February 24, 2015 - Industry News
Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.
Tags: CFPB, compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), Debt Collection, Department of Justice, Federal Trade Commission, FTC, Settlement
February 23, 2015 - Industry News
Total light-vehicle retail sales are expected to reach 1.3 million units in February, the highest total for the month since 2002, according to projections from J.D. Power and LMC Automotive.
Tags: J.D. Power and Associates, LMC Automotive, monthly sales, Retail Sales, SAAR
February 18, 2015 - Industry News
Sales of certified pre-owned vehicles hit an all-time high of 2.3 million units sold in 2014, according to the latest Used Vehicle Market Report from Edmunds.com.
Tags: certified pre-owned vehicles, CPO, Edmunds.com, used car sales
A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.
Tags: Credit, Equifax, Report, subprime
Autobytel has made a strategic investment in GoMoto’s cloud-based HUB, a large touchscreen display that allows showroom customers to browse new- and used-car inventory, research, build and price vehicles.
Tags: Autobytel, GoMoto, HUB, Internet customer, showroom
New Country Motor Car Group recently promoted Timothy Parker to vice president, overseeing the group’s three Harford, Conn., dealerships and five franchises.
Tags: BMW, Dealerships, MINI, Promotions
Manheim named Danny Brawn as the new general manager of Manheim Darlington in South Carolina.
Tags: General Manager, Manheim, Promotions, remarketing
The Association of Finance & Insurance Professionals has named Ryan Cole, a senior in the Automotive Marketing and Management program at Northwood University, as the Jakob Murray Lange Memorial Scholarship winner for 2015.
Tags: AFIP, merit scholarships
February 17, 2015 - Industry News
HookLogic's AutoHook marketing solutions suite received an Automotive Website Award for Marketing Innovation from PCG Consulting.
Tags: Awards, HookLogic, marketing, Online Marketing, PCG Consulting
To date, the F&I product provider has returned $329 million through its dealer participation plans, with company officials noting that 2014 distributions exceeded the highest return since the inception of those programs.
Tags: CNA National, dealer participation plans, F&I office, reinsurance
Ricky Beggs will retire from Black Book on April 1 as one of the leading authorities in the vehicle remarketing industry, ending a 34-year career with the used-vehicle data provider.
Tags: Black Book, Online Marketing, remarketing, Retirement
The FTC unanimously approved a final order settling its deceptive advertising complaint against Dallas-based Trophy Nissan, which was charged on Dec. 23 with violating the FTC Act, the Consumer Leasing Act and the Truth in Lending Act.
Tags: Consumer Leasing Act, Deceptive Advertising, Federal Trade Commission, Regulation M, Regulation Z, Trophy Nissan, Truth in Lending Act
Two used-car dealerships and their owner reached a settlement this month with the Department of Justice and the state attorney general. The settlement resolves a lawsuit that alleged the dealerships charged African American buyers more for loans and repossessed vehicles without reasonable notice.
Tags: Attorney General, Department of Justice, discrimination, fair lending, GPS devices, Lawsuit, North Carolina, Repossessions
Hyundai dealers across the United States will now have the ability to incorporate Dealertrack’s integrated websites, inventory merchandising, digital retailing and advertising tools into their dealership’s digital marketing strategies and operations.
Tags: Dealer Websites, Dealer.com, Dealertrack, digital marketing, Hyundai, Online Marketing
February 11, 2015 - Industry News
Consumer confidence is expected to continue to rise, resulting in potential shift to larger vehicles in the U.S. and Canada, thanks to low oil prices.
Tags: consumer confidence, Gas Prices, IHS Automotive
Bob Wade Autoworld has become the exclusive MOTOR TREND Certified Dealer in Harrisonburg, Va.
Tags: certified pre-owned vehicles, Motor Trend, Virginia
Manheim operating locations in Chicago, New York, Pennsylvania and St. Louis were recognized by the Ford Auction Service Award Program.
Tags: Auto Auctions, Awards, Ford, Manheim
February 10, 2015 - Industry News
Lease registrations have improved by an annual average of 18% since 2011, according to the NADA’s most recent installment of its Used Car Guide Perspective report.
Tags: Forecast, leasing, NADA Used Car Guide
Todd Clarke was promoted to vice president and general counsel for Southeast Toyota Distributors and JM Lexus, businesses of parent company JM Family Enterprises.
Tags: JM Family, Promotions
The website, called “Tesla Crash,” was launched by the Connecticut Automotive Retailers Association in response to a bill that would allow the electric automaker to sell directly to consumers in the state.
Tags: Franchised Dealerships, legislation, Tesla, Tesla Motors
EFG's Karen Klees became one of the first 100 compliance officers to earn certification under the NAF Association's new program. Last April, the company's entire dealer services team earned AFIP certification.
Tags: AFIP, Consumer Credit Compliance Certification, EFG Companies, NAF Association
Earlier this month, Idaho’s House Transportation and Defense Committee narrowly affirmed regulations that would mandate how long car dealers should be open each week.
Tags: Idaho, legislation
February 5, 2015 - Industry News
GM Financial officials said Ally shouldn’t be surprised by GM’s decision to internalize its lease program. The company ended the year with a 50% share of GM’s lease business.
Tags: Ally Financial, Fourth Quarter, General Motors, GM Financial, leasing, Quarterly Earnings
January’s total new-vehicle sales increased 13.7% from a year ago to 1.51 million units, according to Autodata Corp. January’s seasonally adjusted annual rate was 16.66 million, a slight dip from the 16.92 million SAAR recorded in December.
February 4, 2015 - Industry News
Risk and asset management software and services provider Solera Holdings has acquired Service Dynamics to enhance its digital offerings for dealers.
Tags: Acquisition, AutoPoint, parts and service, technology
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