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September 17, 2014 - Industry News

CFPB Proposes New Oversight of Nonbank Auto Finance Companies

The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.

Tags: Auto Lending, CFPB, Compliance, Consumer Financial Protection Bureau

September 17, 2014 - Industry News

Flick Fusion Introduces Video Marketing Tool

The company’s Timeline Marketing tool allows dealers to quickly create banners and overlays for both new videos and existing videos on the Internet, then publish them to the dealership’s website, YouTube, third-party inventory sites and more.

Tags: Flick Fusion, Social Media, social media marketing, Video Advertising, YouTube

September 17, 2014 - Industry News

StoneEagle Announces Strategic Alliance With JM&A Group

JM&A Group has implemented StoneEagle’s SEcureMetrics F&I and sales reporting platform in more than 1,000 of its performing dealerships.

Tags: F&I products, JM&A Group, StoneEagle Group

September 16, 2014 - Industry News

Biweekly Payment Provider Bulks Up Compliance Practices

USEA implements code of ethics and a certification test for its dealership partners. The move comes more than three months after the NADA notified members that the FTC was investigating biweekly payment programs.

Tags: biweekly payment, CFPB, FTC

September 16, 2014 - Industry News

Northwood University, EFG Companies Partner

Under the new partnership, the two organizations will develop specialized continuing education programs, conduct joint industry research, and cross-publish content.

Tags: EFG Companies, Northwood University, Training

September 16, 2014 - Industry News

Court Rules Yelp Can Manipulate Business Ratings

Photo Credit: <a href="https://www.flickr.com/photos/57009135@N00/8246725201/">planetc1</a> via <a href="http://compfight.com">Compfight</a> <a href="https://creativecommons.org/licenses/by-sa/2.0/">cc</a>

This month, the Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that dismissed a proposed class-action lawsuit against Yelp. The suit claimed the company extorts advertising dollars from businesses in exchange for good reviews, a practice the federal court said is not illegal.

Tags: advertising on Yelp.com, Lawsuit, online advertising, Yelp, Yelp reviews

September 16, 2014 - Industry News

Hudson Cook Adds Former CFPB Enforcement Deputy as Partner

Hudson Cook LLP's Lucy Morris

Hudson Cook adds another former CFPB official to its offices in Washington, D.C., in Lucy Morris. She was a founding member of the implementation team that organized the CFPB after passage of the Dodd-Frank Act.

Tags: CFPB, Hudson Cook LLP, Lucy Morris

September 16, 2014 - Industry News

Bill to Rescind CFPB Auto 'Guidance' Gains Support in Congress

More than 400 dealers traveled to the nation’s capital in support of a new bill that could nullify the CFPB’s guidance on auto lending.

Tags: CFPB, HR 4811, NADA

September 16, 2014 - Industry News

NHTSA Fumbled GM Recall, House Reports

A House committee released a report this week that raised questions about how the National Highway Traffic Safety Administration responded to consumer complaints regarding faulty ignition switches on GM vehicles.

Tags: Congress, General Motors, General Motors Recall, National Highway Traffic Safety Administration

September 16, 2014 - Industry News

Mass. High Court Rules in Favor of Tesla

This week, the Supreme Judicial Court of Massachusetts upheld a lower court’s ruling that dealers did not have grounds to challenge Tesla Motors’ ability to sell vehicles in the state.

Tags: franchise, Lawsuit, Massachusetts, ruling, Tesla, Tesla Motors

September 3, 2014 - Industry News

Carfax Lawsuit Now Lists More Than 700 Plaintiffs

An antitrust lawsuit against Carfax has garnered 700 plaintiffs, up from just 124 when the suit was originally filed in May last year.

Tags: Carfax, lawsuits, Leonard Bellavia

September 3, 2014 - Industry News

New-Car Transaction Prices Jump 3% in August, KBB Reports

In August, the estimated average transaction price for light vehicles in the United States was $32,495, according to the vehicle valuation source. New-car prices have also increased 2.7% from the same period last year.

Tags: Chevrolet, Chrysler, General Motors, Kelley Blue Book, Light-Vehicle Sales, Transaction Prices

September 3, 2014 - Industry News

Hudson Cook to Form New Group to Address Growing Scrutiny of Debt Collection

The firm has added Gary Becker and Barbara Sinsley, who will work with current Hudson Cook attorneys in creating a new practice group to focus on lender oversight and regulatory compliance for third-party debt collectors, debt buyers, collections law firms, and creditors collecting their own debts.

