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August 16, 2016 - Industry News

July's 2.3% Drop in Wholesale Prices Ties June Record, NADAUCG Reports

Wholesale prices for vehicles up to eight years in age fell 2.3% in July, tying June for the biggest drop recorded so far this year, according to the NADA Used Car guide. As a result, the firm lowered its seasonally adjusted used vehicle price index 1.1% to 118.9 .

Tags: Depreciation, NADA, NADA Used Car Guide, Used Vehicles, Wholesale Pricing

August 16, 2016 - Industry News

Pew: CFPB Small-Dollar Rule ‘Would Not Adequately Protect Borrowers’

The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.

Tags: auto finance, Auto Title Loans, CFPB, Compliance, Payday Lending

August 15, 2016 - Industry News

Edmunds Launches Mobile-Optimized Ad Solution

Edmunds has launched Edmunds Ad Solutions, a mobile-optimized ad tool designed to help dealers target in-market car shoppers on Facebook and Instagram using the firm's first-party shopping data.

Tags: Advertising, Edmunds, Mobile, Social Media

August 15, 2016 - Industry News

J.D. Power: Speed No Longer Top Consideration When Selecting Finance Sources

While speed is no longer a leading factor, it still plays a significant role, according to J.D. Power's 2016 U.S. Dealer Financing Satisfaction Study. The finance sources leading the way in terms of dealer satisfaction were Mercedes-Benz Financial Services and BMW Financial Services.

Tags: Dealers, J.D. Power, Lender, Study

August 15, 2016 - Industry News

Auto/Mate Integration DMS With Unotifi's Mobile-Relationship Marketing Solutions

Dealers using both Auto/Mate’s DMS and Unotifi's mobile-relationship marketing solutions will experience improved data gathering. They will also be able to deliver automatic texts when a customer's vehicle is ready or a parts order has arrived, as well as create personalized information pages for each customer.

Tags: Auto/Mate, DMS, Integration, Unotifi

August 15, 2016 - Industry News

AutoLoop Names New Vice President of Analytics and Data Services

Doug van Sach, vice president of analytics and data services.

AutoLoop LLC named Doug Van Sach vice president of analytics and data services. He will oversee data services and be responsible for using analytics to improve digital and multi-channel acquisition, retention, and loyalty programs for AutoLoop’s OEM and dealer partners.

Tags: AutoLoop, Hiring, Vice President

August 15, 2016 - Industry News

ADESA Announces Management Changes at Two Auction Locations

Steve Swanson, general manager ADESA Colorado Springs.

ADESA named Steve Swanson general manager of its Colorado Springs location, Cindy Kuhn regional online manager, and Rich Levene general manager of ADESA Austin.

Tags: ADESA, General Manager, Hiring

August 15, 2016 - Industry News

Earn Compliance Certification at Industry Summit

Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.

August 11, 2016 - Industry News

700Credit Signs Distribution Agreement With Kiss Concepts

The master agent, which operates in 33 states, will distribute 700Credit’s credit reports, compliance and prescreen products and services.

Tags: 700Credit, Compliance, credit prescreening, credit reports, F&I Process, KISS Concepts Group

August 11, 2016 - Industry News

HSBC to Pay $434,500 for SCRA Violations

The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).

Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement

August 11, 2016 - Industry News

FTC Says Some VW Dealers Are Misleading Diesel Owners About Buyback Deal

The Federal Trade Commission said this week it has received reports that some dealers and private parties are attempting to take advantage of Volkswagen’s diesel emissions scandal.

Tags: Diesel, FTC, Settlement, Volkswagen, Volkswagen Scandal

August 11, 2016 - Industry News

Radogna to Present ‘Reduce Your Exposure’ at Las Vegas Compliance Summit

Jim Radogna, a San Diego-based compliance expert and trainer, will serve as the luncheon speaker at the upcoming Compliance Summit, organizers announced Thursday.

Tags: Car Buyer's Bill of Rights, Compliance, Compliance Summit, Jim Radogna, Regulations

August 11, 2016 - Industry News

IT Firm Launches Specialized Services Aimed at Dealerships

United Datacom Networks Inc. (UDNI) announced the launch of Dealers Edge, a new IT support program designed to help dealers meet their legal obligations with respect to data privacy and security. Services include remote management and 24/7 monitoring.

