March 8, 2016 - Industry News
A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.
Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court
The vehicle information firm reported that all segments reviewed showed less than 2.7% depreciation except for full-size pickups.
Tags: Black Book, vehicle depreciation
Portfolio has named Casey Van Schoyck as its new chief compliance officer. In her new position, she will lead the company’s efforts to keep its processes and products compliant with state and federal regulations.
Tags: Chief Compliance Officer, Portfolio, Promotion
DealersLink officials say the company's line of automotive solutions can help small and mid-sized automotive groups cut vendor costs by streamlining their dealership tools into one integrated system.
Tags: Dealership, Dealership Solutions, DealersLink
March 3, 2016 - Industry News
With new-vehicle loan amounts and monthly payments rising to record highs during the fourth quarter, leasing’s share of the market grew to record levels. Data from Experian Automotive also showed that more consumers turned to the used-vehicle market in the end-of-year period.
Tags: Experian Automotive, Melinda Zabritski, Monthly Payments, new-vehicle financing, new-vehicle leasing
March 2, 2016 - Industry News
Introduced last month, Senate Bill 3 would permit electric vehicle makers to sell vehicles directly to consumers at up to three locations. The state dealers association, General Motors and the Alliance of Auto Manufacturers have taken a stand against the measure.
Tags: CARA, Franchised Dealerships, General Motors, Senate Bill, Tesla
Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.
Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, Subprime Financing, Tom Hudson
John Palmer, CEO of ProMax Unlimited, will present “Secrets to Getting More Lender Approvals” at Dealer Summit, organizers announced on Wednesday.
Tags: auto financing, John Palmer, ProMax Online, ProMax Unlimited, special finance, subprime
Organizers of Dealer Summit have announced that NCM Associates’ Dustin Kerr will present a session dedicated to buy-here, pay-here (BHPH) operations at the event, which will take place May 3-5, 2016, at the Sheraton Tampa Riverwalk Hotel.
Tags: bhph dealers, buy-here, compliance, Dealer Summit, Dustin Kerr, NCM Associates, pay-here
March 1, 2016 - Industry News
Thanks to a rocky start in global financial markets and uncertainty regarding future interest rate hikes, Americans believe there is a 36% chance the U.S. economy will slip into a recession this year, a new survey shows.
Tags: car buying, Consumer Confidence Index, interest rates
Eighty-nine percent of dealers surveyed agreed that having a comprehensive process for handling inbound calls was important; however, only 40% were confident they were managing incoming calls effectively, according to a survey conducted by CallSource
Tags: CallSource, Dealerships, marketing
The average transaction price for a new car rose 2.2% to $33,781 in February, Kelley Blue Book reported today. The vehicle information site also noted that incentive spending is nearing pre-recession levels, as vehicle OEMs look to offset rising prices.
Tags: February, Kelley Blue Book, Vehicle Transaction Price
The former director of dealer enterprise relationships for Equifax joins the firm as vice president of credit service for the North American market, a role in which he'll oversee CreditMiner's automotive vertical.
Tags: CreditMiner, Equifax, Experian, Hiring, TransUnion
Record-high used-car sales, strong gross profit growth in fixed ops, and a healthy F&I department helped Sonic Automotive offset new-vehicle pricing pressure in the fourth quarter 2015.
February 25, 2016 - Industry News
The media outlet reported today that Nissan has disabled its NissanConnect EV app after an Australian researcher discovered a flaw that could allow hackers to remotely access a Leaf's temperature controls and driving records.
The acquisition brings together two firms that have been connected since 1992, with ADG serving as APCO’s largest independent agency for seven of those years, including the last two.
Tags: APCO, Automobile Development Group, EasyCare, F&I product provier, F&I products, general agents
Automotive dealers sold 38.3 million used vehicles in 2015, the highest single-year total since 2007. And they did so despite the price of an average used car rising 4.6% to $18,600.
Tags: Certified Pre-Owned, Edmunds.com, used vehicles
February 24, 2016 - Industry News
The firm's annual U.S. Vehicle Dependability Study shows that issues with infotainment, navigation and in-vehicle communication systems have led to a drop in consumer perception of vehicle dependability.
J.D. Power and LMC Automotive said this week that consumers are on pace to spend more than $32 billion on new vehicles this month, a first for the month of February. The two firms noted, however, that their projected 13.9 million retail SAAR is the lowest level since June and well below the 15.3 million pace set last September.
Tags: Consumer Spending, Forecast, J.D. Power and Associates, LMC Automotive, new-vehicle sales
Edmunds has released the names of the more than 800 winners of the firm's fourth annual Five Star Dealer Award. Dealers named had to have at least 20 site reviews within a two-year period and earned an overall sales rating of five stars on Edmunds.com.
Tags: Awards, Customer Reviews, dealers, Edmunds.com
The captive is piloting a new program in Austin, Texas, that will allow a group of three to six people to lease a Ford Vehicle. The program includes a mobile app that allows participants to schedule drive times, make payments and keep up with vehicle maintenance.
Tags: Austin, Ford, leasing
Aside from announcing its new marketing director, the retail solutions provider said it will debut a new line of products at the upcoming NADA Convention & Expo.
Tags: Hiring, izmocars, NADA
February 23, 2016 - Industry News
General Motors responded on Friday to legal concerns raised in a Feb. 8 letter from the California New Car Dealers Association. The automaker said it is not infringing on its dealers' used-vehicle operations, adding that projected sales from its Factory Pre-Owned Collection program will represent 'roughly 1% or less of current used retail volume our dealer network sells.'
Tags: California New Car Dealers Association, Factory Pre-Owned Collection, General Motors, third-party sites
Reynolds and Reynolds Co. has acquired ReverseRisk, which offers a web-based analytics reporting platform. The system can be used regardless of the DMS a dealership employs and will become part of the Reynolds Retail Management System portfolio of solutions.
Tags: Acquisition, Dealer Software, ReverseRisk, Reynolds & Reynolds
TrueCar's new CEO used the firm's recent quarterly investor call to lay out his plans to win back dealers and OEMs. The executive also discussed how the firm plans to better monetize car shoppers using its site.
Tags: Financial Reports, Fourth Quarter, marketing, TrueCar
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