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August 6, 2015 - Industry News

TrueCar’s Painter to Step Down

TrueCar CEO Scott Painter has announced that he will vacate his post in the wake of second quarter losses of nearly $15 million.

Tags: AutoNation, Quarterly Earnings, Scott Painter, TrueCar

August 6, 2015 - Industry News

Industry Summit to Tackle the Online F&I Movement

The magazine’s annual conference will feature two workshops and two panels that will take a look at the digital challenges and opportunities facing the F&I office.

Tags: Brittany-Marie Swanson, David Gesualdo, F&I process, F&I products, Gregory Arroyo, Industry Summit, Online Marketing, Ron Reahard, Video Advertising

August 5, 2015 - Industry News

Ziegler to Deliver Profit Masters Seminar at Industry Summit 2015

The Alpha Dawg will return to Industry Summit to deliver his two-day training seminar, which will cover topics related to sales, F&I, BDC and Internet department management. The training seminar is included with the purchase of a full conference pass.

Tags: business development center, F&i director, F&I manager, General Manager, General Sales Manager, Industry Summit, internet department, Jim Ziegler, Sales Management

August 5, 2015 - Industry News

Bill Aimed at Texas Reinsurance Regulations to Become Law

A bill supported by GSFSGroup will become law on Sept. 1, effectively aligning Texas reinsurance law more closely with regulations in other states.

Tags: GSFSGroup, legislation, reinsurance

August 4, 2015 - Industry News

Ask Joe Contest Deadline Extended

F&I and Showroom magazine announced today that the deadline to enter the Ask Joe contest, which will send five readers to Industry Summit 2015, has been extended to Aug. 17.

Tags: Ask Joe, F&I manager, IAS, Industry Summit, Innovative Aftermarket Systems, Joe St. John

August 4, 2015 - Industry News

Wells Fargo Dealer Services Opens Second Office in New Jersey

The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.

Tags: auto finance, F&I manager, F&I process, Indirect Lending, Wells Fargo Dealer Services

August 4, 2015 - Industry News

VinSolutions Desking Tool Integrates With Autosoft DMS

The VinConnect Desking tool now integrates with the Autosoft dealer management system, allowing the two systems to share information in real time.

Tags: AutoSoft, desking, DMS integration, VinSolutions

August 4, 2015 - Industry News

GWC Enhances Top Dealer Programs

The F&I product provider is expanding the ways it rewards its top dealers. The firm announced enhancements to its GWC Elite Dealer Program and introduced a new rewards tier.

Tags: F&I department, F&I manager, GWC Warranty. Used-Vehicle Service Contracts, Service Contracts

July 29, 2015 - Industry News

VisionMenu Adds Four Product Providers to vRate Platform

VisionMenu has integrated Perma Plate, Vehicle Admin Services, ArmorAll, and Total Warranty Services with vRate, a feature of its electronic menu.

Tags: econtracting, F&I menu, VisionMenu Inc.

July 29, 2015 - Industry News

CFS Appoints VP of Partner Development

Confident Financial Solutions has appointed of Tony Orlando as vice president of partner development.

Tags: hiring, TrueCar

July 28, 2015 - Industry News

NADA Still Pushing For CFPB Transparency

One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.

Tags: CFPB, Consumer FInancial Protection Bureau, dealer markups, discrimination, Honda Financial Services, NADA, National Automobile Dealers Association

July 28, 2015 - Industry News

J.D. Power: Dealers Willing to Pay for Better Lender Services

The firm found that dealers are willing to pay a premium for high-quality service from finance providers, including dedicated underwriters and dealer-focused sales reps.

Tags: econtracting, Floorplan Financing, J.D. Power and Associates, Lender, underwriting and collections

July 28, 2015 - Industry News

Vero Forms New Division With Acquisition of Fidelis PPM

With the acquisition, Vero and Fidelis PPM have formed DRIV Technologies LLC, which will provide dealers with a new prepaid maintenance technology platform designed to drive up customer retention.

