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July 29, 2015 - Industry News

CFS Appoints VP of Partner Development

Confident Financial Solutions has appointed of Tony Orlando as vice president of partner development.

Tags: Hiring, TrueCar

July 28, 2015 - Industry News

NADA Still Pushing For CFPB Transparency

One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, discrimination, Honda Financial Services, NADA, National Automobile Dealers Association

July 28, 2015 - Industry News

J.D. Power: Dealers Willing to Pay for Better Lender Services

The firm found that dealers are willing to pay a premium for high-quality service from finance providers, including dedicated underwriters and dealer-focused sales reps.

Tags: econtracting, Floorplan Financing, J.D. Power and Associates, Lender, underwriting and collections

July 28, 2015 - Industry News

Vero Forms New Division With Acquisition of Fidelis PPM

With the acquisition, Vero and Fidelis PPM have formed DRIV Technologies LLC, which will provide dealers with a new prepaid maintenance technology platform designed to drive up customer retention.

Tags: DRIV Technologies, F&I manager, F&I menu, F&I products, Fidelis PPM, Prepaid Maintenance, Vero

July 28, 2015 - Industry News

N.J. Consumer Affairs Division Reaches $25K Settlement with Dealer

The New Jersey Division of Consumer Affairs and AutoSource Group, a used-car dealership, have settled a lawsuit filed by the regulator earlier this year. The dealership was accused of failing to disclose the condition of its cars, among other things.

Tags: consumer complaints, fraud, Lawsuit, lemon law, New Jersey, Settlement, used vehicles

July 28, 2015 - Industry News

Portfolio Announces New CFO, Treasurer

The reinsurance program manager announced that Pam Hamilton will take over all treasury functions. The company also appointed Robert Dickey as CFO.

Tags: F&I products, Portfolio, Portfolio Asset Protection, reinsurance

July 23, 2015 - Industry News

GM Financial's Penetration of GM Retail Sales Grows Globally in Q2

GM Financial's transformation from subprime finance source to GM's captive finance company continued in the second quarter, with GM new-vehicle loans and leases accounting for 83.5% of total originations during the period.

Tags: Auto Lending, General Motors, GM Financial, leasing, Quarterly Earnings, subprime lending

July 22, 2015 - Industry News

Hackers Demonstrate Security Risks In Connected Cars

On the same day WIRED magazine posted a video showing two hackers take over a Jeep Cherokee traveling down a St. Louis highway, two U.S. Senators introduced legislation that would direct the NHTSA and FTC to establish standards to secure cars and protect drivers' privacy.

Tags: Cyber Security, Jeep, Safety, WIRED magazine

July 22, 2015 - Industry News

Westlake Customers See Largest Jump in FICO Score, Equifax Finds

Westlake Financial Services was recognized by Equifax as the national auto lender whose subprime customers have seen the highest credit score increase over the term of their loan.

Tags: Auto Loans, Equifax, subprime lending, Westlake Financial Services

July 22, 2015 - Industry News

Ally Renews Exclusive Sponsorship of TIME Dealer of the Year

Ally Financial has renewed its exclusive sponsorship of the TIME Dealer of the Year program through 2021. Nominations for the 2016 program are now open.

Tags: Ally Financial, charity giving, NADA, NADA Convention and Expo, National Automobile Dealers Association, TIME Dealer of the Year

July 22, 2015 - Industry News

AskPatty.com Relaunches Certified Female Friendly Program

AskPatty.com has re-launched its Certified Female Friendly Program with a new focus on marketing consultation for automotive retailers. The company has also added a dealer division.

Tags: AskPatty.com, marketing

July 21, 2015 - Industry News

Department of Defense Issues Final Military Lending Act Rule

Today, the Defense Department issued a final rule that expands the types of credit products covered by the 36% rate cap and other military-specific protections under the Military Lending Act.

Tags: CFPB, Consumer Financial Protection Bureau, department of defense, military, military loans

July 21, 2015 - Industry News

Millennials Prefer Leasing, Edmunds Finds

Millennial car buyers are leasing vehicles at a higher rate than the overall car-buying population, according to analysis from Edmunds.com.

