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November 19, 2013 - Industry News

TrueCar Ranks Among Fastest Growing Tech Companies

TrueCar ranked 154th on Deloitte’s Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.

Tags: Deloitte, technology, TrueCar

November 19, 2013 - Industry News

Facebook Hires New Auto Sales Team Member

Michelle Morris has joined the social media giant as vertical lead for the auto segment. In her new role, Morris will work with auto manufacturers to build their brands.

Tags: facebook marketing, Faceboook, hiring, manufacturers, Online Marketing, Social Media

November 14, 2013 - Industry News

Disparate Impact Challenge Ends in Settlement on Eve of CFPB Forum

On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.

Tags: Brittany-Marie Swanson, CFPB, Consumer FInancial Protection Bureau, discrimination, disparate, Equal Credit Opportunity Act (ECOA), Richard Cordray, Senate, Senate Banking Committee

November 14, 2013 - Industry News

Trade Group Commissions Study to Address CFPB's Fair Lending Concerns

The American Financial Services Association is commissioning a study to address the CFPB’s concerns for discrimination related to rate participation programs. It will also provide a cost-benefit analysis of alternative dealer compensation models.

Tags: AFSA Vehicle Finance Conference, CFPB, Equal Credit Opportunity Act

November 13, 2013 - Industry News

Intersection Technologies Inc. Closes Series B Financing Led by AutoTrader Group

The transaction strengthens Intersection Technologies Inc.’s position as a leading technology and solutions provider to the automotive industry.

Tags: AutoTrader.com, F&I Express, Intersection Technologies

November 12, 2013 - Industry News

F&I Offers Highest Income Potential, NADA Workforce Study Reveals

Produced in partnership with DeltaTrends, the comprehensive report analyzes a vast array of data on dealership trends to help dealers manage their workforce. Among its many findings, the report shows F&I managers as having the highest income growth potential vs. other departments.

Tags: 2013 Dealership Workforce Study Industry Report, David Westcott, Generation Y, NADA, National Automobile Dealers Association, OEM

November 12, 2013 - Industry News

AutoUSA: Financing Tools Generate Best Website Leads

More than half of the respondents of the AutoUSA annual Internet marketing survey said online credit applications were the best source of online leads. Nearly as many dealers indicated that chat applications were the best source.

Tags: AutoUSA, Internet Leads, Objection Handling, Survey, Website

November 7, 2013 - Industry News

Ohio AG Seeks $11K Reimbursement From Used-Car Dealership

Ohio Attorney General Mike DeWine is suing a used-car dealership for failing to deliver motor vehicle titles to car buyers. He seeks $11,800 in restitution for customers.

Tags: Attorney General, Lawsuit, Ohio, vehicle title

November 5, 2013 - Industry News

CFPB Responds to Senators’ Demands

CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.

Tags: Ally Financial, Brittany-Marie Swanson, CFPB, Consumer FInancial Protection Bureau, ECOA, NADA, Richard Cordray

November 5, 2013 - Industry News

End of Gov’t Shutdown Causes Late Surge in Used Sales, CNW Reports

The reopening of government in mid-October helped used-vehicle sales realize a 3.63 percent increase from a year ago, CNW Research calling the increase “somewhat weaker” than expected.

Tags: CNW Research, government shutdown, Used Sales

October 29, 2013 - Industry News

Judge: Ally Violated Bankruptcy Rules

A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.

Tags: Ally Financial, bankruptcies, compliance, consumer bankruptcies

October 29, 2013 - Industry News

Commerce Dept. Notes Sharp September Drop in Auto Sales

The Census Bureau released its sales figures for September, showing that fewer sales days during the month resulted in a sharp decline in auto sales.

Tags: Autodata Corp, Retail Sales, Vehicle Sales

October 24, 2013 - Industry News

OnPoint Drops Buy-Back Requirement

Buy-here, pay-here auto financing company OnPoint launched a new lending program, 30/30, which eliminates the buy-back requirement on repossessed vehicles.

Tags: 30/30, Andy Regula, auto finance, lending program, loan, OnPoint Financial Corp.

October 24, 2013 - Industry News

Ally Honors 2014 TIME Dealer of the Year Nominees

Ally Financial has named the nominees for this year’s TIME Dealer of the Year. The winner will be announced during January's NADA Convention & Expo in New Orleans.

