November 5, 2014 - Industry News
The president and co-owner of Pundmann Motor Co. passed away Oct. 31 at the age of 75.
Tags: Missouri, obituary
Dealers who use Credit Bureau Connection's credit reports and compliance solutions will now have the opportunity to access income and employment data from Equifax.
Tags: Credit Bureaus, Employment Verification, Equifax
For the fifth year in a row, Auto/Mate was named one of the thirty “Best Places to Work” in New York state’s capital region by the Albany Business Review.
Tags: Auto/Mate, Best Places to Work, New York
November 4, 2014 - Industry News
Experian Automotive found that the longer consumers own their vehicles, the less likely they are to purchase their next vehicle from the same brand.
Tags: brand loyalty, Experian Automotive, Ford, Used Cars
Automotive Credit Corp. is now on Wolters Kluwer Financial Services’ AppOne platform, allowing it to automate credit approval and compliance processes.
Tags: AppOne loan platform, Automotive Credit Corporation, Wolters Kluwer Financial Services
A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.
Tags: Auto Loans, Banks, Consumer FInancial Protection Bureau, Regulations, risk
On the strength of SUV sales, average transaction prices for light vehicles rose slightly in October. Leading the way was Ford and its F-Series line of trucks.
Tags: Ford, Gas Prices, KBB, transaction prices
November 3, 2014 - Industry News
Ted Smith, president of the Florida Automobile Dealers Association and Alex Kurkin, a well-known attorney and veteran dealer advocate with Kurkin Brandes, will open the inaugural Compliance Summit in Hollywood, Fla., on Nov. 10.
Tags: compliance, Florida
October 29, 2014 - Industry News
For the third consecutive year, NCM Associates is sponsoring the Best Training Day Ever, a one-day event featuring panels with some of the industry’s top trainers.
Tags: NCM Associates, training
The South Florida dealer group has deployed LoJack’s inventory management system, which officials said will help deliver an accurate location of vehicle inventory across multiple lots.
Tags: Inventory Management, LoJack
Andrew Stuart, president and CEO of TD Auto Finance U.S., was installed as the chair of auto finance trade organization during the group’s 98th annual meeting this week in Los Angeles.
October 28, 2014 - Industry News
The senior partner at Hudson Cook and columnist for F&I and Showroom was honored on Oct. 7 at an auto finance conference in Las Vegas.
Tags: Hudson Cook LLP, Michael Benoit
A Georgia dealer was charged with 18 felonies and 9 misdemeanors for allegedly committing fraud and forgery in association with the sale of vehicles.
Tags: forgery, fraud
The president and CEO of United Development Systems will open the new compliance event with a keynote address. He will offer his take on how dealers can stay out of the crosshairs of what many believe to be government overreach.
Tags: Compliance Summit, David Gesualdo, Randy Crisorio, United Development Systems
The October retail sales forecasts from J.D. Power and Kelly Blue Book are in, and they are predicting a solid sales performance in what is traditionally the second weakest month of the year for car sales.
Tags: J.D. Power and Associates, KBB.com, October sales, SAAR
The compliance management software provider was recognized by GRC 20/20 for the value it provided to Tricolor Auto Group. The auto group cut time spent on compliance management in half using solutions from Complí, officials said.
Tags: Awards, Compli, GRC
October 23, 2014 - Industry News
Officials said the Charlotte test store was overwhelmed by sales and paperwork. F&I performance rebounded, however, after the group added document specialists.
Tags: F&I, F&I Revenue, One Sonic-One Experience, Quarterly Earnings, Sonic Automotive
Edmunds pulled an online ad campaign last week for its Price Promise program after dealers complained it portrayed them as ‘bad guys’ in the car-shopping process.
Tags: Edmunds, Edmunds.com, haggle, Price Promise
October 22, 2014 - Industry News
Police believe the dealership lost between $13,000 and $25,000 when a service appointment coordinator began reversing charges for auto repairs and adding them to her personal credit card.
Spireon has introduced GoldStar CMS, a new collateral management platform designed to help auto finance companies reduce the time and costs related to funding and servicing automobile loans.
Tags: GPS devices, Spireon
Auto Dealer Monthly is conducting a reader survey designed to gauge the effectiveness of social media in generating sales and service leads. Click on the headline to complete the brief survey.
Mark Floyd will join Exeter's board of directors and will work with his replacement, Thomas Anderson, to ensure a smooth transition, the company said late yesterday.
Tags: Exeter Finance Corp., Mark Floyd, Subprime Auto ABS, subprime auto finance, Thomas Anderson
Governor Rick Snyder signed into law yesterday tighter restrictions on selling vehicles directly to consumers. The new law now effectively bans Tesla Motors from selling vehicles in the state.
Tags: Electric Vehicles, Franchised Dealerships, Governor Rick Snyder, Michigan, Tesla, Tesla Motors
October 21, 2014 - Industry News
The 1.1% third-quarter decrease in the Manheim Used Vehicle Value Index didn’t set off alarms despite it being the fifth straight decline in used-vehicle prices. The firm’s chief economist noted that the drop helped dealers increase vehicle turns as the market continues to inch toward more normal levels.
A survey of 2,000 consumers revealed that Facebook is now among the Top 5 dealer reviews sites used by car shoppers, with 75% of respondents indicating they trust reviews posted by friends on the social media site vs. reviews posted on other sites by people they don't know.
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