March 17, 2015 - Industry News
CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.
Tags: American Financial Services Association, BISG, CFPB, Congress, Consumer Financial Protection Bureau, Richard Cordray, Study
Greg Miller is stepping down as the CEO of the Larry H. Miller Group of Companies after seven years to pursue personal interests.
Tags: CEO, Greg Miller, Larry H. Miller Dealerships, Utah
CNA National Warranty Corporation has selected Sean Harding as its new chief information officer, effective March 16.
Tags: CNA National, Hiring
ACI Up Bill Payment Solutions will allow Westlake customers to pay their loans with a debit card or ACH, which can accept payments online, through a mobile device, or via phone or text.
Tags: Online, Payment Plan, Westlake Financial Services
F&I product provider GWC Warranty is celebrating its 20th year of business in 2015.
Tags: GWC Warranty Corporation
A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.
Tags: Auto Lending, Equifax, LendingTree, subprime, Wells Fargo
March 12, 2015 - Industry News
The next Compliance Summit event is set to be held April 20–21, 2015, in Illinois. The full day of educational sessions is open to automotive industry professionals involved in front-end compliance.
Tags: attorney, compliance, general agents, Regulations
March 11, 2015 - Industry News
AutoAp says its new Dynamic Recall Management SM service can significantly reduce the time and risk associated with selling vehicles with open recalls.
Tags: vehicle recall
Voting for Auto Dealer Monthly’s 2015 Dealers’ Choice Awards will open Monday, March 16. The awards recognize the industry’s leading third-party vendors, suppliers and finance companies.
Tags: Auto Dealer Monthly, Dealer's Choice Awards
In a report released this week, the regulator revealed that 75% of consumers did not know whether they were subject to an arbitration clause in their agreements with their financial service providers. The study covered six different consumer finance markets, including auto loans.
Tags: arbitration agreements, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act
Five Toyota dealerships in the Southeast region are among 56 to receive the 2014 National Leadership Award for outstanding performance in the Toyota Rent a Car program.
Tags: Awards, rental operation, Toyota
Warren Buffet’s company has completed its acquisition of the Van Tuyl Group, the largest privately held dealership group in the United States. The transaction was announced in October.
Tags: Acquisition, Van Tuyl Auto Group
March 10, 2015 - Industry News
ADESA’s Marketplace mobile app is now available for Android users after being exclusive to iOS since last September, the auction company announced.
Tags: ADESA, Auction, Mobile Applications
StoneEagle has completed the certification process for integration with the FLEX DMS as part of Autosoft’s FLEX Connect Program.
Tags: AutoSoft, DMS, DMS integration, StoneEagle
March 5, 2015 - Industry News
The Better Business Bureau of Central, Northern and Western Arizona named the F&I product provider a finalist for the 2015 BBB Business Ethics Awards.
March 4, 2015 - Industry News
Bob Baker Lexus has reached a settlement with the family of four people killed in a car crash involving a loaner vehicle from the dealership.
Tags: Lawsuit, Lexus, Settlement, Toyota, vehicle recall
Four bills up for consideration in the current legislative session would change how dealers do business in the state. The bills were proposed by Republicans who view the current dealer laws as anti-competitive.
Tags: legislation, sales tax, Sunday Sales Ban, Utah
March 3, 2015 - Industry News
New-car prices increased 3.6% over last February, with Hyundai-Kia showing the largest percentage gain of all major OEMs.
Tags: February, Kelley Blue Book, New Vehicles, transaction prices
Massachusetts Attorney General Maura Healey has filed a complaint against a used-car dealer who allegedly had customers fill out blank contracts and then charged them at least twice the agreed-upon price for defective cars.
Tags: Attorney General, defect, fraud, Lawsuit, Massachusetts
Bluetooth connectivity and voice recognition issues are the most frequently reported problems after three years of ownership, according to J.D. Power's 2015 U.S. Vehicle Dependability Study.
Tags: J.D. Power and Associates, Study, technology, Vehicle Dependability, vehicle quality
February 26, 2015 - Industry News
Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.
Tags: Debt Collection, Department of Justice, Santander, subprime
February 25, 2015 - Industry News
The finance source revealed in a regulatory filing Tuesday that it is in discussions with the U.S. Department of Justice about the possibility that minorities are paying higher rates for auto loans.
Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, DOJ
The president of a Maryland dealer group asked a state Senate panel this week to pass a bill that would grant dealers the right to tell customers about potential vehicle safety problems without backlash from manufacturers.
Flick Fusion released upgraded versions of its mobile apps for iPhone and Android. New features include the ability to create inventory videos from the app, distribute videos to clients, and upload them online.
Tags: Flick Fusion, inventory, Mobile Applications, Video Advertising
February 24, 2015 - Industry News
AI Software Group is seeking beta testers for Selly Automotive, a mobile- and social media-focused sales platform for franchised and independent dealerships.
Tags: A1 Software Group, CRM, mobile leads, Selly Automotive, social media
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