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April 8, 2014 - Industry News

TrueCar Files for IPO

TrueCar filed a statement this week with the Securities and Exchange Commission for a proposed initial public offering of its common stock.

Tags: initial public offering, IPO, SEC filing, TrueCar

April 8, 2014 - Industry News

DealerRater Names New CEO

DealerRater has selected former J.D. Power executive Gary Tucker as its CEO. In his new role, Tucker will be responsible for leading the company through its next phase of growth.

Tags: DealerRater, employment, Hiring, J.D. Power and Associates

April 8, 2014 - Industry News

Manheim: Used-Vehicle Values Increase in Early 2014

Despite the harsh weather, used-vehicle sales continued to motor along in the first quarter of the year. Keeping demand high were insurance vehicle replacements and tax refunds.

Tags: First Quarter, Manheim, Used Vehicles, Used-Vehicle Sales

April 2, 2014 - Industry News

AutoLoop Recognized as Top Software Developer in Tampa Bay

The Tampa Bay Business Journal had the marketing solutions provider at No. 9 on its annual list, up four spots from last year’s ranking.

Tags: AutoLoop, software developer, Tampa

April 2, 2014 - Industry News

Cory Mosley Launches Sales Skills Seminar Series

The dealership consultant and magazine columnist will kick off his seminar series in Uniondale, N.Y. on April 22. The one-day, two-seminar program is designed to help showroom and Internet/BDC professionals become more influential with customers and increase their sales production.

Tags: BDC, Cory Mosley, internet sales, Sales Training, Training

April 1, 2014 - Industry News

Industry Sales Poised for Spring Rebound, CNW Predicts

The market research firm says improvements in several key metrics last month are setting the stage for a spring rebound in vehicle sales.

Tags: Art Spinella, CNW, CNW Research, jitters index, March, Subprime, Vehicle Sales

April 1, 2014 - Industry News

DealerSocket Names DMEautomotive Exclusive Call Center Provider

The partnership will integrate DMEautomotive’s call center services and mobile app directly into the DealerSocket CRM system, providing secure connectivity for DealerSocket users.

Tags: DealerSocket, DMEautomotive, mobile app, Systems Integration

April 1, 2014 - Industry News

FTC: Sunday Auto Sales Ban Harms Competition

The Federal trade Commission issued a letter last week in support of legislation that would overturn Illinois’ long-standing ban on Sunday car sales. Dealers in the state, however, remain steadfastly opposed to the bill.

Tags: Federal Trade Commission, FTC, Illinois, legislation, Senate

March 25, 2014 - Industry News

Arizona Lawmakers Back Bill to Allow Tesla Sales

Arizona lawmakers are pushing for a bill that would give Tesla the right to sell directly to consumers. The state is currently wooing the electric carmaker into building its battery production center in the state.

Tags: Arizona, legislation, Tesla, Tesla Motors

March 25, 2014 - Industry News

Industry Summit Adds Dealership Sales & Technology Track

Dealership Sales & Technology joins the F&I, Special Finance and P&A Leadership tracks for the annual event, which will be held Sept. 8–10 at Paris Las Vegas.

March 25, 2014 - Industry News

Dealers' Choice Awards Moved to August

The publishers of Auto Dealer Monthly have announced that the magazine’s annual Dealers Choice Awards have been moved from the April issue to the August issue.

Tags: Auto Dealer Monthly, Dealer's Choice Awards

March 25, 2014 - Industry News

N.Y. Attorney General Settles With 6 Dealers for Deceptive Ads

As part of the settlement, the six dealerships must reform their advertising practices and pay fines of up to $15,000. A seventh dealer was served with a statutory notice of the attorney general’s intention to file a lawsuit.

Tags: Attorney General, Deceptive Advertising, Deceptive Practices, New York, rebates

March 25, 2014 - Industry News

Toyota to Pay $1.2 Billion for Acceleration Issues

Toyota will pay a $1.2 billion financial penalty — the largest penalty ever imposed on an automotive company — for concealing and making deceptive statements about two safety issues affecting its vehicles in 2009, the U.S. Department of Justice announced last week.

Tags: Department of Justice, fine, Toyota, wire fraud

March 25, 2014 - Industry News

J.D. Power, DealerRater Announce Alliance

The alliance will integrate DealerRater’s customer ratings and reviews of car dealerships with J.D. Power’s customer satisfaction insights via the firm’s customer experience management platform.

Tags: Customer Reviews, DealerRater, J.D. Power and Associates, online ratings

March 21, 2014 - Industry News

Auto Dealer TV Debuts

Catch the first episode of Auto Dealer TV, brought to you by Auto Dealer Monthly and F&I and Showroom magazine.

March 20, 2014 - Industry News

Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, Equal Credit Opportunity Act (ECOA), FDIC, Indirect Lending

March 20, 2014 - Industry News

Retail Light-Vehicle Sales Strengthening in March

New-vehicle retail sales in March are showing signs of improvement following slower-than-expected sales in the first two months of 2014, J.D. Power and LMC Automotive report.

Tags: J.D. Power and Associates, LMC Automotive, March, New Vehicles, Retail Sales

March 20, 2014 - Industry News

February Lease Credit Approvals Up 11% From Last Year

So far in 2014, the credit approval rate is clocking in at 68.3%, close to the level Swapalease.com considers “healthy” at 70%.

Tags: Credit, credit approval rate, Lease, Swapalease.com

March 20, 2014 - Industry News

Allstate President Resigns

Douglas Herberger resigned from his post as president of Allstate Dealer Services this week. A replacement has not been named, but the company told industry partners on Tuesday it’s already in the process of transitioning to new leadership.

Tags: Agent Summit, Allstate Dealer Services, Doug Herberger

March 20, 2014 - Industry News

CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, Richard Cordray

March 18, 2014 - Industry News

Ron Martin Releases F&I Sales Training Book

The president of VisionMenu has released an expanded edition of his previous book. It now includes improved sales pitches, word-tracks and closes.

Tags: F&I Products, GAP, Ron Martin, Tire and Wheel, Training, vehicle service contracts, VisionMenu Inc., Word Tracks

March 18, 2014 - Industry News

FTC Charges Ark. Dealer With Not Displaying Buyers Guides

After being warned that it was failing to adhere to the FTC’s Used Car Rule, the Abernathy Motor Co. was charged with not displaying a Buyers Guide on used vehicles offered for sale. Each violation could result in a civil penalty of up to $16,000.

Tags: Buyers Guide, Federal Trade Commission, FTC, Used Car Rule

March 18, 2014 - Industry News

MaximTrak F&I Suite Recognized by 'CIO Review'

The publication reported in a recent edition that MaximTrak Technology’s F&I Suite has helped auto dealerships deliver a better buying experience for their customers.

Tags: F&I, F&I menus, Jim Maxim, Jr., MaximTrak, PVR, vehicle service contracts

March 12, 2014 - Industry News

Survey: Women Prefer Shorter Leases

Swapalease.com found that most women are looking for a shorter lease commitment than men, and that they ultimately may not return to leasing after their current experience.

Tags: Survey, Swapalease.com

March 12, 2014 - Industry News

Survey Uncovers Most Common Car-Buying Objections

An informal online survey conducted by Joe Verde Sales & Management Training Inc. found that the most common car-buying objection before the salesperson has a commitment is, “I’ll think it over and get back to you.”

Tags: Joe Verde, objection handling, Survey