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July 12, 2016 - Industry News

Kontos: Strong Truck Values Drive 3.3% Increase in Wholesale Prices in June

Average wholesale values fell again on a month-over-month basis in June, but they remain up on a year-over-year basis thanks to the continued price strength of trucks, according to ADESA Analytical Services.

Tags: ADESA Analytical Services, Tom Kontos, Used-Vehicle Sales, used-vehicle values

July 12, 2016 - Industry News

Infiniti Dealers Ranked Highest In Treatment of Customers

Infiniti dealerships treat its customers best, at least according to the newly released 2016 Pied Piper Prospect Satisfaction Index (PSI) U.S. Auto Industry Benchmarking study. Now in its 10th year, the study measures how car shoppers are treated at the dealership.

Tags: Customer Satisfaction, Dealership Experience, Infiniti, Study

July 12, 2016 - Industry News

Alpha Warranty Services Releases Zoom Sales Portal

Zoom allows F&I managers to start a contract from the main page and then gives them the ability to adjust rates and work with a customer’s financing options. It also allows the F&I manager to compare up to 3 different plans or programs they can then show the customer in a ‘Good, Better, Best’ format.

Tags: Alpha Warranty Services, F&I office, Sales Portal, Software

July 12, 2016 - Industry News

Wholesale Used-Vehicle Prices Up in June, Manheim Reports

June wholesale used-vehicle prices reached their highest level in four years, rising for the third consecutive month, according to Manheim.

Tags: Manheim, Report, Used Vehicles, Wholesale Pricing

July 12, 2016 - Industry News

State Franchise Laws Benefit Consumers, Economic Analysis Concludes

A new economic analysis shows that state franchise laws, which have come under attack by regulators like the Federal Trade Commission, stimulate competition that results in lower retail prices for consumers.

Tags: Federal Trade Commission, Franchise Laws, Franchised Dealerships, Pheonix Center

July 12, 2016 - Industry News

Q1 Delinquencies Fall in 7 of 11 Loan Categories, ABA Reports

According to the American Bankers Association, indirect auto loan delinquencies were one of the categories to show a decrease, while delinquencies in the direct auto loan space showed an increase.

Tags: 30-day delinquency rate, American Bankers Association, Delinquencies, Indirect Lending

July 12, 2016 - Industry News

Holman Finalizes Acquisition of Kuni Automotive

The deal — which was first announced this past April — adds Kuni Automotive’s West Coast dealerships in Washington, Oregon, California, Colorado and Kansas to Holman Automotive’s existing East Coast operations in New Jersey, Florida and Pennsylvania.

Tags: Acquisition, Dealership Network, Holman Automotive Group, Kuni Automotive Group

July 8, 2016 - Industry News

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

July 7, 2016 - Industry News

Online Retailing Will Lead to Higher F&I Profits, KBB Analyst Says

As digital retailing becomes more and more prolific, Kelley Blue Book Analyst Alec Gutierrez suspects that profits will continue shifting away from the sale of the car and into the F&I office.

Tags: Digital Retailing, F&I Products, KBB

July 7, 2016 - Industry News

LoJack Issues Warning About 'Connected Car Thieves'

LoJack launched a campaign this month to educate and alert vehicle owners about the sophisticated techniques employed by today's 'connected vehicle thief.' The information shared can be used by F&I managers to educate consumers about the need for vehicle-recovery systems.

Tags: identity theft, LoJack, theft protection, Vehicle Theft

July 6, 2016 - Industry News

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

Tags: auto finance, CFPB, GAP, payment deferral

July 6, 2016 - Industry News

Online Retailer Launches Nationwide Vehicle Delivery

Beepi, an online used-vehicle retailer founded in 2013 by a serial entrepreneur who had a bad car-buying experience, is now offering nationwide vehicle delivery. The cost of the service, according to the company, is determined by the distance between the seller and buyer.

Tags: Beepi, Online Buying, Vroom

July 6, 2016 - Industry News

Registration Opens for Las Vegas Compliance Summit

Organizers of Compliance Summit announced that registration for the Las Vegas event is now open. This two-day event, part of the annual Industry Summit, is scheduled for Aug. 29-30 at Paris Las Vegas.

