November 5, 2013 - Industry News
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
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
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
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
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.
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
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 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
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
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
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
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
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
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
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
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
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
This month, Edmunds.com will launch a newly redesigned site centered on its Price Promise program. It will allow users to select a vehicle with a locked-in, haggle-free price.
Tags: Brittany-Marie Swanson, Edmunds, Edmunds.com, Price Promise, Website
October 1, 2013 - Industry News
AFS Acceptance announced the promotion of Scot Seagrave to president of the company.
Tags: AFS Acceptance, Scot Seagrave
The balance of auto loans in August increased 9.7 percent from last year, rising from $760.8 billion to $834.4 billion, according to Equifax’s National Consumer Credit Trends Report.
Tags: Auto Loan Delinquency Rate, Credit, Delinquencies, Equifax, Equifax National Consumer Credit Trends Report
The new app features dozens of search filters and an intuitive design to help car shoppers explore the site’s more than three million new and used vehicles.
Tags: Android, AutoTrader.com, iPad, iPhone
September 25, 2013 - Industry News
Edmunds.com ranked the fourth highest on the 2013 Online Customer Review Study, beating out sites like Yelp, Google+, Hotels.com and others. DealerRater ranked No. 13 on the list.
Tags: 2013, Edmunds.com, Maritz Research, Online, review site, reviews, Study
September 24, 2013 - Industry News
Heavy farm equipment manufacturers won temporary exemption from New Hampshire’s newly amended Dealer Bill of Rights, days before it was to take effect on Monday. Dealers there were dealt another blow that day when General Motors announced it was pulling its dealer sales incentives from that state.
Tags: General Motors, incentives, lawsuits, New Hampshire, Stephanie Forshee
Dealertrack has reached an agreement to acquire VINtek for an estimated $53.4 million. The deal is expected to close at the end of the year.
Tags: Acquisition, Dealertrack, VINtek
Yelp filed another lawsuit against a company that allegedly posted fake reviews. This time, the complaint was filed against a law firm that successfully sued Yelp over its advertising practices.
Tags: Customer Reviews, Lawsuit, online reputation management, Yelp
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