Tags: Edmunds.com, leasing, Millenials

July 21, 2015 - Industry News

GSFSGroup Earns Third-Straight Dealers’ Choice Award

For the third straight year, GSFS Group was selected by readers of Auto Dealer Monthly as one of the best reinsurance product providers.

Tags: Auto Dealer Monthly, Dealers' Choice Awards, GSFSGroup

July 21, 2015 - Industry News

Former TrueCar Exec Joins The Appraisal Lane

Former TrueCar executive Ken Potter has joined The Appraisal Lane, a new used-car trade network and communications platform being rolled out to dealers in select markets.

Tags: Ken Potter, new-vehicle leads, The Appraisal Lane, third-party sites, TrueCar, used-vehicle leads

July 21, 2015 - Industry News

Sonic Cautious About CFPB, But Revs Up Hybrid F&I Push

Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.

Tags: One Sonic-One Experience, Quarterly Earnings, Sonic Automotive

July 21, 2015 - Industry News

Sheehy Raises More Than $200,000 to Benefit the American Heart Association

  Paula Caruso and Vince Sheehy with Allie Cohen, American Heart Association.

The dealer group sold 6,500 vehicles in 54 days as part of its 18th annual Sheehy 6000 sales event, raising more than $200,000 to benefit the American Heart Association.

Tags: American Heart Association, Sheehy Auto Stores

July 21, 2015 - Industry News

F&I Express Releases Compliance Tool for F&I Product Pricing

With F&I products likely to draw the CFPB’s attention, F&I Express’s new CompliPrice designed to help dealers ensure profits made on the sale of F&I products are compliant with their stores’ pricing policies.

Tags: CFPB, compliance, CompliPrice, F&I Express, F&I manager, F&I product, F&I products, F&I trainer

July 17, 2015 - Industry News

CFPB Deputy Director Steve Antonakes Steps Down

After nearly five years with the CFPB, Deputy Director Steve Antonakes is stepping down from his position as the bureau’s No. 2 official to spend more time with his family.

Tags: CFPB, Consumer Financial Protection Bureau, employment, Richard Cordray, Richard Hackett

July 16, 2015 - Industry News

Win a Trip to Industry Summit 2015

IAS and F&I and Showroom magazine have launched a new contest that will send five F&I managers to Industry Summit 2015. The competition will be used to tee up a special F&I manager- and agent-only workshop session at the magazine’s annual conference.

Tags: Ask Joe, F&I director, F&I manager, F&I products, F&I training, IAS, Industry Summit, Innovative Aftermarket Systems, Joe St. John

July 15, 2015 - Industry News

Depreciation Slows in June, NADA Used Car Guide Reports

Used-vehicle depreciation slowed modestly in June compared to May’s more rapid pace, the firm reported this week, with prices for vehicles up to eight years in age falling 2.5% on a monthly basis in June.

Tags: J.D. Power and Associates, NADA Used Car Guide, used vehicles, used-vehicle values, vehicle depreciation

July 15, 2015 - Industry News

Ricky Beggs Receives NIADA’s Ring of Honor Award

Ricky Beggs, who previously served as Black Book's senior vice president, was honored as the newest member of the National Independent Automobile Dealers Association's prestigious Ring of Honor.

Tags: Black Book, National Independent Automobile Dealers Associatio, NIADA, Ricky Beggs

July 15, 2015 - Industry News

Holman Acquires New Jersey BMW and Mini Dealerships

Holman Automotive Group acquires Princeton BMW and Princeton Mini, expanding the company’s footprint into central New Jersey.

Tags: Dealership, Holman Automotive Group, merger and acquisition, New Jersey

July 14, 2015 - Industry News

NADA Urges Dealers to Review FCC’s TCPA Ruling

The ruling, issued Friday, could require changes in dealers’ telephone and text marketing practices. Among the changes that could affect dealers is the TCPA’s interpretation of the term “automatic telephone dialing system.”

Tags: autodialers, NADA, telemarketing, Telephone Communications Protection Act

July 14, 2015 - Industry News

N.Y. AG Announces Two Actions Against Dealers

New York Attorney General Eric T. Schneiderman announced two separate actions this week against a 22-store dealer group and a Hyundai dealership, both related to deceptive advertising practices.

Tags: Attorney General, compliance, Deceptive Advertising, New York, Settlement