Tags: Data, IT, Management, Safeguarding

August 11, 2016 - Industry News

Geitner to Lead Cox's Media Solutions Group

Cox Automotive has named Brian Geitner president of its Media Solutions Group. He replaces Jared Rowe, who is departing the company for a new opportunity outside the automotive industry.

Tags: Autotrader, Cox Automotive,, Hiring, Kelley Blue Book

August 11, 2016 - Industry News

J.D. Power Appoints New Senior Director of Auto Finance

J.D. Power named Jim Houston senior director of its auto finance practice. The 30-year auto finance veteran will help guide the industry through a potentially volatile period of new-vehicle sales and declining used-car values, the firm said.

Tags: auto finance, Hiring, J.D. Power

August 10, 2016 - Industry News

Kontos: Wholesale Pricing Increases 4.9% in July

The average wholesale used price in July was $10,362, a 2% decline from June but a a 4.9% increase from a year ago, according to ADESA Analytical Services. The strength of truck prices carried the year-over-year gains.

Tags: ADESA, Remarketing, Used Vehicles, Wholesale Pricing

August 10, 2016 - Industry News

GWC Warranty Tops $400 Million in Claims Paid

The $400 million in claims paid, combined with the $3.1 billion paid by its sister-company EasyCare, brings the total amount paid by its parent company, APCO Holdings Inc., to more than $3.5 billion.

Tags: Claims Payment, EasyCare, GWC Warranty Corporation

August 9, 2016 - Industry News

Black Book: Most Used-Vehicle Segments Show 'Slightly Better' Retention in July

The average price of a used vehicle for model years 2011-2015 depreciated 1.5%, slightly less than last month (1.7%) but slightly higher than a year ago (1.4%), according to Black Book.

Tags: Black Book, Report, Used Vehicle, Value Retention, Vehicle Value

August 9, 2016 - Industry News

Consumers Believe Dealerships Are Unethical, Survey Shows

Results of an online survey shows that consumers believe dealerships are unethical. However, the online survey of 200 U.S. adults also shows that something as simple as posting the dealership's code of ethics can go a long way in changing perceptions.

Tags: Dealership Experience, Survey, Total Dealer Compliance

August 9, 2016 - Industry News

American Financial Adds Trainer to F&I University Staff

John "The F&I Professor" Vecchioni has joined American Financial & Automotive Services, the company announced this week. He will serve as a trainer for F&I University, a division of the company's Automotive Training Academy.

Tags: American Financial & Automotive Services, F&I manager, F&I Process, John Vecchioni

August 8, 2016 - Industry News

TradeRev Expands Into Northeastern Region

TradeRev announced this week it has expanded into Boston, Connecticut, Rhode Island, New Hampshire, and Maine. The firm is also planning to hire a total of 10 market sales managers in that region.

Tags: Expansion, Hiring, TradeRev

August 4, 2016 - Industry News

National Auto Care Adds to Senior Leadership Team

National Auto Care Corp. has named Matthew Osborn to the newly created position of chief information officer. The veteran of the insurance and third-party administrator industries will also serve as a member of the company’s senior leadership team.

Tags: F&I manager, F&I office, F&I products, National Auto Care

August 4, 2016 - Industry News

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.

Tags: American Financial Services Association, Arbitration, CFPB, Congress, Richard Cordray, Senate

August 4, 2016 - Industry News

Portfolio Makes OC Business Journal's 'Best Places to Work' List

For the third time, California's Orange County Business Journal named Portfolio to its 2016 Best Places to Work list.

Tags: Awards, Best Places to Work, Portfolio

August 4, 2016 - Industry News

Truck and Few Car Segments See Growth in 2016, Jumpstart Automotive Reports

Cheap oil prices in recent years have caused consumers to rediscover their love of SUVs, CUVs and trucks. Jumpstart Automotive said today that trend continued in the first half of 2016, with some notable exceptions.

Tags: Cars, Jumpstart Automotive, Trends, Trucks