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July 7, 2015 - Industry News

F&I Express Wins Dealers’ Choice Award for F&I Technology

F&I Express has won a Gold Award in the F&I Technology category of Auto Dealer Monthly’s Dealers’ Choice Awards.

Tags: Auto Dealer Monthly, Dealers' Choice Awards, F&I Express

July 7, 2015 - Industry News

Larry H. Miller Dealerships Begins Online Parts Sales

Customers of Larry H. Miller Dealerships can now order vehicle parts directly through a new e-commerce platform, currently available through 20 Larry H. Miller dealership websites.

Tags: e-commerce, Larry H. Miller Dealerships, Parts and Service, special order parts

July 7, 2015 - Industry News

Nomination Deadline for F&I Dealer of the Year Announced

Pictured are F&I and Showroom's Gregory Arroyo, 2014 F&I Dealer of the Year Jane Vaden Thacher, and The Warranty Group's Ash Bauer.

F&I and Showroom is now accepting nominations for the 2015 F&I Dealer of the Year award. Nominations must be received by July 31, 2015.

Tags: F&I Dealer of the Year

July 1, 2015 - Industry News

CFPB Preparing to Cite Three Captives, American Banker Reports

According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.

Tags: American Honda Finance, Auto Lending, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Honda, Nissan, Nissan Motor Acceptance Corp., Toyota, Toyota Financial Services, Toyota Motor Credit Corp

July 1, 2015 - Industry News

DealerRater Streamlines Review Collection for Dealers

The dealer review site announced the addition of ReviewBuilder to its certified dealer program. The automated solution is designed to help dealers accelerate the collection of online reviews.

July 1, 2015 - Industry News

New-Car Transaction Prices Continue to Rise in June

New-car transaction prices rose 2% in June, with Ford leading the way. The only automaker to realize a decrease was the Volkswagen Group.

Tags: Kelley Blue Book, New-Vehicle Sales, Transaction Prices

July 1, 2015 - Industry News

OnlineBKmanager.com Analyzes Benefit of Daily Leads Program

OnlineBKmanager.com reported this week that its Daily lead program significantly increased response rates for dealers marketing to bankrupt shoppers.

Tags: bankruptcy, Online Marketing, OnlineBKManager

July 1, 2015 - Industry News

Median Media Adds Flick Fusion to Marketing Solutions

The multimedia marketing solutions company announced today that it has added Flick Fusion’s inventory videos to its menu of services for dealerships.

Tags: Flick Fusion, Online Marketing, Video Advertising

June 30, 2015 - Industry News

Automotive Loyalty Reaches Highest Levels in a Decade, IHS Reports

IHS reported this week that brand loyalty among automotive brands has reached a 10-year high, with 13 brands also realizing 10-year highs in loyalty rates.

Tags: Customer Retention, IHS Automotive, Loyalty Rates, New-Vehicle Sales

June 30, 2015 - Industry News

Experian Examines the Muscle Car Resurgence

Experian Automotive's review of the American muscle car resurgence found that Chevrolet Corvette and Dodger Viper buyers tend to pay cash, while the Dodge Charger was the most leased muscle car.

Tags: Chevrolet Corvette, Consumers, demographics, Dodge Challenger, Dodge Viper, Experian Automotive, Ford Mustang

June 30, 2015 - Industry News

Calif. Dealer Sentenced to 13 Years for Embezzlement

The former owner and operator of Costa Mesa Bellagio Motors, a car dealership that specialized in buying and selling high-end luxury vehicles, was sentenced this week after pleading guilty to embezzling more than $2 million from unsuspecting customers.

Tags: compliance, embezzlement, Fraud, Luxury Vehicles, prison

June 30, 2015 - Industry News

J.D. Power Forecasts Strongest June Sales in a Decade

New-vehicle retail sales and the retail seasonally adjusted annualized selling rate are expected to be at their highest levels for the month of June since 2005, according to a monthly sales forecast by J.D. Power and LMC Automotive.

