February 10, 2016 - Industry News
The suite includes the latest upgrades to the firm’s LoanSmart Solutions, which have been adopted by major lending software providers for more than 20 years. The offerings also meet the Consumer Financial Protection Bureau’s third-party vendor compliance recommendations and consumer privacy and security requirements.
Tags: Auto Lending, Carleton, Dealer Software, software
February 9, 2016 - Industry News
EasyCare is getting set to launch a new mobile app that will allow dealers to own the ODBII port in their customers’ vehicles. The connection will allow dealers to tailor service offers and alerts, as well as allow customers to perform a full health scan of their vehicle on their mobile device.
Tags: EasyCare, F&I manager, F&I products, mobile app, Mobile Marketing, service department
Econtracting through VisionMenu has grown from a few thousand contracts per month to more than 20,000 in January, and the company expects similar growth throughout the year.
Tags: contracts, econtracting, e-contracting, VisionMenu Inc.
GWC Warranty's newly redesigned website is now live. It features simple-to-navigate content designed for dealers and customers alike. It also provides owners of GWC products with a dealer locator, and allows them to easily look up coverage, among other features.
Tags: GWC Warranty Corporation, Redesign, Website
Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.
Tags: 30-day delinquency rate, 60-Day Delinquency Rate, auto finance, Auto Loans, banks, captive finance, credit unions, Experian Automotive, finance companies, Oustanding Auto Loan Balances
Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.
Tags: Ally Financial, Carvana, credit lines, Floorplan Financing
February 8, 2016 - Industry News
Organizers of Dealer Summit have announced that Lt. Col. Bruce Bright, USMC (Ret.) will deliver a motivational keynote address at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.
Tags: Dealer Summit, Randy Crisorio, United Development Systems
February 4, 2016 - Industry News
AutoNation’s F&I operations, or what the group refers to as Customer Financial Services, lived above $1,500 in F&I gross profit per vehicle retailed (PVR) in 2015, with the business unit’s full-year revenues rising by $100.5 million from 2014.
Tags: AutoNation, F&I manager, F&I operations, F&I products, PVR
Honda led the pack with five models making the list, while Chevrolet had three.
Tags: Family, KBB, New Vehicles
The Association of Finance & Insurance Professionals has partnered with LightSpeed, an interactive virtual training system provider, to host its online certification program
Tags: AFIP, F&I training, LightSpeed
The former captive originated $41 billion in auto loans in 2015, surpassing the high $30 billion range it projected at the beginning of the year. Much of that was due to the 53% increase in non-GM/Chrysler originations.
Tags: Ally Financial, Financial Reports, Fourth Quarter, Originations, Q4
February 3, 2016 - Industry News
The automaker announced on Wednesday it plans to transition the youth-geared brand back into the Toyota brand, with several model-year 2017 vehicles expected to be rebadged as Toyota beginning in August.
Tags: Jim Lentz, Scion, Toyota
The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.
Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp
February 2, 2016 - Industry News
Six of the industry’s top compliance experts will be at the Sheraton Tampa Riverwalk Hotel to lead a 20 Group-like session on compliance. Aside from fielding questions from attendees, the group will tackle some pervasive regulatory myths surrounding the F&I office.
Tags: CFPB, compliance, David Robertson, FTC, Jim Ganther, Karen Klees, Michael Tuno, NADA, Randy Henrick, Robert Harkins
Flick Fusion Video Marketing today announced the integration of its Timeline Marketing tool with the suite of website conversion tools developed by marketing software provider Automark Solutions.
Tags: Automark Solutions, digital marketing, Flick Fusion, Internet Leads, lead conversion, third-party sites, vehicle display page
Scan123’s electronic document management system is now integrated with Auto/Mate’s Automotive Productivity Management Suite DMS, allowing Scan123 users to store and access documents through Auto/Mate’s DMS.
Tags: Auto/Mate, electronic document storage, F&I office, Scan123
The two firms expect January total light-vehicle sales to total 1.1 million units, while the January SAAR is expected to have reached 16.8 million units. LMC Automotive said its sales forecast for 2016 remains at 17.8 million units.
Tags: fleet sales, J.D. Power, January sales, LMC Automotive, Retail Sales, SAAR
Viral marketing firm Vboost opened 2016 by moving into its new offices in Santa Ana, Calif. The move follows the addition of several new features to its viral marketing program for auto dealers.
Tags: digital marketing, internet departments, Internet Leads, Paul Moran, social media marketing, Vboost
January 28, 2016 - Industry News
The regulator said the three companies agreed to settle its charges that they failed to disclose that some certified pre-owned vehicles were subject to open and unrepaired safety recalls despite claims of rigorous inspections in advertisements.
Tags: Deceptive Advertising, Federal Trade Commission, FTC, General Motors, Jim Koons Automotive, Lithia Motors
Cox Automotive announced today it has acquired a minority interest in F&I product provider SilverRock Holdings LLC. Officials said the products will be sold through dealers affiliated with Go Financial and NextGear Capital.
Tags: Cox Automotive, GAP, GO Financial, NextGear Capital, Oreno Holdings, SilverRock Holdings, vehicle service contracts, Vehicle-Recovery Device
Attorney General Eric Schneiderman filed suit last week against Koeppel Auto Group as part of its two-year crackdown on payment packing and the sale of credit repair and identify theft protection services.
Tags: Credit Forget It, Damien Bullard, Eric Schneiderman, IDDG, NY Attorney General, payment packing
January 27, 2016 - Industry News
According to company officials, 2015 was the best year in the F&I product provider’s 37-year history, as it sold more than 3.4 million contracts.
Dealer Summit organizers have announced that Kenneth Hill, managing director of 700Credit, has agreed to speak at the 2016 event, which will be held May 3–5 at the Sheraton Tampa Riverwalk Hotel.
Tags: 700Credit, compliance, Dealer Summit, Fair Credit Reporting Act, Kenneth Hill
January 26, 2016 - Industry News
Former executives of Capital One and Ford Motor Credit Co. have joined the board of SpringboardAuto.com, a new direct-to-consumer auto loan platform launched by the former founder of CarFinance Capital.
Tags: auto finance, Capital One Auto Finance, CarFinance Capital, Ford Credit, Jim Landy, John Noone, SpringboardAuto.com, Steve Linehan
Organizers of Dealer Summit have announced that Greg Goebel will lead three of the eight sessions dedicated to special finance at Dealer Summit, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.
Tags: Dealer Summit, DealerStrong, F&I Think Tank, Greg Goebel, special finance
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