October 1, 2015 - Industry News
The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
Tags: BMO Harris Bank, CFPB, dealer markups, dealer participation plans, General Electric
Dealertrack unloaded its inventory management solution today, clearing the way for Cox Automotive to complete its acquisition of the software maker. The announcement comes a day after the Justice Department challenged the merger between the two software giants.
Tags: Cox Automotive, DealerSocket, Dealertrack, Department of Justice
This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.
Tags: auto finance, special finance, Subprime Financing, Westlake Financial Services
The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.
Tags: CFPB, Debt Collection, subprime auto finance, Westlake Financial Services
CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
Tags: Auto Loans, BISG, CFPB, CFPB study, Congress, Disparate Impact, NADA
September 30, 2015 - Industry News
Volkswagen AG plans to refit all 11 million vehicles involved in the emissions-rigging scandal. It also announced significant changes to its top leadership, while dealers await answers.
Tags: dealers, Diesel Powered, EPA, Recall, Volkswagen
Dent Wizard has acquired Know How Systems Global, a St. Louis-based provider of high-volume automotive services and repairs to automotive OEMs and insurers.
Tags: Acquisition, Dent Wizard
The Department of Justice filed a civil antitrust lawsuit this week to block Cox Automotive’s acquisition of Dealertrack. The regulator said Cox must divest Dealertrack’s inventory management solution business in order to move forward with the transaction.
Tags: antitrust, Cox Automotive, DealerSocket, Dealertrack, Department of Justice, Inventory Management, monopoly
Consumers are keeping their cars longer and consequently buying fewer vehicles over their lifetime. But results of a new survey from AutoAlert shows that dealers can sell more cars when they use customer data to reach out to potential buyers.
Tags: AutoAlert, data mining, Survey
As of last month, CNA National now has more than three million contracts in force across its product lines, including vehicle service contracts, GAP, tire-and-wheel protection and warranties.
Tags: CNA National, F&I products, GAP, Tire and Wheel, vehicle service contracts
September 29, 2015 - Industry News
The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Deceptive Advertising, Department of Justice, discrimination, Fifth Third, Fifth Third Bank
AmTrust Financial Services has announced the completion of its acquisition of Warranty Solutions from Wells Fargo for approximately $158 million in cash.
Tags: Acquisition, AmTrust, Wells Fargo
Sixteen Manheim locations received top honors from Chase Auto Finance and Enterprise Holdings at the 67th annual National Auto Auction Association convention.
Tags: Auto Auctions, Awards, Manheim
September 28, 2015 - Industry News
A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.
Tags: Disclosures, F&I products, GAP, Lawsuit, Santander Consumer USA, Truth in Lending Act
September 24, 2015 - Industry News
The state DMV confirmed today that it is ‘looking into the matter,’ almost month after the state dealer association called on the agency to investigate whether the program violates the state’s ban on ‘bird-dogging.’
Tags: bird-dogging, Brian Maas, California New Car Dealers Association, DMV, Tesla, Tesla Motors
September 23, 2015 - Industry News
Volkswagen's Martin Winterkorn has resigned from his post in the wake of the company's developing emissions scandal.
Tags: California Air Resources Board, Diesel Powered, emmissions, EPA, Martin Winterkorn, Volkswagen
AutoVIN, a subsidiary of ADESA, has assembled a seasoned leadership team for the company’s expanded operations in Canada and the United States.
Tags: Acquisition, ADESA, AutoVIN, DataScan, DataScan Field Services, Hiring
CreditMiner has been granted full global reseller status with all three national credit bureaus, allowing for a seamless transition from a soft bureau transaction to a full application within the company’s software platform.
Tags: Credit, Credit Bureaus, Dealer Software
Edmunds.com has appointed four new executives to its leadership team in the marketing and dealer business segments.
Tags: Edmunds.com, leadership, marketing
Default rates inched up in August across multiple consumer credit categories, including auto loans and mortgages, according to data released by S&P Dow Jones Indices and Experian.
Tags: August sales, default rates, Dow Jones Industrial Average, S&P/Experian
September 22, 2015 - Industry News
Internal CFPB documents obtained by American Banker show bureau officials repeatedly acknowledging that the method used for detecting discrimination by indirect auto lenders may overestimate disparities.
Volkswagen's chief executive apologizes for emissions scandal and promises to 'do everything necessary in order to reverse the damage this has caused.'
Tags: Clean Air Act, emmissions, EPA, TDI, Volkswagen
September 17, 2015 - Industry News
Ford is now syndicating its dealers’ new-vehicle inventory to CarGurus.com, a vehicle-shopping site that has drawn criticism for the way it rates dealers and their deals.
Tags: CarGurus, Ford, FordDirect, Internet Leads, lead generation, Online Marketing, Vehicle Sales
September 16, 2015 - Industry News
Auto/Mate CFO Carole Plant is one of 10 CFOs in the New York capital region to receive the award, which recognizes strategic thinkers who grow their businesses.
Tags: Albany Business Review, Auto/Mate, Awards
Scott Stoner has been promoted to the role of mid-south regional business development manager for Dent Wizard. He will work out of St. Louis.
Tags: Appearance Protection, Dent Wizard, F&I products, Hiring
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