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January 7, 2015 - Industry News

Used-Vehicle Prices Remain Resilient in 2014

Stronger pricing activity and fuel price trends highlighted a better-than-expected 2014 for used-vehicle prices, which outperformed 2013 levels and beat Black Book’s initial expectation.

Tags: Black Book, used-vehicle values

January 7, 2015 - Industry News

Mercedes-Benz USA to Relocate HQ to Atlanta

Mercedes-Benz USA will begin relocating its corporate headquarters to Atlanta from its current facility in Montvale, N.J., in July.

Tags: headquarters, Mercedes-Benz, New Jersey

January 7, 2015 - Industry News

GO Financial Completes Sale of Additional Equity Interest to Manheim

GO Financial, a Phoenix-based subprime auto finance company, completed the sale of an additional equity interest in the company to Manheim.

Tags: DriveTime, equity, GO Financial, Manheim

January 7, 2015 - Industry News

CreditMiner Adds Equifax to Soft Bureau Data Portfolio

CreditMiner has reached an agreement with Equifax to deploy its Prescreen of One, a service that allows dealers to get real-time, prescreened finance offers for customers without having to collect their Social Security number or date of birth.

Tags: credit prescreening, Equifax

January 7, 2015 - Industry News

Black Book Selects New Dealer Services VP

Black Book has promoted Adam Mann to vice president of Dealer Services for its Activator Division.

Tags: Black Book, Promotions

January 6, 2015 - Industry News

AT&T to Power LoJack's Telematics Solutions

Officials with both companies say the collaboration will provide new machine-to-machine technology solutions for the connected car industry.

Tags: AT&T, Internet of Things, LoJack, Vehicle Theft, Vehicle-Recovery Device

January 6, 2015 - Industry News

New-Car Transaction Prices Reach New Record, KBB Reports

Average transaction prices in December were up nearly 3% from a year ago and nearly 1.6% from November, with Hyundai and Kia posting the largest percentage gain among major OEMs.

Tags: KBB. kbb.com Kelley Blue Book, New-Vehicle Sales, Transaction Prices

January 6, 2015 - Industry News

NIADA Partners with EFG Companies

The NIADA has partnered with EFG Companies to drive F&I profit opportunities for its independent dealer members.

Tags: EFG Companies, F&I product provider, F&I Products, National Independent Automobile Dealers Associatio, NIADA

January 6, 2015 - Industry News

SouthwestRe Celebrates 30 Years of Business

In 2015, third-party administrator SouthwestRe will celebrate its 30-year anniversary, starting with a kick-off celebration during the NADA convention.

Tags: NADA Convention and Expo, SouthwestRe

January 6, 2015 - Industry News

Compliance Firm to Hold Cyber Security Session at NADA Convention & Expo

Automotive Compliance Consultants and cyber-security partner Nuspire Networks will discuss dealership security with dealers at NADA 2015 in San Francisco.

Tags: Automotive Compliance Consultants, data mining, data protection, NADA Convention and Expo

January 6, 2015 - Industry News

CNW: Online Ads Motivating More Used Sales Than Print

Used-vehicle sales motivated by online ads outpaced purchases motivated by print newspapers for the first time, CNW reports. The firm also noted that private party sales showed the biggest increase in December.

Tags: CNW Research, newspaper advertising, online advertising, online marketing, print, used car sales

January 6, 2015 - Industry News

Flick Fusion, ZMOT Partner to Produce Spanish Auto Inventory Videos

Flick Fusion is collaborating with ZMOT Auto, an automotive digital velocity firm, to produce vehicle inventory videos with voiceovers in a conversational style for Spanish-speaking car buyers.

Tags: Flick Fusion, inventory, Video Advertising

January 6, 2015 - Industry News

CNA National Celebrates 20 Years as AIADA Affinity Partner

CNA National Warranty Corp. is celebrating 20 years as the longest-serving Affinity Partner with the American International Automobile Dealers Association.

Tags: American International Automobile Dealers Associat, CNA National

January 6, 2015 - Industry News

AutoStar Solutions Integrates With DealerSocket CRM

Dealers using the AutoStar Fusion dealer management system can now update DealerSocket’s customer relationship management software in real time.

Tags: AutoStar Solutions, CRM, DealerSocket, DMS integration

December 30, 2014 - Industry News

Moody’s Sees Silver Lining in Regulatory Scrutiny of Auto Finance

Moody’s expects the performance of new and outstanding auto loan ABS deals to suffer temporarily due to current regulatory activity, but it does see a silver lining in the increased scrutiny of the auto finance marketplace.

Tags: Auto ABS, Compliance, Federal Trade Commission, Moody's Analytics, Regulations, Subprime

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: Attorney General, auto lending, Compliance, discrimination, Santander Consumer USA, subpoena, Subprime

December 30, 2014 - Industry News

CFPB: Servicemembers Harmed by Loopholes in Military Lending Act

A report released Monday by the regulator highlights how loopholes in the current Military Lending Act rules are racking up the costs of loans for servicemembers.

Tags: CFPB, Consumer Financial Protection Bureau, military, military loans

December 30, 2014 - Industry News

N.Y. Shuts Down Subprime Auto Lender

Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.

Tags: Compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, Subprime, subprime financing

December 18, 2014 - Industry News

J.D. Power Projects Highest December SAAR in Eight Years

New-vehicle retail sales in December are expected to reach a SAAR of 14.2 million units, the highest level since 2006.

Tags: Christmas, December, holiday, J.D. Power and Associates, New-Vehicle Sales, Retail Sales, SAAR

December 18, 2014 - Industry News

Legal Expert Rings in the Holidays With ‘12 Days of Dealership Compliance’

AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.

Tags: AutoStar Solutions, Compliance, F&I office

December 17, 2014 - Industry News

A1 Software Announces Mobile-Focused Sales Platform

A1 Software Group has announced its new dealership sales solution, Selly, a mobile focused, lightweight platform for automotive sales. Selly is designed for small- to medium-sized dealerships and was initially distributed as a mobile app.

Tags: Mobile Applications, Software

December 17, 2014 - Industry News

Debt Levels Will Continue to Rise, TransUnion Reports

TransUnion’s annual auto loan forecast calls for auto loan debt to rise to $18,244 by the end of 2015. This would mark 19 consecutive quarters of increases since the first quarter of 2011.

Tags: Auto Loans, Delinquencies, TransUnion

December 16, 2014 - Industry News

Volvo to Focus on Selling Cars Online

The Swedish automaker plans to sell vehicles online across the globe as part of a new marketing strategy. The digital push will complement Volvo’s existing dealer network, officials said.

Tags: online retail, Sales Training, Volvo

December 16, 2014 - Industry News

Credit Acceptance Subpoenaed by DOJ

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena

December 16, 2014 - Industry News

‘Great Deleveraging’ Has Ended, Equifax Reports

Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.

Tags: auto finance, Auto Loans, Car Shopping, Consumer Credit Balances, Equifax, New-Car Sales