December 28, 2016 - Industry News
The list demonstrates that it will take a major shift in consumer preferences to unseat passenger cars from best-seller lists. Through the first 11 months of 2016, the share of passenger cars has dropped 10%, while the popularity of SUVs and light trucks continues to soar.
Tags: Edmunds.com, Online Marketplace, Vehicle Sales
December 22, 2016 - Industry News
Edmunds.com believes the industry will sell 1,629,011 new cars and trucks in December. If realized, the prediction puts the industry on pace to break last year's sales record. But the firm says it'll be a photo finish.
Tags: 2017, Edmunds, SAAR, Vehicle Sales
December 21, 2016 - Industry News
This year saw a slew of companies enter the automotive space looking to push vehicle sales into the Digital Age. With the New Year’s bells within earshot, several of them offered their 2017 predictions in the areas of marketing and F&I.
Tags: 2017, Drive Motors, Outsell, Predictions, technology
The automaker’s Chief Legal and Safety Officer, W. Gerald Flannery, takes over as interim president and CEO while the company searches for Zuchowski’s replacement. Flannery has been with the company since 1987.
Tags: employment, Hyundai, Hyundai Genesis
Larry H. Miller Dealerships this week announced the beneficiaries of its annual holiday giving campaign, which, according to the dealer group, will provide more than $100,000 to 11 charities across the Phoenix metroplitan area.
Tags: Arizona, Charity, Larry H. Miller Dealerships
Ford Motor Co. announced three executive promotions this week, moves aimed at supporting the automaker's plans to expand as both an auto and mobility company.
Tags: Ford Motor Co., Promotions, Vice President
Volkswagen has reached an agreement to settle claims relating to its 3.0L V-6 TDI engines, committing to buy back a quarter of those vehicles. The automaker will also set aside $225 million for emissions reduction, and pay $25 million to support the use of zero emission vehicles (ZEVs) in California.
Tags: Diesel, Settlement, Volkswagen
December 20, 2016 - Industry News
The deal was executed through a wholly owned subsidiary developed by RouteOne. It will operate as MaximTrak Technologies under the leadership of RouteOne CEO Justin Oesterle and MaximTrak President Jim Maxim Jr.
A recent study co-released by VinSolutions and DealerKnows analyzed customer relationship management (CRM) software usage at dealerships. It found some notable differences between average and best-in-class dealers.
Tags: CRM, DealerKnows, Study, VinSolutions
Per the agreement, the SFL product will be sold for $3.2 million in cash, as well as additional transition licensing income that will total $1.6 million over a five-year period.
Tags: Autobytel, Definitive Agreement, Internet Brands Inc., Transaction
GWC Warranty employees across the country donated hundreds of toys and more than $1,000 to help families of hospitalized children shop for holiday gifts.
Tags: Charity, Donation, GWC Warranty Corporation
On Jan. 12, 2017, Wheel’s Automotive Dealer Supplies Inc. will begin servicing the certified pre-owned merchandising and marketing needs of Kia Canada’s network of dealers.
Tags: Canada, CPO, Kia, Wheel's Automotive Dealer Supplies Inc.
December 19, 2016 - Industry News
The three retailers agreed to settle FTC charges that they touted rigorous inspections while failing to disclose that some vehicles were subject to unrepaired safety recalls. The FTC also finalizes orders against GM and two other sellers in similar cases settled earlier this year.
Tags: Asbury Automotive, CarMax, Deceptive Advertising, Federal Trade Commission, vehicle recall, West-Herr Automotive
Since 2013, UDAC had been sharing office space with its affiliated auto dealership, Big Deal Auto Plaza. According to Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.
Tags: Grand Opening, Loan Origination System, Subprime Financing, U Drive Acceptance Corp.
KEEPS Inc., a provider of retail automotive service department analytics, repair order analysis, and advanced service management support, has appointed James G. O’Connor to its board of directors, the company announced this week.
Tags: Board of Directors, hiring, KEEPS Inc.
As part of the integration, dealerships that use both vendors’ solutions will now receive automatic and seamless updates from their Auto/Mate Automotive Management Productivity Suite (AMPS) software into their DealerOps Platform.
Tags: Auto/Mate, Auto/Mate Dealership Systems, DealerOps, Mobile Applications, technology
Flick Fusion has announced a partnership with AutoBase that will allow users of the company's inventory merchandising solutions to create and distribute inventory videos, personalized walkaround videos, dealership value proposition videos, customer testimonial videos and more.
Tags: AutoBase, Flick Fusion, Smart Flicks, Video Marketing
In two separate announcements, Carvana today announced that it has partnered with Associated Credit Union and LGE Community Credit Union to offer their members access to certified and competitively priced vehicles through an online car-buying experience.
Tags: Carvana, credit unions, Online Buying
December 15, 2016 - Industry News
For the second time in 10 years, the Federal Reserve's Federal Open Market Committee unanimously voted to raise the federal interest rate on Dec. 14. The impact of the rate hike should be minimal for all but one consumer segment, a Black Book analyst says.
Tags: Federal Interest Rate, Government, interest rates
In addition to confirming basic income and employment information, dealers can now use this new verification technology to view an applicant's job tenure, officials said.
Tags: Employment Verification, Equifax, Income, technology
Wholesale prices for vehicles up to eight years in age depreciated more than expected last month, falling 3.3% on a monthly basis. That’s more than double the 1.4% average drop recorded during November the past three years, according to the NADA Used Car Guide.
Add AutoGravity to the growing list of firms looking to digitize the finance portion of the car-buying process. The fintech firm unveiled today a mobile app that will allow California car buyers to secure vehicle financing or a lease.
Tags: AutoGravity, Financing, Mobile Applications, technology
SouthwestRe announced plans to aggressively expand into new territories beginning in 2017. The company is now recruiting independent agents to support this effort throughout the continental United States.
Tags: agents, F&I, SouthwestRe
December 14, 2016 - Industry News
Transunion projects the auto loan delinquency rate for consumers with payments 60 or more days past due to close the year at 1.4%, the highest level since year-end 2009. Even with this increase, TransUnion said delinquency rates will remain well below levels observed during the last recession.
Tags: Auto Loan Delinquency Rate, Credit, delinquencies, TransUnion
The $350 million mass action lawsuit against Carfax, which listed nearly 500 dealers and stalled the sale of its parent company R.L. Polk & Co. before its eventual sale to IHS three years ago, has been dismissed.
Tags: Carfax, Lawsuit
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