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June 30, 2015 - Industry News

Calif. Dealer Sentenced to 13 Years for Embezzlement

The former owner and operator of Costa Mesa Bellagio Motors, a car dealership that specialized in buying and selling high-end luxury vehicles, was sentenced this week after pleading guilty to embezzling more than $2 million from unsuspecting customers.

Tags: compliance, embezzlement, Fraud, Luxury Vehicles, prison

June 30, 2015 - Industry News

J.D. Power Forecasts Strongest June Sales in a Decade

New-vehicle retail sales and the retail seasonally adjusted annualized selling rate are expected to be at their highest levels for the month of June since 2005, according to a monthly sales forecast by J.D. Power and LMC Automotive.

Tags: J.D. Power and Associates, New Vehicles, Retail Sales, SAAR

June 30, 2015 - Industry News

NADA’s Koblenz Joins Industry Summit Roster

The NADA official who has spearheaded the association's efforts to protect franchised dealers from federal regulatory overreach will be at Industry Summit 2015 to deliver a keynote address, event organizers announced this week.

Tags: Andy Koblenz, CFPB, Disparate Impact, National Automobile Dealers Association

June 30, 2015 - Industry News

Two Las Vegas Dealers Settle FTC Charges

Two auto dealers in Las Vegas agreed to settle FTC charges that they used deceptive ads to promote the sale or leasing of their vehicles, including advertising heavily discounted prices that were not generally available to consumers.

Tags: Deceptive Advertising, Federal Trade Commission, Settlement

June 25, 2015 - Industry News

Supreme Court Upholds Disparate Impact

Source: Wikipedia

In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.

Tags: Ally Financial, CFPB, Consumer FInancial Protection Bureau, Disparate Impact, fair lending, Supreme Court

June 25, 2015 - Industry News

Protective Asset Protection Receives 2015 Dealers’ Choice Award

Protective Asset Protection was named a Platinum winner in the vehicle service contract provider category of Auto Dealer Monthly’s 2015 Dealers’ Choice Awards.

June 25, 2015 - Industry News

KBB Raises 2015 Sales Forecast to 17.1 Million Units

Kelley Blue Book said today that it expects June sales to total 1.5 million units, which would push first-half and second-quarter sales totals to their highest levels since 2005. The firm also raised its 2015 sales forecast from 16.9 million to 17.1 million.

Tags: auto dealers, Auto Industry, Kelley Blue Book, new-vehicle sales

June 24, 2015 - Industry News

A1 Software Launches Mobile CRM Sales App

A! Software has rolled out a freemium mobile CRM sales app that allows salespeople to manage prospects, manage and showcase inventory and manage their appointment schedule.

Tags: A1 Software Group, CRM, Mobile Applications, Mobile CRM, Salespeople, Showroom

June 24, 2015 - Industry News

Exeter Finance Appoints New Executive VP

Exeter Finance Corp. named Martin Evans as its new executive vice president and chief human resources officer.

Tags: employment, Exeter Finance Corp., hiring, Human Resources

June 24, 2015 - Industry News

Helion Adds Two Miami Dealer Group Clients

Helion Automotive Technologies now provides managed IT services for two new dealer group clients, Kendal Lexus and Toyota and Braman Motors.

Tags: Helion Technologies, technology

June 24, 2015 - Industry News

Honor Finance Secures New Funding Facility

CIVC Partners’ portfolio company, Honor Finance, has established a new funding facility with Wells Fargo Securities. The new facility provides a substantial increase in funding capacity.

Tags: Subprime, Wells Fargo Securities

June 23, 2015 - Industry News

Equifax, 700 Credit Expand Partnership

The two firms announced today that they have expanded their relationship to provide dealers and their F&I offices with a fully integrated income and employment verification solution.

Tags: 700Credit, Employment Verification, Equifax, F&I manager, F&I office, Income Verification

June 23, 2015 - Industry News

NAMAD, EFG Name Northwood University Scholarship Recipient

EFG Companies, together with the National Association of Minority Automobile Dealers, has selected sophomore Javante Dilworth as the recipient of their Northwood University private donor scholarship.

Tags: EFG COmpanies, merit scholarships, National Association of Minority Automobile Dealer, Northwood University

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, Auto Lending, Consumer FInancial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

June 17, 2015 - Industry News

N.Y. Dealers Targeted for Payment Packing and Other Deceptive Practices

Attorney General Eric Schneiderman, which announced on Wednesday a $14 million settlement with three Paragon dealerships, says he intends to file suit against 11 additional dealerships for the unlawful sale of credit repair and identity theft-prevention products.

Tags: Attorney General, credit repair, Eric Schneiderman, F&I office, F&I products, identify theft, Payment Packing

June 17, 2015 - Industry News

CFPB Sues Auto Lender for Aggressive Debt Collection Tactics

The Consumer Financial Protection Bureau has sued auto loan company Security National Automotive Acceptance Company for aggressive and misleading debt collection tactics against military service members.

Tags: CFPB, Debt Collection, Military Buyers, SNAAC, Veterans

June 17, 2015 - Industry News

Inspection Service Generates Leads for Dealers

VehicleSpection has launched a service that provides dealerships with on-site, professional inspections of certified used vehicles.

Tags: Internet Leads, sales, Vehicle History Reports, Vehicle Inspection

June 17, 2015 - Industry News

Eyewitness Surveillance Launches Line of Dealership-Specific Tools

Eyewitness Surveillance announced the launch of a beta program for three products designed specifically for dealerships.

Tags: chat service, Customer Service, Finance, service department

June 17, 2015 - Industry News

Dealer-FX Win’s TU-Automotive Industry Newcomer Award

Dealer-FX was selected as the TU-Automotive 2015 Industry Newcomer at the TU-Automotive show in Detroit, Mich.

Tags: Awards, Connected Vehicle, DMS integration, service scheduling, telematics

June 16, 2015 - Industry News

Motor Trend Certifies Indiana Dealer

Town & Country Ford has become the exclusive Motor Trend Certified Dealer in Evansville, Ind.

Tags: certified pre-owned vehicles, Motor Trend

June 16, 2015 - Industry News

RoadVantage Launches Bundled F&I Product Program

RoadVantage is offering bundled F&I product packages for both retail or lease customers on a single form as part of its Total Solution program.

Tags: F&I Product Provider, F&I products, Key Replacement, RoadVantage, Tire and Wheel, windshield protection

June 16, 2015 - Industry News

Car Lister Secures $6.5 Million in Funding

Car Lister announced that it has raised $6.5 million in angel-round funding to support the company’s national expansion.

Tags: Dealers, Online Buying, online shoppers, Vehicle Sales

June 16, 2015 - Industry News

Cox Automotive to Buy Dealertrack for $4 Billion

The software giants are currently forming an integration team to determine how the combined companies will be organized once the deal closes in the third quarter. A company official said Cox had identified Dealertrack as an acquisition target last year.

Tags: Acquisition, Cox Automotive, Dale Pollak, Dealertrack, Mark O'Neil, merger and acquisition, Sandy Schwartz, vAuto

June 16, 2015 - Industry News

IAS Names New Regional Sales Manager

Sean Dawson, who formerly worked with dealers in roles at PermaPlate and TD Auto Finance, has been selected as a regional sales manager for IAS.

Tags: AutoNation, employment, hiring, IAS, TD Auto Finance

June 11, 2015 - Industry News

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

Tags: American Financial Services Association, auto finance, CFPB, Consumer FInancial Protection Bureau, nonbank auto finance