December 3, 2015 - Industry News
The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.
Tags: auto finance, Huntington Auto Finance, Huntington Bank, Indirect Lending, Rich Porrello, Tom Wirth
December 2, 2015 - Industry News
Consumers continued to lease vehicles at a record pace in the third quarter, while captives claimed their largest share of new-vehicle financing since the Great Recession.
The effects of Volkswagen’s diesel engine scandal are beginning to sink in, with the automaker reporting a 24.72% drop in November sales.
Tags: Autotrader, Diesel Powered, Kelley Blue Book, Volkswagen
Autotrader and Kelley Blue Book reported stronger-than-expected auto sales during the month of November. The overall industry health is looking strong, but the two firms noted several risk factors that could negatively impact the industry as it heads into 2016.
Tags: Autotrader, incentive spending, Kelley Blue Book, transaction prices
December 1, 2015 - Industry News
Horst Meima has served in a variety of roles during his 20-year career with the company. He will officially become president and CEO of Volkswagen Credit on Jan. 1, 2016.
Tags: Audi Financial Services, Horst Meima, Volkswagen Credit
The firm’s annual Consumer Financing Satisfaction Study showed that Lincoln Financial Services led the way in the luxury segment, while Ford Credit ranked highest in the mass market segment.
Tags: auto finance, captive finance, Ford Credit, J.D. Power and Associates, Lincoln Automotive Financial Services
Spireon’s new Kahu connected car service can be used to track and manage inventory. But dealers can also upsell the service’s mobile app to customers, who can take advantage of Kahu’s theft recovery, 24/7 vehicle location and smart alerts features.
Tags: Kahu, mobile app, smartphone, Spireon, telematics, theft recovery
Recall Masters has integrated its real-time recall status service with TimeHighway’s online scheduling solution, allowing dealers to purchase parts and free up technicians before a customer arrives for service.
Tags: General Motors Recall, Recall Masters, TimeHighway.com, Toyota recall, vehicle recall, Volkswagen
After working informally with the National Independent Automobile Dealers Association for a number of year, Reynolds and Reynolds has signed an agreement to become an NIADA Member Benefit Partner.
Tags: compliance, documentation, NIADA, Reynolds & Reynolds
November 25, 2015 - Industry News
ADESA named Heather Greenawald vice president of legal. She will lead the company’s legal team and manage relationships with outside counsel.
Tags: ADESA, Kar Auction Services
The new site serves as a one-stop shop for all automotive recall news, data, training and communications, according to officials.
Tags: GM Recalls, Recall Masters, Toyota recall, vehicle recall
November 24, 2015 - Industry News
The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.
Tags: American Financial Services Association, CFPB, CFPB study, Charles River Associates
The FTC announced this week that it has reached an agreement with two Ohio dealers to settle charges that their lease advertisements violated the FTC Act and the Consumer Leasing Act’s Regulation M.
Tags: Consumer Leasing Act, Deceptive Advertising, FTC, FTC Act, Regulation M
Kerri Walker Lewis was named to the post after serving as a senior executive for Dent Zone. She brings an extensive background in business development, relationship management, and sales and marketing.
Tags: CalTex, environmental protection, F&I products, Kerri Lewis, theft protection
Starting Dec. 15, Chip Perry, who helped build Autotrader from a one-person startup to a $1.5 billion online marketplace, will take on the task of restoring TrueCar’s relations with dealers after a tumultuous summer.
Tags: Autotrader, Chip Perry, digital marketing, Scott Painter, third-party sites, TrueCar
The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.
Tags: auto finance, CFPB, Consumer Financial Protection Bureau, lenders
The firm helping finance sources like Toyota Financial Services and Ally connect with car buyers online has expanded into two major markets. Officials say the expansion will aid the firm’s efforts to further penetrate the financial services industry.
Tags: Ally, auto finance, captive, ChannelNet, digital marketing, multichannel marketing, Toyota Financial Services
November 19, 2015 - Industry News
Cox Automotive announced that the Dealer.com website solution will serve as the primary solution for Cox Automotive customers. Current users of VinSolutions' website product will begin migrating to the Dealer.com platform beginning in early 2016.
Tags: Cox Automotive, Dealer Websites, Dealer.com, Dealertrack, digital marketing, VinSolutions
The CEO of Volkswagen's North American operations offered a public apology to consumers and dealers during the Los Angeles Auto Show's press day. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.
Tags: Diesel Powered, emmissions, Michael Horn, Volkswagen
The transaction is expected to close this December. Officials said APCO’s management team will remain in place once it does.
Tags: APCO, EasyCare, GWC Warranty Corporation, Larry Dorfman, Stone Point Capital, vehicle service contracts
The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.
Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA, Rep. Ed Perimutter, Rep. Frank Guinta
In a joint press conference preceding the Los Angeles Auto Show, representatives from the NADA and J.D. Power spoke on the current state of auto retailing and delivered their 2016 new- and used-vehicle sales predictions.
Tags: Diesel Powered, Jonathan Banks, NADA, new-vehicle sales, Steven Szakaly, Used Car Guide, used-vehicle values, Volkswagen
November 16, 2015 - Industry News
Despite auto loan balances rising by $101 billion, delinquencies remained flat from a year ago. Officials with the credit reporting agency said their seeing controlled and deliberate growth by lenders.
Tags: 60-Day Delinquency Rate, auto loan origination, Auto Loans, delinquencies, TransUnion
Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.
Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA
Crediting the industry's record sales pace, Edmunds announced last week it expects to add 100 new employees
Tags: Edmunds.com, third-party sites
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