December 4, 2014 - Industry News
After taking it on the chin for most of the year, independent dealerships realized a slight increase in used-vehicle sales in November. They also experienced an increase in transaction prices.
Consumers may have their doubts about the economy, but they’re feeling pretty good about their personal economic situations. It’s one of the reasons CNW’s True Delivery Rate reached 16.8 million units in November.
December 2, 2014 - Industry News
Dealership buy/sell activity in the U.S. reached a new high, in part due to Berkshire Hathaway’s acquisition of Van Tuyl, the largest acquisition in the auto industry’s history.
Tags: Acquisition, Lithia Motors, Van Tuyl Auto Group
Manheim selected Shane O’Dell to serve as senior vice president of wholesale service, a new role within the company. O’Dell has worked in the vehicle finance industry since 1995.
Tags: auto finance, leadership, Manheim, NextGear Capital
The Georgia Supreme Court ruled unanimously that a customer of Payless Auto Deals could proceed with his fraud claim against the dealership and one of its salespeople for selling him a damaged vehicle.
Tags: Carfax Report, Deceptive Practices, Lawsuit
Prestige Financial Services came in at No. 4 on the Salt Lake Tribune’s list of top workplaces in the state in the large company category.
Tags: Prestige Financial, Utah
Experian Automotive reported this week that average dollar amount for both new and used vehicle loans reached all-time highs in the third quarter, climbing to $27,799 and $18,576, respectively.
Tags: Auto Loans, Experian Automotive, Third Quarter
New-car prices have increased by $165 from November last year, while rising $568 from a month prior. Domestic automakers have been the main beneficiaries of this trend, according to Kelley Blue Book.
Tags: Kelley Blue Book, transaction prices
December 1, 2014 - Industry News
Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.
Tags: Auto Lending, CFPB, Consumer FInancial Protection Bureau, Department of Justice, discrimination, Investigation, Toyota Motor Credit Corp
November 20, 2014 - Industry News
F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.
Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office
November 19, 2014 - Industry News
A new study released by the American Financial Services Association finds bias and high error rates in the CFPB's proxy methodology for determining disparate impact.
Tags: American Financial Services Association, CFPB, CFPB study
J.D. Power’s John Humphrey told attendees of the NADA/J.D. Power Western Automotive Conference this week that new-car sales are steadily approaching the record of 17.3 million set in 2000, but with more discipline in pricing and the use of incentives.
Tags: J.D. Power and Associates, NADA, New-Car Sales
In the third quarter of 2014, 30- and 60-day automotive-loan delinquencies grew 3.7% and 8.6%, respectively, from the previous year. The change was due to growth in subprime loans.
Tags: Delinquencies, Experian Automotive, Melinda Zabritski, subprime
November 18, 2014 - Industry News
ActivEngage ranked 117th on Deloitte’s 2014 Technology Fast 500 list of fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
Tags: ActivEngage, Deloitte, live chat, technology solutions
BMW dealers using Auto/Mate's DMS can now enjoy seamless bi-directional information exchange with BMW of North America's DMS Data Transfer system.
Tags: Auto/Mate, BMW, DMS integration
Land Rover and Toyota earned top honors during ALG's 15th annual Residual Value Awards, which looks at 26 vehicle segments and forecasts which will retain the highest percentage of MSRP value after three years.
Tags: ALG, Awards, Land Rover, residual values, Toyota, TrueCar
At the NADA /J.D. Power Western Automotive Conference this week, NADA Chief Economist Steven Szakaly predicted that new-car and light truck sales will hit 16.94 million units in 2015.
Tags: Forecast, J.D. Power and Associates, NADA, National Automobile Dealers Association, SAAR
Brian Cosgrove was promoted to president of Preferred Warranties Inc. He brings nearly 30 years of experience to his new role.
Tags: Preferred Warranties, Promotions
November 12, 2014 - Industry News
ADESA’s chief economist says off-rental program vehicles kept wholesale prices artificially high in October. They also masked softness in a market that is facing high incoming supply.
Tags: ADESA Analytical Services, Tom Kontos, used-vehicle sales, Wholesale Pricing
The Dealertrack Credit Application Network, part of Dealertrack's Dealflow Advantage, has grown from five lenders in 2001 to more than 1,500 lenders today.
Tags: Credit Applications, Dealertrack, lenders
November 11, 2014 - Industry News
Car shoppers who order a vehicle inspection through WeGoLook can now request financing, warranty, escrow, and transport services using the company’s Digital Dealership Services option.
Tags: online shoppers, third-party inspections, Vehicle Inspection
Shoppers on Kia.com can now explore finance options side-by-side using PaymentDriver. Those options can include current Kia incentives and interest rates, as well as the trade-in value of the customer’s current vehicle.
Tags: Dealertrack, Finance, Kia, PaymentDriver
Sonic and Philpott Motors have filed a lawsuit against a former employee who left the dealership and hired seven other employees to come work for him.
Tags: employment, Lawsuit, Sonic Automotive
November 10, 2014 - Industry News
Billy Jackson has joined US Equity Advantage as a regional account manager. He will be responsible for servicing the company’s biweekly loan program with dealership partners across multiple states.
Tags: biweekly payment, US Equity Advantage
Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.
Tags: buy-here, GPS devices, GPS Tracking, pay-here, subprime
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