Tags: J.D. Power and Associates, New Vehicles, Retail Sales, SAAR

June 30, 2015 - Industry News

NADA’s Koblenz Joins Industry Summit Roster

The NADA official who has spearheaded the association's efforts to protect franchised dealers from federal regulatory overreach will be at Industry Summit 2015 to deliver a keynote address, event organizers announced this week.

Tags: Andy Koblenz, CFPB, Disparate Impact, National Automobile Dealers Association

June 30, 2015 - Industry News

Two Las Vegas Dealers Settle FTC Charges

Two auto dealers in Las Vegas agreed to settle FTC charges that they used deceptive ads to promote the sale or leasing of their vehicles, including advertising heavily discounted prices that were not generally available to consumers.

Tags: Deceptive Advertising, Federal Trade Commission, Settlement

June 25, 2015 - Industry News

Supreme Court Upholds Disparate Impact

Source: Wikipedia

In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.

Tags: Ally Financial, CFPB, Consumer Financial Protection Bureau, Disparate Impact, fair lending, Supreme Court

June 25, 2015 - Industry News

Protective Asset Protection Receives 2015 Dealers’ Choice Award

Protective Asset Protection was named a Platinum winner in the vehicle service contract provider category of Auto Dealer Monthly’s 2015 Dealers’ Choice Awards.

June 25, 2015 - Industry News

KBB Raises 2015 Sales Forecast to 17.1 Million Units

Kelley Blue Book said today that it expects June sales to total 1.5 million units, which would push first-half and second-quarter sales totals to their highest levels since 2005. The firm also raised its 2015 sales forecast from 16.9 million to 17.1 million.

Tags: auto dealers, Auto Industry, Kelley Blue Book, New-Vehicle Sales

June 24, 2015 - Industry News

A1 Software Launches Mobile CRM Sales App

A! Software has rolled out a freemium mobile CRM sales app that allows salespeople to manage prospects, manage and showcase inventory and manage their appointment schedule.

Tags: A1 Software Group, CRM, Mobile Applications, Mobile CRM, Salespeople, Showroom

June 24, 2015 - Industry News

Exeter Finance Appoints New Executive VP

Exeter Finance Corp. named Martin Evans as its new executive vice president and chief human resources officer.

Tags: employment, Exeter Finance Corp., hiring, Human Resources

June 24, 2015 - Industry News

Helion Adds Two Miami Dealer Group Clients

Helion Automotive Technologies now provides managed IT services for two new dealer group clients, Kendal Lexus and Toyota and Braman Motors.

Tags: Helion Technologies, Technology

June 24, 2015 - Industry News

Honor Finance Secures New Funding Facility

CIVC Partners’ portfolio company, Honor Finance, has established a new funding facility with Wells Fargo Securities. The new facility provides a substantial increase in funding capacity.

Tags: Subprime, Wells Fargo Securities

June 23, 2015 - Industry News

Equifax, 700 Credit Expand Partnership

The two firms announced today that they have expanded their relationship to provide dealers and their F&I offices with a fully integrated income and employment verification solution.

Tags: 700Credit, Employment Verification, Equifax, F&I manager, F&I office, Income Verification

June 23, 2015 - Industry News

NAMAD, EFG Name Northwood University Scholarship Recipient

EFG Companies, together with the National Association of Minority Automobile Dealers, has selected sophomore Javante Dilworth as the recipient of their Northwood University private donor scholarship.

Tags: EFG Companies, merit scholarships, National Association of Minority Automobile Dealer, Northwood University

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, Auto Lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

June 17, 2015 - Industry News

N.Y. Dealers Targeted for Payment Packing and Other Deceptive Practices

Attorney General Eric Schneiderman, which announced on Wednesday a $14 million settlement with three Paragon dealerships, says he intends to file suit against 11 additional dealerships for the unlawful sale of credit repair and identity theft-prevention products.

Tags: Attorney General, credit repair, Eric Schneiderman, F&I office, F&I products, identify theft, Payment Packing