Tags: Compliance Summit, Industry Summit

July 6, 2016 - Industry News

Vroom, eBay Motors Forge Partnership

Starting in the third quarter, eBay will allow Vroom to make formal cash offers to private vehicle sellers on its website.

Tags: eBay Motors, Partnership, Vroom

July 5, 2016 - Industry News

FTC Announces Significant Hike to Civil Penalty Maximums

Violations of the Federal Trade Commission’s prohibition on unfair or deceptive acts or practices are going to get more expensive come Aug. 1. That’s when the commission’s interim final rule aimed at increasing a variety of civil penalties takes effect.

Tags: compliance, Deceptive Practices, Federal Trade Commission

July 5, 2016 - Industry News

Jumpstart: 60% of Millennials Buy a New Vehicle Every Three Years

A study from Jumpstart and Ipsos Connect found that 74% of Millennials now take four weeks or less when shopping for a car. It also found that women continue influence a majority of all vehicle transactions.

July 5, 2016 - Industry News

CFPB Proposes Implementation of Privacy Notice Exemption

Last week, the CFPB proposed to implement an amendment to the Gramm-Leach-Biley Act (GLBA) that will grant certain financial institutions exemption from sending annual privacy notices to customers.

Tags: CFPB, Customer Privacy, Law

July 5, 2016 - Industry News

KBB: Average Transaction Price Rises in June

Fueled by domestic brands and the sale of trucks and SUVs, the average price for a new vehicle in June increased 2% from a year to $33,652, according to Kelley Blue Book.

Tags: Fiat Chrysler, Ford, General Motors, KBB, Transaction Prices

June 30, 2016 - Industry News

NHTSA Issues Urgent Warning to 313,000 Honda, Acura Owners

Two Honda models that contain the dangerous Takata air bag inflators. 

New tests on Takata airbag inflators show that certain model-year 2001-2003 Honda and Acura vehicles have up to a 50% chance of rupturing during a crash, according to a National Highway Traffic Safety Administration (NHTSA) alert.

Tags: Acura, Danger, Honda, NHTSA, Recall, Takata

June 30, 2016 - Industry News

Roadster Launches Ecommerce Solution for Dealers

Roadster announced today it’s making its Express Storefront available as a white-label solution for dealers. The mobile eCommerce platform is designed to allow dealers to bring the entire car-buying experience online, from merchandising to home delivery.

June 29, 2016 - Industry News

SurgeCurve CEO Seeks 12 More Dealerships for New Marketing Platform

SurgeCurve, a new web-based customer engagement and marketing tool, launched Tuesday. With its release, company CEO Matt Rutkovitz announced that he’s seeking 12 additional retailers to experience how his new “Meet the Sales Team” online video tool works.

June 29, 2016 - Industry News

Technology Veteran Joins AutoLoop as COO

Alex Eckelberry, COO, AutoLoop. 

AutoLoop has appointed Alex Eckelberry as its new COO. The technology veteran will be responsible for overall operations of the company.

Tags: AutoLoop, COO, Hiring

June 29, 2016 - Industry News

DealerSocket Adds LenderPay Integration to FEX DMS

DealerSocket’s FEX DMS is now integrated with ProPay’s LenderPay platform. The partnership, the company stated, will allow FEX users to select the credit processor that best fits their dealership’s unique needs.

Tags: Credit Processing, DealerSocket, ProPay, Software

June 29, 2016 - Industry News

OP-ED: NADA Chairman Calls on Dealers to Rally Behind CFPB-Reform Bill

Introduced in March, U.S. Senate Bill 2663 aims to repeal the bureau's March 2013 guidance on dealer participation and add a few more steps to the regulator's guidance-writing activities. In an op-ed piece posted on the NADA's website, Chairman Jeff Carlson offers his thoughts on the legislation and explains why dealers need to rally behind it.

Tags: CFPB, dealer participation, Jeff Carlson, NADA

June 29, 2016 - Industry News

Mobile Phones, Online Research Shrinking Shopping Window, Study Shows

From start to finish, the time it takes consumers to pull the trigger on a vehicle purchase is shrinking. And according to a new study from Jumpstart Automotive, Millennials are the reason.

Tags: Car Shopping, Consumers, Dealership, Jumpstart Automotive, Study