Tags: Hudson Cook LLP, Tom Hudson

September 3, 2014 - Industry News

VinSolutions Undergoes Leadership Changes

Lori Wittman was promoted to vice president and general manager of the company, while Sean Stapleton assumed an expanded role as vice president of sales and marketing.

Tags: Promotions, VinSolutions

September 3, 2014 - Industry News

Subprime Financing Begins to Level Off, Experian Says

The percentage of new-vehicle loans made to credit-challenged car buyers was at 15.1% in the second quarter of 2014, down from 22.1% in the same period in 2013, according to Experian Automotive.

Tags: Auto Loans, deep subprime, Experian Automotive, Melinda Zabritski, Subprime

September 2, 2014 - Industry News

Ziegler to Kick off Industry Summit With All-Day Profit Masters Seminar

The preconference seminar is designed for general managers, sales managers, BDC and Internet department directors, and F&I directors. The all-day seminar is being offered as a value-add for registrants of Industry Summit.

September 2, 2014 - Industry News

Former Cox Automotive GM Named AutoAlert CEO

The cloud-based data mining analytics and dealer portfolio management solutions provider has named Brian Skutta at its new CEO. It also named Akshaya Mehta to the newly created position of chief technology officer.

Tags: AutoAlert, Cox Automotive, Hiring

August 27, 2014 - Industry News

GoMoto Appoints Former Edmunds CEO to Advisory Board

The startup has appointed former Edmunds CEO Jeremy Anwyl to its advisory board. It also completed a round of seed financing that will help it increase its dealer count.

Tags: Edmunds.com, GoMoto, Technology

August 27, 2014 - Industry News

Cox Automotive Announces Leadership Changes

Manheim’s former regional vice president of West Regional Operations, Rock Anderson, will take on the role of senior vice president and chief people officer, effective immediately. Barry Roop, Manheim’s market vice president for the Texas Market, will assume Anderson’s previous role.

Tags: Manheim, Promotions, Sandy Schwartz

August 27, 2014 - Industry News

Digital Air Strike Makes Fastest Growing Company List

Inc. Magazine named the reputation management firm to its Top 5000 Fastest-Growing Private Companies list in the advertising and marketing category. The company was No. 1 in revenue and No. 5 in growth for Arizona-based companies.

Tags: Digital Air Strike

August 26, 2014 - Industry News

N.J. Dealer Pleads Guilty to Selling Cars Damaged in Superstorm Sandy

A dealer who acquired clean titles for flood-damaged cars he bought at auction faces up to three years in prison. He must also reimburse the customers who purchased the seven vehicles.

Tags: Auto Auctions, Compliance, Fraud, New Jersey, Superstorm Sandy

August 26, 2014 - Industry News

USEA Surpasses $1.3 Billion in Loan Payment Transmissions

US Equity Advantage has transmitted more than $1.3 billion in loan payments for its members, while maintaining compliance with the money transmitter requirements related to licensing and bonding in all 50 states.

Tags: Auto Loans, Compliance, US Equity Advantage

August 26, 2014 - Industry News

Auto/Mate to Host First User Summit

The company will host its first annual User Summit in Albany, N.Y., on Sept. 19. More than sixty dealers and managers are slated to attend, where they will learn about the newest features of Auto/Mate’s DMS and the best practices associated with implementing new technology.

Tags: Auto/Mate, DMS, Training

August 26, 2014 - Industry News

Equifax Sees No Evidence of Subprime Auto Bubble

A monthly report from the firm shows that subprime auto lending has been fairly stable since 2012, and that originations have been shifting toward the higher end of the subprime credit-score spectrum, despite reports of an imminent ‘bubble’ in subprime lending.

Tags: Equifax, Report, Subprime

August 26, 2014 - Industry News

U.S. Sales Per Store to Reach All-Time High, Urban Science Reports

The average number of sales per dealership in the United States is on track to hit an all-time record of 904 units based on vehicle sales of 16.2 million, according to a new report from Urban Science.

Tags: Report, Urban Science, Vehicle Sales