July 27, 2016 - Industry News
The Federal Trade Commission (FTC)'s six-year effort to collect on a $4.2 million judgement against a telemarketer of “extended auto warranties” came to a end last week. The telemarketer, which did business under the name My Car Solutions, led victims to believe it was affiliated with auto dealers and manufacturers.
Tags: compliance, extended warranties, F&I products, FTC, Robocalls, telemarketing, vehicle service contracts
July 26, 2016 - Industry News
Despite a competitive subprime auto finance environment, GM Financial continued gravitating toward a more prime-like credit profile during the second quarter.
Tags: GM Financial, Prime, Quarterly Earnings, Second Quarter, subprime
Wells Fargo reported second quarter auto originations of $8.3 billion, a 7% gain from the first quarter of the year and a 2% gain from the year prior. Bank officials, however, reported higher delinquencies and net charge-offs.
Tags: Auto Loans, Quarterly Earnings, Second Quarter, Wells Fargo
Findings from a new IHS Automotive global consumer survey indicate that new advanced technologies and increased connectivity are driving consumer preferences as they consider new vehicles.
Tags: IHS Automotive, Survey, Vehicle Technology
FordDirect's Valerie Fuller, an 11-year company veteran, will be stepping down as COO on Sept. 1, the company announced yesterday.
Tags: Ford, FordDirect, Lincoln
Hyundai's Genesis will offer complimentary maintenance, loaner cars, and a valet service with its 2017 G90 and G80 luxury sedans in hopes of luring buyers to the new brand, Genesis announced.
Tags: Genesis, Hyundai, Vehicle Maintenance
Once the acquisition is approved, Cars.com will add the automotive industry’s largest dealer review site to its platform.
Tags: Acquisition, Cars.com, Customer Reviews, Dealerrater
July 21, 2016 - Industry News
Organizers of the upcoming Compliance Summit Las Vegas announced that trainer and compliance expert Gil Van Over will deliver a featured presentation at the event, which is scheduled for Aug. 29–30, 2016. The event will be held at Paris Las Vegas as part of the annual Industry Summit.
Tags: Compliance Summit, Gil Van Over, Industry Summit
A new study from J.D. Power shows that online shopping tools on manufacturer websites significantly improves satisfaction for consumers shopping for a vehicle. The three best-performing sites belong to Land Rover, Jaguar, and Mercedes-Benz.
Tags: Dealer Websites, J.D. Power, Online Shopping, Study
The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.
Tags: AFSA, auto finance, CFPB, compliance, dealer participation, NADA, NIADA
Conducted by Harris Poll on behalf of online retailer Beepi, the study revealed an apparent distrust and negative opinion of car dealerships among consumers polled. In the survey’s findings, 61% of respondents felt like they were taken advantage of at some point in the dealership.
Tags: Beepi, Dealership Experience, Millennial, Survey
July 20, 2016 - Industry News
Capital Z Partners Management announced it has acquired Portfolio Group Inc. from Frontenac Company LLC. The F&I product provider's current management team will retain their current roles and significant ownership.
Tags: Acquisition, Capital Z, F&I, F&I product provider, Frontenac, Portfolio Group
Regulators in Maryland, Massachusetts and New York charge that the emissions scandal and alleged cover-up was orchestrated and approved 'at the highest levels of the company, up to and including former CEO Martin Winterkorn.'
Tags: compliance, emmissions, Volkswagen, Volkswagen Scandal
What’s Next Media will leverage Flick Fusion’s Smart Flicks marketing platform to hose and distribute its customers' videos.
Tags: Flick Fusion, Video Marketing, What's Next Media
Manheim has named Derek Hansen vice president of digital inventory solutions and Angela Babin vice president of retail solutions.
Tags: Hiring, Manheim, Promotions, Vice President
The new director, Paul Spears, will be responsible for leading the company's safety and compliance efforts, as well as providing additional operational support for the company's paint shops and Frontline Fast dealer clients.
Tags: compliance, Dent Wizard, Hiring
July 19, 2016 - Industry News
Fiat Chrysler Automobiles confirmed in a statement issued today that it’s under investigation by the U.S. Security and Exchange Commission and the U.S. Department of Justice. According to Bloomberg, FBI agents visited the homes of nine people who run FCA business centers as part of a probe into the automaker’s monthly sales reporting.
Tags: Chrysler, Ed Napleton, FCA, Fiat, Napleton Automotive Group, new-vehicle sales
Terry O’Loughlin, director of compliance for Reynolds and Reynolds and a former regulator, will serve as a featured speaker at the upcoming Compliance Summit, scheduled for Aug. 29-30 at Paris Las Vegas.
Tags: compliance, Compliance Summit, F&I, Reynolds & Reynolds, Terry O'Loughlin
The Office of the Comptroller of the Currency has once against expressed concern about rising credit risks in the auto finance arena, noting that underwriting standards for both direct and indirect auto loans have begun to decline due to increased competition.
Tags: Indirect Lending, Regulations, Study, Underwriting
Organizers of Compliance Summit announced that attorney and compliance expert Aaron Lunt will deliver the opening keynote address at the inaugural Las Vegas event, scheduled for Aug. 29-30 at Paris Las Vegas
Tags: Aaron Lunt, compliance, Compliance Summit, F&I products, Industry Summit, The Warranty Group
Jumpstart Automotive Group has signed an exclusive ad sales representation agreement with Autolist.com. Jumpstart CEO Nick Matarazzo said the partnership will allow his company to tap into consumers deep in the automotive purchase funnel.
Tags: Auto Publisher, Autolist.com, Jumpstart Automotive
Champlain National Bank has entered the indirect auto finance channel behind a cloud-based loan origination system developed by Teledata Communications Inc. The bank is currently integrated with Dealertrack and RouteOne, and has signed 'a substantial number of dealers' in the New York region.
Tags: Auto Loans, Champlain National Bank, Lending, software
Dealertrack announced this week that Volvo Car Financial Services is now available for econtracting with Volvo dealers nationwide on the Dealertrack platform. The decision to go national was spurred by results of a regional pilot.
Tags: Dealer Software, Dealertrack, econtracting, Volvo
July 14, 2016 - Industry News
The event — which is exclusive to NADA and American Truck Dealers members — will be held at Mardi Gras World on Jan. 26, 2017. It will feature cuisine from top New Orleans restaurants and entertainment from Foreigner, Cowboy Mouth and local jazz musicians.
Tags: NADA, NADA Convention and Expo
A Missouri dealer has agreed to pay $38,067 in restitution to 23 former customers to settle the state attorney general's charges that he and his dealership did not provide vehicle titles and did not honor repair agreements. The dealer is also prohibited from operating a dealership for five years.
Tags: Attorney General, Consumer Laws, Deceptive Practices, Missouri
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