Dealer Unfair Practices Act.

Tags: document fees, Indiana Attorney General's Office, Jeff Wyler Clarksville, Unfair Practices

November 5, 2015 - Industry News

Industry Posts 18.25 Million SAAR in October, Autodata Reports

The industry sold 1.46 million units in October, according to Autodata Corp. October's SAAR was 18.24 million units, the highest rate of the year.

Tags: Autodata Corp, monthly sales, New Vehicles, Retail Sales, SAAR

November 5, 2015 - Industry News

FTC Announces Multiagency Crackdown on Abusive Debt Collectors

Operation Collection Protection has resulted in 115 total actions against debt collectors this year, 30 of which were announced during the FTC’s press conference to announce the multiagency initiative.

Tags: CFPB, Debt Collection, Federal Trade Commission, SNAAC, Westlake

November 4, 2015 - Industry News

Hyundai Turns Genesis Into Standalone Luxury Division

Photo of Euisun Chung, vice chairman, announcing the Genesis luxury brand courtesy of Hyundai.

Hyundai plans to launch six new models by 2020 under its Genesis nameplate, which will operate as a standalone global luxury brand.

Tags: Hyundai, Hyundai Genesis, Luxury Vehicles

November 4, 2015 - Industry News

Auto Loan Balances Totaled $968 Billion in Q3

Experian Automotive reported that outstanding loan balances are now up more than 53% from the post-recession low in 2010.

Tags: Auto Finance, Auto Loan Delinquency Rate, Experian Automotive, outstanding loan balances

November 4, 2015 - Industry News

GWC Warranty Earns Two 2015 Automotive Communication Awards

The F&I product provider’s Accelerate blog and ‘Behind the Wheel’ dealer story series took top honors in the best business-to-business blog and best ‘Business Use of a YouTube Video’ categories, respectively.

Tags: Automotive Communications Awards, F&I Product Provider, F&I products, GWC Warranty Corporation, Used-Vehicle Service Contracts

November 3, 2015 - Industry News

New-Vehicle Transaction Prices Rise More Than 1% in October

The Volkswagen brand, still suffering from the diesel emissions scandal, was the only brand to show a dip in average transaction prices.

Tags: Kelley Blue Book, new-vehicle sales, October 2015, Third Quarter, Transaction Prices

November 3, 2015 - Industry News

Quantech Adds Unidirectional Support to Dealertrack Integration

Quantech Software's new unidirectional Dealertrack integration allows F&I managers to start deals in the software company’s web-based Q-F&I Online or Dealertrack.