September 13, 2016 - Industry News
On Monday, IAS announced the appointment of Patrick Brown as president and CEO. He succeeds Bob Corbin, who was appointed executive chairman. Officials said the moves signal the company's plans to expand.
Tags: CEO, Hiring, IAS, President
Portfolio announced the launch of Portfolio Edge, a program designed to extend coverage of the manufacturer’s parts and labor warranties on repairs performed in dealership service drives. It also reinsures the extended coverage contracts to the dealer's affiliated reinsurance company.
Tags: PartShield, Portfolio, Service Contracts, warranty
September 8, 2016 - Industry News
CalAmp unveiled a new telematics system that doubles as an inventory management tool for dealers and a connected car service for consumers when linked to the company's new mobile application.
Tags: LoJack, Mobile Applications, telematics, Vehicle Tracking
Only two car segments ranked in the Top 12 for strongest monthly retention, the firm reported this week. It added that depreciation for all car segments topped rates recorded during the last three years for the month of August.
Tags: Black Book, used-vehicle values, vehicle depreciation
The National Automobile Dealers Association (NADA) has hired Abram Olmstead as its digital media director. He will oversee the NADA's communications efforts across all digital platforms.
Tags: Hiring, NADA, social media
E-Credit Express announced today it will integrate NADA Used Car Guide values into its lender management platform to speed up the used-vehicle sale and loan approval process for dealers and finance sources.
Tags: E-Credit Express, NADA, NADA Used Car Guide, used vehicles
instaVIN has named Edie Hirtenstein director of business development. The 14-year automotive industry veteran will be responsible for managing customer relationships, and identifying and implementing products and services that further expand the business, according to the company.
Tags: Hiring, instaVIN, Kar Auction Services
For the second time this year, the seasonally adjusted annual rate (SAAR) for new vehicles fell below 17 million in August. Manheim, however, said the drop 'may be a good thing."
Tags: Manheim Used Vehicle Report, New Vehicles, SAAR, used vehicles, Wholesale Pricing
TimeHighway.com, Peak Performance, Dealer Product Services and OneCommand have merged. Together, the companies will be called Affinitiv, the firms announced this week.
Tags: Dealer Product Services, OneCommand, Peak Performance, TimeHighway.com
J.D. Power’s sale to XIO Group in London for $1.1 billion was completed this week, the global alternative investments firm announced on Wednesday. J.D. Power will remain headquartered in Costa Mesa, Calif., and will continue to be led by its existing management team.
Tags: Finbarr O'Neill, J.D. Power, XIO Group
September 7, 2016 - Industry News
DealersLink announced this week it has expanded into Illinois. According to the company, it is aggressively signing on new dealerships in Illinois and plans further expansion into other Midwest markets.
Tags: DealersLink, technology, Wholesale
Almost a year after purchasing full ownership of Cars.com, the company formerly known as Gannett announced on Wednesday plans to spin-off the digital automotive marketplace into an independent publicly trade company.
Tags: Cars.com, digital marketing, Gannett
KAR Auction Services Inc. has promoted Stacey White to senior vice president of enterprise optimization. The more than 20-year veteran of the auto remarketing industry will maintain her prior duties while also overseeing the company’s procurement and sourcing strategies.
Tags: Kar Auction Services, Promotion, Vice President
September 6, 2016 - Industry News
Texas-based Sam Pack’s Five Star Ford of Lewisville was named F&I and Showroom’s 2016 F&I Dealer of the Year. The award was handed out last Wednesday during the magazine’s annual Industry Summit.
Tags: Awards, Dealership, DOY Winners, F&I Dealer of the Year, F&I Pacesetters, Sam Pack's Five Star Ford of Lewisville
Manheim has appointed John Eriksen as general manager of Manheim Baltimore-Washington, according to a company announcement. In his new role, he will concentrate on serving clients and improving their auction experienced, the company stated.
Tags: Auto Auction, general manager, Manheim
Credit unions funded a record 529,000 auto loans through CU Direct’s Lending 360 and CUDL platforms in the first half of 2016. That amounts to more than $16.1 billion in funded automotive loans.
Tags: Auto Loans, credit unions, CU Direct Corporation, CUDL
Finance sources made more than five times as many loans to superprime customers than deep-subprime customers during the second quarter. Delinquencies were up only slightly, but balanced loan portfolios and stable automotive lending continued to quash subprime bubble fears, Experian reports.
Cox Automotive has named Shane O’ Dell president of financial solutions. The former Manheim exec will oversee NextGear Capital, where he served as COO before joining Manheim as senior vice president of vehicle solutions.
Tags: Cox Automotive, NextGear Capital, Promotion
Alpha Warranty announced the release of its DriveEasy Limited Lifetime Powertrain Warranty and its DriveEasy Wrap Protection vehicle service contract. The later provides up to five years and 100,000 miles of additional coverage, and is designed to complement the limited lifetime powertrain warranty,
Tags: Alpha Warranty Corp., vehicle service contract, warranty
RouteOne announced that Scott Johnsen, Amanda George and Jeff Belanger are transitioning from their directors roles to new executive positions.
Tags: F&I, RouteOne, Vice President
September 1, 2016 - Industry News
More than 16,000 independent dealerships will gain the ability to digitally rate, econtract, capture electronic signatures and submit contracts for more than 130 F&I aftermarket product provider as part of a recently announced partnership between Frazer and F&I Express.
Tags: Dealer Software, F&I Express, Frazer Software, Partnership
Dealertrack announced this week that it will be marketing and selling F&I Express’ Express Recoveries Solution through its platform beginning later this year on Oct. 1. The offering will provide lenders and consumers a refund of the unused portion of their aftermarket contracts, according to the company.
Tags: Aftermarket Products, Dealer Software, Dealertrack, F&I Express
WLC will add 10 luxury brands, including Acura, Audi, BMW, Jaguar, Land Rover, Lexus, Mercedes-Benz, MINI, Porsche and AMG, to Walser's existing 15 franchises, according to the company.
Tags: Acquisition, Dealer Group, Dealership, Luxury Vehicles
On Tuesday, Mazda North American Operations launched the Mazda Recall Information Center as part of an effort increase recall completions. The new website is only part of the company's initiative to ensure recalls are completed quickly and efficiently.
Tags: customer satisfaction, Mazda, Recalls
Volkswagen will begin offering its new models for lower prices and provide dealers with a broader product range in a move that could lower residual values if incentives remain high, according to an industry expert.
Tags: incentives, New Vehicle Prices, Volkswagen
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