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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, TrueCar.com

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

August 12, 2014 - Industry News

July New-Vehicle Sales Increase 5% in July, Autodata Reports

July sales totaled 1.435 million units, according to the firm. It put the July SAAR at 16.48 million units, up from 15.76 million in July 2013 but down from 16.9 million in June.

Tags: Audi, Autodata Corp, BMW, Chrysler, Ford, General Motors, Honda, Hyundai, July Auto Sales, Mazda, Mercedes-Benz, Mitsubishi, monthly sales, Nissan, Porsche, Toyota, Volkswagen

August 6, 2014 - Industry News

Used-Car Dealership Vanishes

A used-car dealership in Nevada vanished without notice last month, leaving customers who had received loans directly through the dealership unable to make payments.

Tags: used car dealer

August 6, 2014 - Industry News

Go Auto Exchange Expands Auction Network to Florida

Go Auto Exchange will open its fourth location in Orlando, Fla., this week. The facility will offer three auction lanes and will host weekly afternoon sales on Thursdays at 4 p.m.

Tags: Auto Auctions

August 6, 2014 - Industry News

Dealer Sentenced to 15 Years for Identity Theft

The owner of Edge Auto Sales used personal identifying information from customer credit applications to forge dozens of fraudulent auto loans and fabricate the existence of two dealerships.

Tags: Attorney General, Compliance, Fraud, identity theft

August 5, 2014 - Industry News

Compliance Firm Advises Dealers to Review Arbitration Clauses

Automotive Compliance Consultants warned dealers this week to review their arbitration clauses in their finance contracts. The firm says such language is coming under scrutiny from courts and regulators.

Tags: arbitration agreements, Federal Arbitration Act

July 30, 2014 - Industry News

NADA Releases New Video on Dealer Franchise Laws

In order to provide policymakers and journalists with information about the franchised new-car dealer model, the NADA has added a new animated video to its “Get The Facts” initiative.

Tags: Franchised Dealerships, NADA, National Automobile Dealers Association

July 30, 2014 - Industry News

Dealertrack Partners With Element Payment Services

Using Element Payment Services, Dealertrack Technologies will seamlessly integrate electronic payment processing into Dealertrack DMS 2.0.

Tags: Down Payment, PERSONAL IDENTIFICATION INFORMATION, Technology

July 29, 2014 - Industry News

Kia, Volkswagen Influence Shoppers During World Cup

Kia and Volkswagen each increased the number of searches for their brands on KBB.com by 18% during the World Cup.

Tags: KBB.com, Kelley Blue Book, television advertising

July 23, 2014 - Industry News

CNW: Pent-Up Demand Beginning to Dwindle

Pent-up demand hit a low point in July, according to CNW Research. The firm estimates that 94,000 consumers are looking to make a vehicle acquisition within six months vs. 103,500 a year ago.

Tags: Art Spinella, CNW Research, pent up demand

July 23, 2014 - Industry News

LotLinx Appoints VP of Marketing

Kristen Stanton will oversee all facets of marketing and public relations to support LotLinx’s push to grow its network of dealers using the LotLinx Deeplinking platform.

Tags: Hiring, LotLinx

July 23, 2014 - Industry News

Bosch Enlarges Product Portfolio

Robert Bosch has enlarged its portfolio of part numbers for select product lines. A total of 47 new part numbers has been added to the Bosch offering in the braking, O2 sensor, ignition coil and oil filter lines.

Tags: Parts and Service, Robert Bosch

July 22, 2014 - Industry News

RouteOne to Cover Regulator Scrutiny of F&I Products in Upcoming Webinar

RouteOne attorney Joseph Karam and National Business Development Manager Jesse Pappas will discuss the forthcoming scrutiny of F&I products by the CFPB and the FTC during a webinar on July 23.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, F&I products, Federal Trade Commission, FTC, RouteOne, webinar

July 22, 2014 - Industry News

Joe Verde Releases New eBook

The new eBook explains the 10 technical skills every automotive sales manager needs to help his or her salespeople improve. The eBook is the second in a planned series and is available for free.

Tags: F&I manager, Joe Verde, Training

July 22, 2014 - Industry News

CNA National Named Top Provider for Tenth Year

For the tenth year in a row, CNA National was voted a top provider in the Dealers’ Choice Awards, based on a survey conducted by Auto Dealer Monthly.

Tags: Auto Dealer Monthly, CNA National, Dealer's Choice Awards, Reinsurance

July 22, 2014 - Industry News

Portfolio Earns Diamond Ranking in Dealer’s Choice Awards

For the fourth time, Portfolio has received a Diamond Award from Auto Dealer Monthly in its annual Dealer’s Choice Awards.

Tags: Auto Dealer Monthly, Dealer's Choice Awards, Diamond Award, Portfolio Group, vehicle service contracts

July 22, 2014 - Industry News

Gould to Address Cash, Lease Deals

Gerry Gould returns to the magazine’s annual conference to lead a workshop on maximizing cash and lease deals in the F&I office. He’ll offer product recommendations, break down ideal menu configurations and will cover key word-tracks and responses to common customer objections.

Tags: Cash Conversion, F&I Conference & Expo, Industry Summit 2014, Lease Penetration

July 22, 2014 - Industry News

GM Brings ‘Closed Sales’ Back to Two Manheim Facilities

General Motors is bringing back closed sales to Manheim Arena Illinois and Manheim Pennsylvania. These sales are designed to help GM dealerships build their pre-owned vehicle inventories.

Tags: Auto Auctions, certified pre-owned vehicles, General Motors, Manheim

July 18, 2014 - Industry News

ADM Names 2014 Dealers’ Choice Award Winners

This year’s contest asked readers to vote for their favorite vendors in 27 categories. Some categories only had one or two winners, while no winners were named in the Reputation Management and Social Media Management categories.

Tags: Dealer's Choice Awards

July 16, 2014 - Industry News

Westlake Closes $320M Asset-Backed Securitization

Westlake Financial Services closed its fifth term asset-backed securitization in late May, with officials saying the company expects to ramp up its issuances as it continues to make inroads in the franchise dealer market.

Tags: assets, Westlake Financial Services

July 16, 2014 - Industry News

SUVs, Crossovers Most Popular Vehicles, IHS Reports

An analysis of retail new-vehicle registration data by IHS Automotive reveals that, for the first time, SUVs and CUVs have overtaken sedans in popularity.

Tags: IHS Automotive, popular vehicles

July 15, 2014 - Industry News

Owners of 8 N.J. Dealerships Reach $1.8M Settlement For Deceptive Practices

In addition to paying civil penalties and reimbursements to the state, the owners of the dealerships must work to resolve 45 consumer complaints. This is the second such settlement the dealers have reached with the state.

Tags: Deceptive Advertising, Deceptive Practices, New Jersey, Settlement