October 3, 2017 - Industry News
Credit unions and captives continued to take advantage of the pullback by banks in the second quarter. The message coming out of CU Direct (CUDL)’s Sept. 28 webcast is that credit unions need to act fast before banks reconfigure their strategies.
Tags: auto finance, banks, Captive, credit unions, CU Direct
PERQ’s latest Car Buyer Insights Report upends preconceived assumptions about customers, finding that the majority of website visitors are not in the ‘buy’ phase and phone calls are their least desired method of contact.
Former Showroom Logic CSO Matt Weinberg joins Drive Motors as the ecommerce firm’s senior vice president of consumer experience.
October 2, 2017 - Industry News
Cox Automotive divisions RMS Automotive and Manheim have built a new co-listing capability into RPM, the company’s Nissan/Infiniti digital sales platform. The feature was designed to give independent dealers the opportunity to source OEM vehicles before they cross the auction block.
Thomas King has been promoted to the new position of senior vice president of data and analytics for J.D. Power following a ‘comprehensive national search’ for the ideal candidate.
With MUSA's auto-decisioning capabilities, dealers can expect callbacks within 30 seconds, according to officials. They say dealers don't have to be leasing experts to get one done with the company.
Tags: auto finance, MUSA Auto Finance, new-vehicle leasing, used-vehicle leasing
Dealers using both Auto/Mate’s DMS and Oplogic’s CRM can now benefit from the increased sales and operations intelligence shared in real time between the two systems.
Tags: Auto/Mate Dealership Systems, CRM, data integration, DMS, DMS integration, Oplogic
September 29, 2017 - Industry News
The new warranty doubles the automaker's current three-year, 36,000-mile warranty. Called the People First Warranty, the coverage can be transferred to subsequent owners for up to six years or 72,000 miles from the date it was first sold new.
Tags: Powertrain Coverage, vehicle service contracts, Volkswagen
September 28, 2017 - Industry News
Dealers with a Carfax Advantage account can now use Carfax information when searching for inventory through manufacturers’ digital sales platforms powered by RMS Automotive. BMW Financial Services NA LLC is the first company to incorporate the search function into its RMS-powered digital marketplace.
Tags: Auto Auctions, Carfax, remarketing, RMS Automotive, vehicle history report
Founded by Jim Landy and other auto finance veterans, the digital retailing company is looking to revolutionize the automotive fintech space behind a set of self-serve, real-time finance tools. So far in 2017, the firm reports a compound monthly growth rate for completed loans of 20%.
Tags: auto finance, digital retailing, Jim Landy, online F&I, SpringboardAuto
Twenty-year industry veteran Keith Mahoney has joined CNA National’s executive leadership team as the company’s first-ever chief development officer.
September 27, 2017 - Industry News
Barnard steps into a role vacated by the retirement of longtime human resources leader Rock Anderson. Filling her role as president of the company’s Inventory Solutions group is Grace Huang, who served as senior vice president of Manheim Inventory Services.
Kelley Blue Book said replacement demand driven by hurricanes Harvey and Sandy is already being felt in some areas. The firm predicts that will continue into October and potentially November as vehicle insurance payouts are received.
Tags: Hyundai-Kia, Kelley Blue Book, new-vehicle sales, SAAR, Toyota
More than 750,000 car buyers have downloaded the AutoGravity app, pushing the company past $1 billion in total finance amount requested.
Tags: AutoGravity, digital retailing, online F&I
Massachusetts Attorney General Maura Healey has filed a lawsuit accusing JD Byrider of selling poorly reconditioned vehicles under unaffordable terms with unwanted F&I products.
September 26, 2017 - Industry News
Wholesale prices of used vehicles up to eight years in age fell by 1.2% in August. Over the past five years, however, losses for the period averaged a more significant 2.2%.
Tags: JD Power, NADA Used Car Guide, used-vehicle sales, used-vehicle values, Wholesale Pricing, wholesale values
Alpha Warranty has updated its PriorityOne program to include unlimited mileage and extend eligibility to vehicles up to 10 model years and 125,000 miles.
The bureau released results of a national survey that measures the financial well-being of specific consumer groups as well as the population as a whole. The regulator also announced the release of a new tool designed to allow consumers to measure their level of financial well-being.
Tags: auto finance, CFPB, Credit
September 22, 2017 - Industry News
Sentiment speaks to recent auto finance data showing prime and superprime car buyers shifting toward used, where the average monthly payment was $139 less than the record $504 average monthly payment for new in the second quarter.
Tags: auto finance, Cox Automotive, Experian Automotive, new-vehicle sales, used-vehicle sales
iA Financial Group, one of the largest life and health insurance companies in Canada, has signed an agreement to acquire shares of third-party administrator SouthwestRe and its insurance arm, Dealers Assurance Co. The acquisition is expected to more than double the firm’s vehicle warranty business.
Tags: Dealers Assurance Company, F&I products, iA Financial Group, Jim Smith, reinsurance, SouthwestRe, vehicle service contracts
September 21, 2017 - Industry News
The F&I product provider named Brian Stach to the post. The former vice president for Internet Brands will oversee all of GWC Warranty's field sales operations, including a nationwide team of area vice presidents, dealer consultants, and trainers.
Tags: F&I products, GWC Warranty, Used-Vehicle Service Contracts
House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.
Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services
CitiFinancial has agreed to pay $907,000 to settle U.S. Department of Justice charges that it illegally repossessed vehicles sold to active-duty military members.
September 20, 2017 - Industry News
Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for Hyundai, Kia or Genesis.
Shoppers on Jumpstart Automotive Media’s portfolio of automotive publishers are gravitating toward the luxury sport, coupe, luxury sport sedan, and large SUV categories. But the two segments grabbing the most attention are alternative fuel vehicles and subcompact SUVs and CUVs.
Tags: BMW, Jaguar, Jumpstart Automotive, online shoppers, Toyota
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