December 16, 2014 - Industry News
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
Beginning this month, DealerRater reviews and ratings will be featured on AutoTrader.com's dealer profile pages.
Tags: AutoTrader.com, Customer Reviews, Dealer Review Sites, DealerRater, online reputation management
December 12, 2014 - Industry News
The FTC took action against two dealer groups it targeted in 2012 for deceptive advertising. They were charged with violating the FTC's orders prohibiting them from deceptively advertising the cost of financing or leasing a car.
Tags: Deceptive Advertising, Department of Justice, Federal Trade Commission, Truth in Lending Act
December 11, 2014 - Industry News
The partnership makes Manheim and Go Auto Exchange DriveTime’s primary source for remarketing wholesale inventory through its physical locations, mobile auctions and online.
Tags: Auto Auctions, DriveTime, Go Auto Exchange, Manheim
December 10, 2014 - Industry News
The dealer group has added two more stores to the MOTOR TREND certified program. They’re located on Grove City, Pa.
Tags: Bob & Chuck Eddy, EasyCare, Motor Trend
The color white was up 3% in popularity globally in 2014, according to data from the coating manufacturer. Black, silver and gray also topped the list.
Tags: paint and fabric
Boutique public relations agency specializing in the automotive industry has launched a new video production division in response to growing demand for video-based marketing services.
Two brothers operating Space Auto Sales and Spin Auto Sales failed to pay more than $1.5 million in sales tax from the sale of vehicles between 2007 and 2009.
Tags: Compliance, sales tax evasion
Nearly half of new car buyers in the month of November used longer terms to purchase more expensive cars, according to a report from Requisite Press. The long-term loans enabled extra spending of more than $1.4 billion.
Tags: Auto Loan Terms, Auto Loans
December 9, 2014 - Industry News
Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.
Tags: Consumer Financial Protection Bureau, department of defense, military
Dealers using the company’s Desk/Mate module will now have access to real-time lease rates, residuals, manufacturer incentives and other rebate information.
Tags: Auto/Mate, Desking
November total light vehicle sales increased 4.6% from a year ago to more than 1.3 million units. The industry SAAR was also up significantly from a year ago and the month prior, rising to 17.20 million units.
Tags: Audi, Autodata Corp, BMW, Chrysler, Ford, General Motors, Honda, Hyundai, Mazda, Mercedes-Benz, Mitsubishi, monthly sales, Nissan, Porsche, SAAR, Toyota, Volkswagen
The new functionality between docuPAD and RouteOne eliminates the need to switch between applications and technology to sign RouteOne contracts and other related documents.
Tags: docuPad, eContracting, Reynolds & Reynolds, RouteOne
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
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.
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
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
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
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
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
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
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 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
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
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
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