December 30, 2014 - Industry News
Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.
Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing
December 18, 2014 - Industry News
New-vehicle retail sales in December are expected to reach a SAAR of 14.2 million units, the highest level since 2006.
Tags: Christmas, December, holiday, J.D. Power and Associates, new-vehicle sales, Retail Sales, SAAR
AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.
Tags: AutoStar Solutions, compliance, F&I office
December 17, 2014 - Industry News
A1 Software Group has announced its new dealership sales solution, Selly, a mobile focused, lightweight platform for automotive sales. Selly is designed for small- to medium-sized dealerships and was initially distributed as a mobile app.
Tags: Mobile Applications, software
TransUnion’s annual auto loan forecast calls for auto loan debt to rise to $18,244 by the end of 2015. This would mark 19 consecutive quarters of increases since the first quarter of 2011.
Tags: Auto Loans, Delinquencies, TransUnion
December 16, 2014 - Industry News
The Swedish automaker plans to sell vehicles online across the globe as part of a new marketing strategy. The digital push will complement Volvo’s existing dealer network, officials said.
Tags: Online Retail, sales training, Volvo
Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.
Tags: Auto Loans, CFPB, Consumer FInancial Protection Bureau, Department of Justice, subpoena
Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.
Tags: auto finance, Auto Loans, Car Shopping, Consumer Credit Balances, Equifax, New-Car Sales
Beginning this month, DealerRater reviews and ratings will be featured on AutoTrader.com's dealer profile pages.
Tags: AutoTrader.com, Customer Reviews, Dealer Review Sites, Dealerrater, online reputation management
December 12, 2014 - Industry News
The FTC took action against two dealer groups it targeted in 2012 for deceptive advertising. They were charged with violating the FTC's orders prohibiting them from deceptively advertising the cost of financing or leasing a car.
Tags: Deceptive Advertising, Department of Justice, Federal Trade Commission, Truth in Lending Act
December 11, 2014 - Industry News
The partnership makes Manheim and Go Auto Exchange DriveTime’s primary source for remarketing wholesale inventory through its physical locations, mobile auctions and online.
Tags: Auto Auctions, DriveTime, Go Auto Exchange, Manheim
December 10, 2014 - Industry News
The dealer group has added two more stores to the MOTOR TREND certified program. They’re located on Grove City, Pa.
Tags: Bob & Chuck Eddy, EasyCare, Motor Trend
The color white was up 3% in popularity globally in 2014, according to data from the coating manufacturer. Black, silver and gray also topped the list.
Tags: paint and fabric
Boutique public relations agency specializing in the automotive industry has launched a new video production division in response to growing demand for video-based marketing services.
Two brothers operating Space Auto Sales and Spin Auto Sales failed to pay more than $1.5 million in sales tax from the sale of vehicles between 2007 and 2009.
Tags: compliance, sales tax evasion
Nearly half of new car buyers in the month of November used longer terms to purchase more expensive cars, according to a report from Requisite Press. The long-term loans enabled extra spending of more than $1.4 billion.
Tags: Auto Loan Terms, Auto Loans
December 9, 2014 - Industry News
Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.
Tags: Consumer FInancial Protection Bureau, department of defense, military
Dealers using the company’s Desk/Mate module will now have access to real-time lease rates, residuals, manufacturer incentives and other rebate information.
Tags: Auto/Mate, desking
November total light vehicle sales increased 4.6% from a year ago to more than 1.3 million units. The industry SAAR was also up significantly from a year ago and the month prior, rising to 17.20 million units.
Tags: Audi, Autodata Corp, BMW, Chrysler, Ford, General Motors, Honda, Hyundai, Mazda, Mercedes-Benz, Mitsubishi, monthly sales, Nissan, Porsche, SAAR, Toyota, Volkswagen
The new functionality between docuPAD and RouteOne eliminates the need to switch between applications and technology to sign RouteOne contracts and other related documents.
Tags: docuPad, econtracting, Reynolds & Reynolds, RouteOne
Ally Financial has improved its Ally Auto Mobile Pay app and added a new Click-to-Chat tool to its website that links users with live service agents.
Tags: Ally Financial, live chat, Mobile Applications
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
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