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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:, 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

August 21, 2014 - Industry News

F&I and Showroom Extends Deadline to Enter F&Idol Contest

The deadline to enter F&I and Showroom's F&Idol contest has been extended to Monday, Aug. 25. At stake is up to $3,500 in prize money and a trip to Industry Summit 2014.

Tags: F&Idol, IAS, Key Replacement, Lease, Service Contracts, Tire and Wheel

August 20, 2014 - Industry News

NADA Supports NHTSA's New VIN-Searchable Recall Database

The association’s chairman, Forrest McConnell, issued a statement today in support of the National Highway Traffic Safety Administration’s new Vehicle Identification Number (VIN) look-up tool for vehicle recall information.

Tags: National Automobile Dealers Association, National Highway Traffic Safety Administration, vehicle recall, VIN

August 20, 2014 - Industry News

Mobile App Users Visit Service Departments More Often, Study Shows

New research from DMEautomotive shows that customers who download a dealership’s mobile app are much more likely to visit the service department. Six months after downloading the app, user visits increased by 25%.

Tags: DMEautomotive, mobile app, Mobile Applications, Service

August 20, 2014 - Industry News

Carfax, Honda Extend Decade-Long Relationship

Carfax will continue to be a provider of vehicle history information for Honda's and Acura's certified pre-owned vehicle programs. For the past 10 years, Carfax Vehicle History Reports have been a key component in the certification process, officials said.

Tags: Acura, Carfax, certified pre-owned vehicles, Honda

August 20, 2014 - Industry News

Delaware Couple Sues Dealer for Misrepresenting Vehicle Condition

A couple who bought a car from Porter Auto Group in Delaware claim the dealership violated the Motor Vehicle and Cost Saving Act by misrepresenting the condition of the vehicle.

Tags: false advertisements, Lawsuit, mileage

August 13, 2014 - Industry News

Manheim to Purchase Majority Stake in Carbizz

As part of its long-term growth strategy to invest in emerging markets, Manheim has signed an agreement to purchase a majority stake in CarBizz, an auction operation based in São Paulo, Brazil.

Tags: Auto Auctions, Manheim

August 13, 2014 - Industry News

ChannelNet Expands Executive Team

The digital marketing firm has added a vice president of business development and a senior director of account management to its expanded executive team.

Tags: ChannelNet, Digital Marketing, Hiring

August 13, 2014 - Industry News

defi SOLUTIONS Integrates Carleton SmartCalcs

From within the defi SOLUTIONS system, SmartCalcs will automatically validate loan disclosure items against state and federal laws to ensure compliance.

Tags: Carleton, Systems Integration

August 13, 2014 - Industry News

F&I Express Adds American Guardian to Provider Network

F&I Express has added American Guardian Warranty Services and its full suite of aftermarket products to its eContracting platform.

Tags: American Guardian Warranty Services, F&I Express

August 12, 2014 - Industry News

TrueCar Posts Record Revenue in Q2

For the first time in company history, TrueCar posted revenues exceeding $50 million. The feat was attributed to gains in the firm’s dealer count, market share and transactions.

Tags: Scott Painter, TrueCar,

August 12, 2014 - Industry News

Dealership Employee Sentenced for $50,000 Theft

While working as a cashier, a former employee of a Pennsylvania dealership performed multiple unauthorized refund transactions and refunded the money to her own checking account. She was sentenced this week to four years of probation, including one year of house arrest.

Tags: employee theft, employees, felony theft