Tags: 2013, Ally Financial, AllyDealerHeroes.com, car dealers, NADA Convention and Expo, nominees, TIME Dealer of the Year

October 24, 2013 - Industry News

KBB: October New-Car Sales Expected to Jump 11.7 Percent

With one additional selling day, October sales are on track to reach 1.22 million units, KBB reported last week. And barring any economic setbacks, the vehicle information site expects sales to reach 15.6 million units this year.

Tags: 2013, KBB.com, Kelley Blue Book, October, Retail Sales, SAAR, sales, vehicle

October 22, 2013 - Industry News

Edmunds.com “Takes Over” St. Louis Car Dealership

Edmunds.com will “take over” the showrooms of Bommarito Nissan/Honda/Volkswagen/Ford of Hazelwood to provide St. Louis with an exclusive car-shopping experience.

Tags: Bommarito Ford, Bommarito Honda, Bommarito Nissan, Bommarito Volkswagen, Edmunds.com, PricePromise, Showroom, take over

October 22, 2013 - Industry News

Haystak: Yahoo! Bing Conversion Rates Top Google

According to Haystak Digital Marketing, the Yahoo! Bing network is delivering conversion rates at lower costs for auto dealers, Clickz.com reports.

Tags: advertising, AutoTrader.com, digital marketing, Google, Yahoo! Autos

October 22, 2013 - Industry News

Digital Air Strike Partners With Cars.com

Digital Air Strike and Cars.com are partnering on a new “customer verified” review integration. The new platform pulls from the dealer’s DMS to identify customers who are likely to write a review on Cars.com.

Tags: Cars.com, Digital Air Strike, DMS

October 22, 2013 - Industry News

CNW: Leases Overestimating Future Residual Values

CNW Research issued a warning this week, reporting that lease contracts have been overestimating residual values by roughly 14 percent in 2013. The firm expects automakers to lose between $5 billion and $8 billion within three years.

Tags: Art Spinella, CNW, CNW Research, leasing, residual values

October 22, 2013 - Industry News

Gubagoo Launches ‘Vehicle Matching’ for Dealership Websites

Patent-pending technology enables dealership websites to accurately predict visitor preferences, allowing dealers to match in-stock vehicles to customer preferences.

Tags: Internet Leads, lead generation, live chat, Website

October 17, 2013 - Industry News

eBay Motors: Car Shoppers Want Streamlined Experience

Nearly half of consumers who purchased a vehicle in the last five years want a confirmed price on a car before heading to the dealership. They also only want to spend only 30 minutes to an hour shopping.

Tags: Car Shopping, Dealer Websites, ebay, eBay Motors, Mobile, Survey

October 15, 2013 - Industry News

KBB Launches Price Advisor Tool

The kbb.com redesign includes a pricing range for each vehicle make and model, as well as dealership microsites. Officials say customers are more likely to pay at or above fair purchase price for a vehicle once they view the Kelley Blue Book fair price range.

Tags: Brittany-Marie Swanson, Customer Reviews, DealerRater.com, KBB.com, Kelley Blue Book, Pricing, Website

October 15, 2013 - Industry News

DealerRater Launches Certified Service Center

DealerRater has launched a new segment for dealership service departments. Officials say the new offering is in response to an increasing number of online searches for auto repair and maintenance.

Tags: auto dealer, auto repair, Certified Service Center program, Dealerrater, DealerRater.com, Maintenance, review site, s, service department

October 8, 2013 - Industry News

Alabama's Forrest McConnell Elected NADA Chairman for 2014

The NADA has elected Alabama dealer Forrest McConnell to lead the association in 2014. Colorado dealer Jeff Carlson was elected secretary, and Florida dealer George Nahas was elected treasurer.

Tags: 2014, car dealer, Chairman, Forrest McConnell, NADA

October 8, 2013 - Industry News

GM to Allow Consumers to Buy Cars Online

General Motors plans to roll out its Shop-Click-Drive program to all of its dealers by the end of the year. The voluntary program allows dealership customers to complete the entire car-shopping process online.

Tags: General Motors, internet sales, OEM, Ryndee Carney, Stephanie Forshee, Tesla Motors