March 17, 2016 - Industry News
Generation Z may have grown up with more access to technology than Millennials, but buying online isn't what this emerging demographic prefers, according to a joint study from Autotrader and Kelley Blue Book.
Tags: Autotrader, Generation Z, Kelley Blue Book, Millennials, Study
March 16, 2016 - Industry News
The firm’s 2016 U.S. Customer Service Index (CSI) Study shows that last year’s record number of recalls is having an effect on customer satisfaction with dealer service, which declined for the first time in six years.
Tags: Customer Service, J.D. Power, service department, vehicle recall
The integration will connect RouteOne’s digital retail services with Scion’s concierge sales showroom app, allowing dealers to electronically capture signatures from each buyer on all documents in the credit application and contracting process.
Tags: eSignature, iPad, RouteOne, Scion
The automotive imaging company, which supplies 360-degree imaging to more than 22,000 dealer websites, has expanded its virtual reality content.
Tags: EVOX, Online Marketing, Virtual Showroom
The firm's new augmented reality solution will allow dealer personnel to show customers a fully interactive 4-D view of their vehicle, its warranty coverage and components inside the showroom, F&I office and on the lane.
Tags: Augmented Reality, CreditMiner, NADA, NADA Convention and Expo
March 15, 2016 - Industry News
Fidelis PPM execs will be at this month's NADA Convention & Expo to show dealers how to track, measure and evaluate the effectiveness of loyalty programs like its customized prepaid maintenance program.
Tags: Fidelis PPM, NADA Convention and Expo, Retention Plan, ROI
The system is designed to use Apple Wallet, a native app to all iPhones, or Android Wallet, installed in most U.S. smartphones, to send above-the-lock-screen alerts that cannot be ignored by customers.
Tags: Geofencing, Mobile Applications, technology
Manheim kicked off its month-long “Pump Up Your Volume” campaign on Monday, It's designed to promote inventory from key consignors as well as Manheim's large selection of sought-after luxury and non-luxury certified pre-owned vehicles.
Tags: Campaign, Certified Pre-Owned, Email Campaign, Manheim
March 10, 2016 - Industry News
Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.
Tags: auto finance, CFPB, dealer markups, Disparate Impact, Jeb Hensarling, pricing discrimination, Richard Cordray, Toyota Motor Credit Corp
"U.S. News & World Report" released this week its 2016 list of 'Best Cars for Families.' The organization evaluated safety and reliability ratings, reviews, high-tech features, and cargo space of 256 vehicles and named winners in 21 different categories.
Tags: Best of, Family, MY-2016, U.S. News
Results of a survey conducted by FICO revealed that Millennials still seek the freedom and the convenience of owning their own car. They just don't want to finance their next purchase through a dealership.
Tags: FICO, Financing, Millennials, Survey, Vehicle Ownership
March 9, 2016 - Industry News
A purchasing group led by David L. Peterson, owner of Tafel Motors, has acquired Mercedes-Benz of Cincinnati and Mercedes-Benz of West Chester. Although the terms of purchase have not been announced, the new management team began full operation of both locations on Monday.
Tags: Dealership, Mercedes-Benz, New Management
March 8, 2016 - Industry News
SouthwestRe's new Automotive Powertrain Wrap is a vehicle service contract designed to be sold together with the F&I product provider's First Automotive Lifetime Powertrain Limited Warranty program.
Tags: Powertrain Coverage, Service Contracts, SouthwestRe
For the second year in a row, EFG took home awards in three categories during the 10th annual Stevie Awards for Sales and Customer Service. The awards were handed out during a March 4 gala at the Paris Las Vegas.
Tags: Customer Service, EFG Companies, sales, Stevie Award
A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.
Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court
The vehicle information firm reported that all segments reviewed showed less than 2.7% depreciation except for full-size pickups.
Tags: Black Book, vehicle depreciation
Portfolio has named Casey Van Schoyck as its new chief compliance officer. In her new position, she will lead the company’s efforts to keep its processes and products compliant with state and federal regulations.
Tags: Chief Compliance Officer, Portfolio, Promotion
DealersLink officials say the company's line of automotive solutions can help small and mid-sized automotive groups cut vendor costs by streamlining their dealership tools into one integrated system.
Tags: Dealership, Dealership Solutions, DealersLink
March 3, 2016 - Industry News
With new-vehicle loan amounts and monthly payments rising to record highs during the fourth quarter, leasing’s share of the market grew to record levels. Data from Experian Automotive also showed that more consumers turned to the used-vehicle market in the end-of-year period.
Tags: Experian Automotive, Melinda Zabritski, Monthly Payments, new-vehicle financing, new-vehicle leasing
March 2, 2016 - Industry News
Introduced last month, Senate Bill 3 would permit electric vehicle makers to sell vehicles directly to consumers at up to three locations. The state dealers association, General Motors and the Alliance of Auto Manufacturers have taken a stand against the measure.
Tags: CARA, Franchised Dealerships, General Motors, Senate Bill, Tesla
Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.
Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, Subprime Financing, Tom Hudson
John Palmer, CEO of ProMax Unlimited, will present “Secrets to Getting More Lender Approvals” at Dealer Summit, organizers announced on Wednesday.
Tags: auto financing, John Palmer, ProMax Online, ProMax Unlimited, special finance, subprime
Organizers of Dealer Summit have announced that NCM Associates’ Dustin Kerr will present a session dedicated to buy-here, pay-here (BHPH) operations at the event, which will take place May 3-5, 2016, at the Sheraton Tampa Riverwalk Hotel.
Tags: bhph dealers, buy-here, compliance, Dealer Summit, Dustin Kerr, NCM Associates, pay-here
March 1, 2016 - Industry News
Thanks to a rocky start in global financial markets and uncertainty regarding future interest rate hikes, Americans believe there is a 36% chance the U.S. economy will slip into a recession this year, a new survey shows.
Tags: car buying, Consumer Confidence Index, interest rates
Eighty-nine percent of dealers surveyed agreed that having a comprehensive process for handling inbound calls was important; however, only 40% were confident they were managing incoming calls effectively, according to a survey conducted by CallSource
Tags: CallSource, Dealerships, marketing
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