September 8, 2016 - Industry News
instaVIN has named Edie Hirtenstein director of business development. The 14-year automotive industry veteran will be responsible for managing customer relationships, and identifying and implementing products and services that further expand the business, according to the company.
Tags: hiring, instaVIN, Kar Auction Services
For the second time this year, the seasonally adjusted annual rate (SAAR) for new vehicles fell below 17 million in August. Manheim, however, said the drop 'may be a good thing."
Tags: Manheim Used Vehicle Report, New Vehicles, SAAR, used vehicles, Wholesale Pricing
TimeHighway.com, Peak Performance, Dealer Product Services and OneCommand have merged. Together, the companies will be called Affinitiv, the firms announced this week.
Tags: Dealer Product Services, OneCommand, Peak Performance, TimeHighway.com
J.D. Power’s sale to XIO Group in London for $1.1 billion was completed this week, the global alternative investments firm announced on Wednesday. J.D. Power will remain headquartered in Costa Mesa, Calif., and will continue to be led by its existing management team.
Tags: Finbarr O'Neill, J.D. Power, XIO Group
September 7, 2016 - Industry News
DealersLink announced this week it has expanded into Illinois. According to the company, it is aggressively signing on new dealerships in Illinois and plans further expansion into other Midwest markets.
Tags: DealersLink, technology, Wholesale
Almost a year after purchasing full ownership of Cars.com, the company formerly known as Gannett announced on Wednesday plans to spin-off the digital automotive marketplace into an independent publicly trade company.
Tags: Cars.com, digital marketing, Gannett
KAR Auction Services Inc. has promoted Stacey White to senior vice president of enterprise optimization. The more than 20-year veteran of the auto remarketing industry will maintain her prior duties while also overseeing the company’s procurement and sourcing strategies.
Tags: Kar Auction Services, Promotion, Vice President
September 6, 2016 - Industry News
Texas-based Sam Pack’s Five Star Ford of Lewisville was named F&I and Showroom’s 2016 F&I Dealer of the Year. The award was handed out last Wednesday during the magazine’s annual Industry Summit.
Tags: Awards, Dealership, DOY Winners, F&I Dealer of the Year, F&I Pacesetters, Sam Pack's Five Star Ford of Lewisville
Manheim has appointed John Eriksen as general manager of Manheim Baltimore-Washington, according to a company announcement. In his new role, he will concentrate on serving clients and improving their auction experienced, the company stated.
Tags: Auto Auction, general manager, Manheim
Credit unions funded a record 529,000 auto loans through CU Direct’s Lending 360 and CUDL platforms in the first half of 2016. That amounts to more than $16.1 billion in funded automotive loans.
Tags: Auto Loans, credit unions, CU Direct Corporation, CUDL
Finance sources made more than five times as many loans to superprime customers than deep-subprime customers during the second quarter. Delinquencies were up only slightly, but balanced loan portfolios and stable automotive lending continued to quash subprime bubble fears, Experian reports.
Cox Automotive has named Shane O’ Dell president of financial solutions. The former Manheim exec will oversee NextGear Capital, where he served as COO before joining Manheim as senior vice president of vehicle solutions.
Tags: Cox Automotive, NextGear Capital, Promotion
Alpha Warranty announced the release of its DriveEasy Limited Lifetime Powertrain Warranty and its DriveEasy Wrap Protection vehicle service contract. The later provides up to five years and 100,000 miles of additional coverage, and is designed to complement the limited lifetime powertrain warranty,
Tags: Alpha Warranty Corp., Vehicle Service Contract, warranty
RouteOne announced that Scott Johnsen, Amanda George and Jeff Belanger are transitioning from their directors roles to new executive positions.
Tags: F&I, RouteOne, Vice President
September 1, 2016 - Industry News
More than 16,000 independent dealerships will gain the ability to digitally rate, econtract, capture electronic signatures and submit contracts for more than 130 F&I aftermarket product provider as part of a recently announced partnership between Frazer and F&I Express.
Tags: Dealer Software, F&I Express, Frazer Software, Partnership
Dealertrack announced this week that it will be marketing and selling F&I Express’ Express Recoveries Solution through its platform beginning later this year on Oct. 1. The offering will provide lenders and consumers a refund of the unused portion of their aftermarket contracts, according to the company.
Tags: Aftermarket Products, Dealer Software, Dealertrack, F&I Express
WLC will add 10 luxury brands, including Acura, Audi, BMW, Jaguar, Land Rover, Lexus, Mercedes-Benz, MINI, Porsche and AMG, to Walser's existing 15 franchises, according to the company.
Tags: Acquisition, Dealer Group, Dealership, Luxury Vehicles
On Tuesday, Mazda North American Operations launched the Mazda Recall Information Center as part of an effort increase recall completions. The new website is only part of the company's initiative to ensure recalls are completed quickly and efficiently.
Tags: customer satisfaction, Mazda, Recalls
Volkswagen will begin offering its new models for lower prices and provide dealers with a broader product range in a move that could lower residual values if incentives remain high, according to an industry expert.
Tags: incentives, New Vehicle Prices, Volkswagen
August 26, 2016 - Industry News
In a verdict that took less than an hour to decide, a Houston Jury found that a General Motors ignition switch in a 2007 Saturn Sky did not cause a 2011 crash that killed one person and injured another, according to USA Today.
Tags: Court Decision, General Motors, Ignition Switch
Spireon Inc. announced that its GPS-based vehicle telematics solution Spireon SkyLink will now give dealers the ability to offer connected car services to their customers, opening the door to a new F&I profit center.
Tags: Connected Vehicle, F&I, Spireon
August 25, 2016 - Industry News
Sun Toyota introduced today a new door-to-door vehicle delivery service that brings the dealership's showroom directly to a customer's home or office.
Tags: Dealership, Online Shopping, Test Drive
Melissa Roberts has joined GWC Warranty as its new marketing manager. She will be responsible for developing and implementing a customer strategy focused on engaging and retaining GWC partners.
Tags: GWC Warranty Corporation, Hire, marketing
The largest share of outstanding student loans is held by graduates age 30 to 39, according to the firm. Many of these graduates belong to the millennial generation, which, according to Pew Research, have overtaken Baby Boomers as the nation’s largest living generation.
Tags: Moody's, Report, Retail Sales, Student Loan
The wholesale value of 2008-2014 model-year cars continued to fall last week, according to Black Book’s Market Insights report. While many of the familiar trends — trucks performing better than cars — were present, there were some outliers.
Tags: Black Book, depreciation, Wholesale, wholesale values
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