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December 9, 2014 - Industry News

Ally Launches Enhanced Mobile and Online Tools for Auto Consumers

Ally Financial has improved its Ally Auto Mobile Pay app and added a new Click-to-Chat tool to its website that links users with live service agents.

Tags: Ally Financial, live chat, Mobile Applications

December 4, 2014 - Industry News

November a Turnaround Month for Independents, CNW Reports

After taking it on the chin for most of the year, independent dealerships realized a slight increase in used-vehicle sales in November. They also experienced an increase in transaction prices.

December 4, 2014 - Industry News

CNW: November’s TDR Hits 16.8 Million Despite Consumer Confidence Slip

Consumers may have their doubts about the economy, but they’re feeling pretty good about their personal economic situations. It’s one of the reasons CNW’s True Delivery Rate reached 16.8 million units in November.

December 2, 2014 - Industry News

Buy/Sell Activity Up 89% Year-Over-Year

Dealership buy/sell activity in the U.S. reached a new high, in part due to Berkshire Hathaway’s acquisition of Van Tuyl, the largest acquisition in the auto industry’s history.

Tags: Acquisition, Lithia Motors, Van Tuyl Auto Group

December 2, 2014 - Industry News

Manheim Adds Experienced Executive to Leadership Team

Manheim selected Shane O’Dell to serve as senior vice president of wholesale service, a new role within the company. O’Dell has worked in the vehicle finance industry since 1995.

Tags: auto finance, leadership, Manheim, NextGear Capital

December 2, 2014 - Industry News

Ga. Supreme Court Gives Go-Ahead in Fraud Suit Against Dealer

The Georgia Supreme Court ruled unanimously that a customer of Payless Auto Deals could proceed with his fraud claim against the dealership and one of its salespeople for selling him a damaged vehicle.

Tags: Carfax Report, Deceptive Practices, Lawsuit

December 2, 2014 - Industry News

Prestige Financial Ranked a Top Workplace in Utah

Prestige Financial Services came in at No. 4 on the Salt Lake Tribune’s list of top workplaces in the state in the large company category.

Tags: Prestige Financial, Utah

December 2, 2014 - Industry News

Loan Amounts Reach Record Highs in Q3

Experian Automotive reported this week that average dollar amount for both new and used vehicle loans reached all-time highs in the third quarter, climbing to $27,799 and $18,576, respectively.

Tags: Auto Loans, Experian Automotive, third quarter

December 2, 2014 - Industry News

KBB: New-Car Transaction Prices Up in November

New-car prices have increased by $165 from November last year, while rising $568 from a month prior. Domestic automakers have been the main beneficiaries of this trend, according to Kelley Blue Book.

Tags: Kelley Blue Book, Transaction Prices

December 1, 2014 - Industry News

Toyota's Captive Issues Statement Regarding CFPB, DOJ Allegations

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.

Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Investigation, Toyota Motor Credit Corp

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office

November 19, 2014 - Industry News

CFPB Methodology Flawed, New Study Concludes

A new study released by the American Financial Services Association finds bias and high error rates in the CFPB's proxy methodology for determining disparate impact.

Tags: American Financial Services Association, CFPB, CFPB study

November 19, 2014 - Industry News

J.D. Power: New-Car Sales Reaching Record Levels

J.D. Power’s John Humphrey told attendees of the NADA/J.D. Power Western Automotive Conference this week that new-car sales are steadily approaching the record of 17.3 million set in 2000, but with more discipline in pricing and the use of incentives.

Tags: J.D. Power and Associates, NADA, New-Car Sales

November 19, 2014 - Industry News

Experian Automotive: Delinquency Rates Rising

In the third quarter of 2014, 30- and 60-day automotive-loan delinquencies grew 3.7% and 8.6%, respectively, from the previous year. The change was due to growth in subprime loans.

Tags: Delinquencies, Experian Automotive, Melinda Zabritski, Subprime

November 18, 2014 - Industry News

ActivEngage Ranked in Fast 500 Tech Companies List

ActivEngage ranked 117th on Deloitte’s 2014 Technology Fast 500 list of fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.

Tags: ActivEngage, Deloitte, live chat, technology solutions

November 18, 2014 - Industry News

Auto/Mates Completes DMS Integration with BMW

BMW dealers using Auto/Mate's DMS can now enjoy seamless bi-directional information exchange with BMW of North America's DMS Data Transfer system.

Tags: Auto/Mate, BMW, DMS integration

November 18, 2014 - Industry News

Land Rover, Toyota Earn Top Honors in ALG's Residual Value Awards

Land Rover and Toyota earned top honors during ALG's 15th annual Residual Value Awards, which looks at 26 vehicle segments and forecasts which will retain the highest percentage of MSRP value after three years.

Tags: ALG, Awards, Land Rover, residual values, Toyota, TrueCar

November 18, 2014 - Industry News

NADA: New-Car Sales to Rise to 16.94 Million in 2015

At the NADA /J.D. Power Western Automotive Conference this week, NADA Chief Economist Steven Szakaly predicted that new-car and light truck sales will hit 16.94 million units in 2015.

Tags: Forecast, J.D. Power and Associates, NADA, National Automobile Dealers Association, SAAR

November 18, 2014 - Industry News

Preferred Warranties Names New President

Brian Cosgrove was promoted to president of Preferred Warranties Inc. He brings nearly 30 years of experience to his new role.

Tags: Preferred Warranties, Promotions

November 12, 2014 - Industry News

October Wholesale Prices Reveal Market Softness

ADESA’s chief economist says off-rental program vehicles kept wholesale prices artificially high in October. They also masked softness in a market that is facing high incoming supply.

Tags: ADESA Analytical Services, Tom Kontos, Used-Vehicle Sales, Wholesale Pricing

November 12, 2014 - Industry News

Dealertrack Credit App Network Hits 1,500 Lenders

The Dealertrack Credit Application Network, part of Dealertrack's Dealflow Advantage, has grown from five lenders in 2001 to more than 1,500 lenders today.

Tags: Credit Applications, Dealertrack, lenders

November 11, 2014 - Industry News

WeGoLook Rolls Out Online Car-Buying Service

Car shoppers who order a vehicle inspection through WeGoLook can now request financing, warranty, escrow, and transport services using the company’s Digital Dealership Services option.

Tags: online shoppers, third-party inspections, Vehicle Inspection

November 11, 2014 - Industry News

Kia Adds Dealertrack’s PaymentDriver to

Shoppers on can now explore finance options side-by-side using PaymentDriver. Those options can include current Kia incentives and interest rates, as well as the trade-in value of the customer’s current vehicle.

Tags: Dealertrack, Finance, Kia, PaymentDriver

November 11, 2014 - Industry News

Sonic Files Suit Against Former Employee for Luring Away Employees

Sonic and Philpott Motors have filed a lawsuit against a former employee who left the dealership and hired seven other employees to come work for him.

Tags: employment, Lawsuit, Sonic Automotive

November 10, 2014 - Industry News

USEA Hires Account Manager to Oversee Biweekly Loans

Billy Jackson has joined US Equity Advantage as a regional account manager. He will be responsible for servicing the company’s biweekly loan program with dealership partners across multiple states.

Tags: biweekly payment, US Equity Advantage