March 11, 2015 - Industry News
In a report released this week, the regulator revealed that 75% of consumers did not know whether they were subject to an arbitration clause in their agreements with their financial service providers. The study covered six different consumer finance markets, including auto loans.
Tags: arbitration agreements, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act
Five Toyota dealerships in the Southeast region are among 56 to receive the 2014 National Leadership Award for outstanding performance in the Toyota Rent a Car program.
Tags: Awards, rental operation, Toyota
Warren Buffet’s company has completed its acquisition of the Van Tuyl Group, the largest privately held dealership group in the United States. The transaction was announced in October.
Tags: Acquisition, Van Tuyl Auto Group
March 10, 2015 - Industry News
ADESA’s Marketplace mobile app is now available for Android users after being exclusive to iOS since last September, the auction company announced.
Tags: ADESA, Auction, Mobile Applications
StoneEagle has completed the certification process for integration with the FLEX DMS as part of Autosoft’s FLEX Connect Program.
Tags: AutoSoft, DMS, DMS integration, StoneEagle
March 5, 2015 - Industry News
The Better Business Bureau of Central, Northern and Western Arizona named the F&I product provider a finalist for the 2015 BBB Business Ethics Awards.
March 4, 2015 - Industry News
Bob Baker Lexus has reached a settlement with the family of four people killed in a car crash involving a loaner vehicle from the dealership.
Tags: Lawsuit, Lexus, Settlement, Toyota, vehicle recall
Four bills up for consideration in the current legislative session would change how dealers do business in the state. The bills were proposed by Republicans who view the current dealer laws as anti-competitive.
Tags: legislation, sales tax, Sunday Sales Ban, Utah
March 3, 2015 - Industry News
New-car prices increased 3.6% over last February, with Hyundai-Kia showing the largest percentage gain of all major OEMs.
Tags: February, Kelley Blue Book, New Vehicles, Transaction Prices
Massachusetts Attorney General Maura Healey has filed a complaint against a used-car dealer who allegedly had customers fill out blank contracts and then charged them at least twice the agreed-upon price for defective cars.
Tags: Attorney General, defect, Fraud, Lawsuit, Massachusetts
Bluetooth connectivity and voice recognition issues are the most frequently reported problems after three years of ownership, according to J.D. Power's 2015 U.S. Vehicle Dependability Study.
Tags: J.D. Power and Associates, Study, Technology, Vehicle Dependability, vehicle quality
February 26, 2015 - Industry News
Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.
Tags: Debt Collection, Department of Justice, Santander, Subprime
February 25, 2015 - Industry News
The finance source revealed in a regulatory filing Tuesday that it is in discussions with the U.S. Department of Justice about the possibility that minorities are paying higher rates for auto loans.
Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, DOJ
The president of a Maryland dealer group asked a state Senate panel this week to pass a bill that would grant dealers the right to tell customers about potential vehicle safety problems without backlash from manufacturers.
Flick Fusion released upgraded versions of its mobile apps for iPhone and Android. New features include the ability to create inventory videos from the app, distribute videos to clients, and upload them online.
Tags: Flick Fusion, inventory, Mobile Applications, Video Advertising
February 24, 2015 - Industry News
AI Software Group is seeking beta testers for Selly Automotive, a mobile- and social media-focused sales platform for franchised and independent dealerships.
Tags: A1 Software Group, CRM, mobile leads, Selly Automotive, Social Media
ADESA will not participate in the automotive remarketing industry's initiative to establish a platform that would allow simultaneous bidding on vehicles listed on multiple online auction sites.
Tags: ADESA, Auto Auctions, Manheim, Remarketing
Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.
Tags: CFPB, Compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), Debt Collection, Department of Justice, Federal Trade Commission, FTC, Settlement
February 23, 2015 - Industry News
Total light-vehicle retail sales are expected to reach 1.3 million units in February, the highest total for the month since 2002, according to projections from J.D. Power and LMC Automotive.
Tags: J.D. Power and Associates, LMC Automotive, monthly sales, Retail Sales, SAAR
February 18, 2015 - Industry News
Sales of certified pre-owned vehicles hit an all-time high of 2.3 million units sold in 2014, according to the latest Used Vehicle Market Report from Edmunds.com.
Tags: certified pre-owned vehicles, CPO, Edmunds.com, used car sales
A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.
Tags: Credit, Equifax, Report, Subprime
Autobytel has made a strategic investment in GoMoto’s cloud-based HUB, a large touchscreen display that allows showroom customers to browse new- and used-car inventory, research, build and price vehicles.
Tags: Autobytel, GoMoto, HUB, Internet customer, Showroom
New Country Motor Car Group recently promoted Timothy Parker to vice president, overseeing the group’s three Harford, Conn., dealerships and five franchises.
Tags: BMW, Dealerships, MINI, Promotions
Manheim named Danny Brawn as the new general manager of Manheim Darlington in South Carolina.
Tags: General Manager, Manheim, Promotions, Remarketing
The Association of Finance & Insurance Professionals has named Ryan Cole, a senior in the Automotive Marketing and Management program at Northwood University, as the Jakob Murray Lange Memorial Scholarship winner for 2015.
Tags: AFIP, merit scholarships
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