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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

March 11, 2014 - Industry News

Dealer Count in Carfax Antitrust Suit Reaches 530

The lawsuit, which was filed last April, now lists 530 dealer plaintiffs, with the firm leading the case reporting that new dealers are being added every day.

Tags: Carfax, Carfax Vehicle History Report, Lawsuit, Leonard Bellavia

March 11, 2014 - Industry News

Employees Charged With Defrauding Florida Dealership

Three dealership employees are charged with embezzling $400,000 from their employer, The Tampa Tribune reports.

Tags: Fraud, Marketing

March 6, 2014 - Industry News

Audi Opens Largest Store in the Nation

The new Houston store, which opened yesterday, touts a more than 142,000-square-foot facility that houses a 10-car showroom.

March 6, 2014 - Industry News

US Equity Advantage Kicks Off Marketing Campaign

The biweekly and early loan payoff service kicks off a new campaign that touts its 10-year history in the automotive industry.

March 6, 2014 - Industry News

CNW: Used Sales Down 1.3% in Febuary

Bad weather causes drop in used sales, but conditions appear to have favored franchised dealers, the market research company found.

March 5, 2014 - Industry News

Dealertrack Completes Acquisition of Dealer.com

Dealertrack completes its acquisition of Dealer.com, which will continue to operate out of its headquarters in Burlington, Vt. The company's former CEO is being retained and will serve as executive vice president and group president of Dealertrack's newly formed Digital Marketing Solutions team.

Tags: Dealer.com, Dealertrack

March 5, 2014 - Industry News

RouteOne Adds Friendly Finance to Credit Application Platform

Dealers using Friendly Finance as a subprime finance source can now electronically submit credit applications through RouteOne.

Tags: Friendly Finance Corp., RouteOne

March 5, 2014 - Industry News

Ryan Schumacher Named VP of Finance for NAC, FFDS

The combined entity of National Auto Care and Family First Dealer Services named Schumacher vice president of finance. He previously served with Allstate Dealer Services.

March 5, 2014 - Industry News

Maritz, Opportunity Max Roll Out New Digital Marketing Service

Maritz Dealer Solution and Opportunity Max announce a new service designed to examine a dealership’s digital assets to check for consistency and accuracy of its overall online marketing presence.

Tags: Maritz Dealer Solutions, Opportunity Max

March 5, 2014 - Industry News

Auto/Mate, DealerSocket Complete Integration

DealerSocket’s CRM tool is now integrated with Auto/Mate’s DMS, allowing for real-time, bidirectional updates of customer, vehicle and deal information in both systems.

Tags: Auto/Mate, DealerSocket

March 3, 2014 - Industry News

Save the Date for Industry Summit 2014

Organizers of Industry Summit 2014 have announced that the event will be held September 8–10 at Paris Las Vegas. The show now includes the F&I Conference, Special Finance Conference, Dealership Sales & Technology Conference and the P&A Leadership Conference.

Tags: Auto Dealer Monthly, Dealer Sales & Technology Conference, F&I and Showroom, Industry Summit 2014, P&A Leadership Conference, Special Finance Conference