Tags: DRIV Technologies, F&I manager, F&I menu, F&I products, Fidelis PPM, Prepaid Maintenance, Vero

July 28, 2015 - Industry News

N.J. Consumer Affairs Division Reaches $25K Settlement with Dealer

The New Jersey Division of Consumer Affairs and AutoSource Group, a used-car dealership, have settled a lawsuit filed by the regulator earlier this year. The dealership was accused of failing to disclose the condition of its cars, among other things.

Tags: consumer complaints, fraud, Lawsuit, lemon law, New Jersey, Settlement, Used Vehicles

July 28, 2015 - Industry News

Portfolio Announces New CFO, Treasurer

The reinsurance program manager announced that Pam Hamilton will take over all treasury functions. The company also appointed Robert Dickey as CFO.

Tags: F&I products, Portfolio, Portfolio Asset Protection, reinsurance

July 23, 2015 - Industry News

GM Financial's Penetration of GM Retail Sales Grows Globally in Q2

GM Financial's transformation from subprime finance source to GM's captive finance company continued in the second quarter, with GM new-vehicle loans and leases accounting for 83.5% of total originations during the period.

Tags: Auto Lending, General Motors, GM Financial, leasing, Quarterly Earnings, subprime lending

July 22, 2015 - Industry News

Hackers Demonstrate Security Risks In Connected Cars

On the same day WIRED magazine posted a video showing two hackers take over a Jeep Cherokee traveling down a St. Louis highway, two U.S. Senators introduced legislation that would direct the NHTSA and FTC to establish standards to secure cars and protect drivers' privacy.

Tags: Cyber Security, Jeep, Safety, WIRED magazine

July 22, 2015 - Industry News

Westlake Customers See Largest Jump in FICO Score, Equifax Finds

Westlake Financial Services was recognized by Equifax as the national auto lender whose subprime customers have seen the highest credit score increase over the term of their loan.

Tags: Auto Loans, Equifax, subprime lending, Westlake Financial Services

July 22, 2015 - Industry News

Ally Renews Exclusive Sponsorship of TIME Dealer of the Year

Ally Financial has renewed its exclusive sponsorship of the TIME Dealer of the Year program through 2021. Nominations for the 2016 program are now open.

Tags: Ally Financial, charity giving, NADA, NADA Convention and Expo, National Automobile Dealers Association, TIME Dealer of the Year

July 22, 2015 - Industry News

AskPatty.com Relaunches Certified Female Friendly Program

AskPatty.com has re-launched its Certified Female Friendly Program with a new focus on marketing consultation for automotive retailers. The company has also added a dealer division.

Tags: AskPatty.com, marketing

July 21, 2015 - Industry News

Department of Defense Issues Final Military Lending Act Rule

Today, the Defense Department issued a final rule that expands the types of credit products covered by the 36% rate cap and other military-specific protections under the Military Lending Act.

Tags: CFPB, Consumer FInancial Protection Bureau, department of defense, military, military loans

July 21, 2015 - Industry News

Millennials Prefer Leasing, Edmunds Finds

Millennial car buyers are leasing vehicles at a higher rate than the overall car-buying population, according to analysis from Edmunds.com.

Tags: Edmunds.com, leasing, Millenials

July 21, 2015 - Industry News

GSFSGroup Earns Third-Straight Dealers’ Choice Award

For the third straight year, GSFS Group was selected by readers of Auto Dealer Monthly as one of the best reinsurance product providers.

Tags: Auto Dealer Monthly, Dealers' Choice Awards, GSFSGroup

July 21, 2015 - Industry News

Former TrueCar Exec Joins The Appraisal Lane

Former TrueCar executive Ken Potter has joined The Appraisal Lane, a new used-car trade network and communications platform being rolled out to dealers in select markets.

Tags: Ken Potter, new-vehicle leads, The Appraisal Lane, third-party sites, TrueCar, used-vehicle leads

July 21, 2015 - Industry News

Sonic Cautious About CFPB, But Revs Up Hybrid F&I Push

Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.

Tags: One Sonic-One Experience, Quarterly Earnings, Sonic Automotive