August 17, 2016 - Industry News
Asbury increased its F&I per-copy average 3% to $1,436 in the second quarter. But total F&I gross profit fell due to a 'Choppy' retail environment, officials said.
Tags: Asbury Automotive, F&I, new-vehicle sales, Quarterly Earnings, Second Quarter, used vehicles
The average auto loan balance per consumer in the second quarter grew 2.7% from a year ago to a post-recession high of $18,177, according to TransUnion. Delinquencies were also up, although the firm said there’s no cause for concern.
Tags: auto finance, Auto Loan Delinquency Rate, F&I manager, TransUnion
A new study shows that consumers aren’t just interested in buying cars from their smartphones, they’re interested in completing the F&I process as well. The study was commissioned by Roadster, a company that offers that type of experience.
Tags: F&I process, F&I products, Online Buying, online F&I, Roadster
August 16, 2016 - Industry News
Wholesale prices for vehicles up to eight years in age fell 2.3% in July, tying June for the biggest drop recorded so far this year, according to the NADA Used Car guide. As a result, the firm lowered its seasonally adjusted used vehicle price index 1.1% to 118.9 .
Tags: depreciation, NADA, NADA Used Car Guide, used vehicles, Wholesale Pricing
The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.
Tags: auto finance, Auto Title Loans, CFPB, compliance, Payday Lending
August 15, 2016 - Industry News
Edmunds has launched Edmunds Ad Solutions, a mobile-optimized ad tool designed to help dealers target in-market car shoppers on Facebook and Instagram using the firm's first-party shopping data.
Tags: advertising, Edmunds, Mobile, social media
While speed is no longer a leading factor, it still plays a significant role, according to J.D. Power's 2016 U.S. Dealer Financing Satisfaction Study. The finance sources leading the way in terms of dealer satisfaction were Mercedes-Benz Financial Services and BMW Financial Services.
Tags: dealers, J.D. Power, Lender, Study
Dealers using both Auto/Mate’s DMS and Unotifi's mobile-relationship marketing solutions will experience improved data gathering. They will also be able to deliver automatic texts when a customer's vehicle is ready or a parts order has arrived, as well as create personalized information pages for each customer.
Tags: Auto/Mate, DMS, integration, Unotifi
AutoLoop LLC named Doug Van Sach vice president of analytics and data services. He will oversee data services and be responsible for using analytics to improve digital and multi-channel acquisition, retention, and loyalty programs for AutoLoop’s OEM and dealer partners.
Tags: AutoLoop, Hiring, Vice President
ADESA named Steve Swanson general manager of its Colorado Springs location, Cindy Kuhn regional online manager, and Rich Levene general manager of ADESA Austin.
Tags: ADESA, General Manager, Hiring
Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.
August 11, 2016 - Industry News
The master agent, which operates in 33 states, will distribute 700Credit’s credit reports, compliance and prescreen products and services.
Tags: 700Credit, compliance, credit prescreening, credit reports, F&I process, KISS Concepts Group
The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).
Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement
The Federal Trade Commission said this week it has received reports that some dealers and private parties are attempting to take advantage of Volkswagen’s diesel emissions scandal.
Tags: Diesel, FTC, Settlement, Volkswagen, Volkswagen Scandal
Jim Radogna, a San Diego-based compliance expert and trainer, will serve as the luncheon speaker at the upcoming Compliance Summit, organizers announced Thursday.
Tags: Car Buyer's Bill of Rights, compliance, Compliance Summit, Jim Radogna, Regulations
United Datacom Networks Inc. (UDNI) announced the launch of Dealers Edge, a new IT support program designed to help dealers meet their legal obligations with respect to data privacy and security. Services include remote management and 24/7 monitoring.
Tags: Data, IT, management, Safeguarding
Cox Automotive has named Brian Geitner president of its Media Solutions Group. He replaces Jared Rowe, who is departing the company for a new opportunity outside the automotive industry.
Tags: Autotrader, Cox Automotive, Dealer.com, Hiring, Kelley Blue Book
J.D. Power named Jim Houston senior director of its auto finance practice. The 30-year auto finance veteran will help guide the industry through a potentially volatile period of new-vehicle sales and declining used-car values, the firm said.
Tags: auto finance, Hiring, J.D. Power
August 10, 2016 - Industry News
The average wholesale used price in July was $10,362, a 2% decline from June but a a 4.9% increase from a year ago, according to ADESA Analytical Services. The strength of truck prices carried the year-over-year gains.
Tags: ADESA, remarketing, used vehicles, Wholesale Pricing
The $400 million in claims paid, combined with the $3.1 billion paid by its sister-company EasyCare, brings the total amount paid by its parent company, APCO Holdings Inc., to more than $3.5 billion.
Tags: Claims Payment, EasyCare, GWC Warranty Corporation
August 9, 2016 - Industry News
The average price of a used vehicle for model years 2011-2015 depreciated 1.5%, slightly less than last month (1.7%) but slightly higher than a year ago (1.4%), according to Black Book.
Tags: Black Book, Report, Used Vehicle, Value Retention, Vehicle Value
Results of an online survey shows that consumers believe dealerships are unethical. However, the online survey of 200 U.S. adults also shows that something as simple as posting the dealership's code of ethics can go a long way in changing perceptions.
Tags: Dealership Experience, Survey, Total Dealer Compliance
John "The F&I Professor" Vecchioni has joined American Financial & Automotive Services, the company announced this week. He will serve as a trainer for F&I University, a division of the company's Automotive Training Academy.
Tags: American Financial & Automotive Services, F&I manager, F&I process, John Vecchioni
August 8, 2016 - Industry News
TradeRev announced this week it has expanded into Boston, Connecticut, Rhode Island, New Hampshire, and Maine. The firm is also planning to hire a total of 10 market sales managers in that region.
Tags: Expansion, Hiring, TradeRev
August 4, 2016 - Industry News
National Auto Care Corp. has named Matthew Osborn to the newly created position of chief information officer. The veteran of the insurance and third-party administrator industries will also serve as a member of the company’s senior leadership team.
Tags: F&I manager, F&I office, F&I products, National Auto Care
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