October 7, 2015 - Industry News
The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.
Tags: arbitration agreements, auto finance, CFPB, Indirect Lending
Following its recent acquisition of Dealertrack, Cox Automotive has appointed Dealertrack’s former co-president, Raj Sundaram, as its chief client success officer.
Tags: Cox Automotive, Dealertrack, Sandy Schwartz
Wells Fargo Dealer Services has opened its second regional business center in Houston — its fifth in Texas. The new center will serve approximately 100 dealerships in the region.
Tags: Wells Fargo Dealer Services
Reynolds Document Services has released the Reynolds LAW Washington F&I Library, a comprehensive catalog of standardized, legally reviewed F&I documents available to new car and truck dealers in the state of Washington.
Tags: compliance, F&I, legal training, Reynolds & Reynolds
Used-vehicle prices were up nearly 3% in the third quarter from a year ago, according to Manheim’s Used Vehicle Value Index, a measure of wholesale prices adjusted for mix, mileage and season.
Tags: Manheim, Manheim Used Vehicle Report, Third Quarter, used vehicles, Wholesale Pricing
October 6, 2015 - Industry News
At a hacker conference last month, security consultant Craig Smith said a malware-infected vehicle coming in for service could potentially infect a dealership’s testing equipment, which would in turn spread the virus to every vehicle a dealership services.
Tags: Chrysler, Cyber Security, Fiat, WIRED magazine
Not only do more than half of consumers on Kelley Blue Book and Autotrader have "complete" or "general mistrust" of the Volkswagen brand in the wake of its emissions scandal, 30% of users of both sites are less likely to consider a diesel-powered vehicle.
Tags: Autotrader, AutoTrader.com, Diesel Powered, EPA, Kelley Blue Book, Volkswagen
National Auto Care Corp. COO Christina Schrank and Regional Sales Manager Spencer Wanderon have both been honored as young leaders in the automotive and insurance industries by Agent Entrepreneur Magazine.
Tags: Awards, National Auto Care Corporation
October 1, 2015 - Industry News
The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
Tags: BMO Harris Bank, CFPB, dealer markups, dealer participation plans, General Electric
Dealertrack unloaded its inventory management solution today, clearing the way for Cox Automotive to complete its acquisition of the software maker. The announcement comes a day after the Justice Department challenged the merger between the two software giants.
Tags: Cox Automotive, DealerSocket, Dealertrack, Department of Justice
This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.
Tags: auto finance, special finance, Subprime Financing, Westlake Financial Services
The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.
Tags: CFPB, Debt Collection, subprime auto finance, Westlake Financial Services
CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
Tags: Auto Loans, BISG, CFPB, CFPB study, Congress, Disparate Impact, NADA
September 30, 2015 - Industry News
Volkswagen AG plans to refit all 11 million vehicles involved in the emissions-rigging scandal. It also announced significant changes to its top leadership, while dealers await answers.
Tags: dealers, Diesel Powered, EPA, Recall, Volkswagen
Dent Wizard has acquired Know How Systems Global, a St. Louis-based provider of high-volume automotive services and repairs to automotive OEMs and insurers.
Tags: Acquisition, Dent Wizard
The Department of Justice filed a civil antitrust lawsuit this week to block Cox Automotive’s acquisition of Dealertrack. The regulator said Cox must divest Dealertrack’s inventory management solution business in order to move forward with the transaction.
Tags: antitrust, Cox Automotive, DealerSocket, Dealertrack, Department of Justice, inventory management, monopoly
Consumers are keeping their cars longer and consequently buying fewer vehicles over their lifetime. But results of a new survey from AutoAlert shows that dealers can sell more cars when they use customer data to reach out to potential buyers.
Tags: AutoAlert, data mining, Survey
As of last month, CNA National now has more than three million contracts in force across its product lines, including vehicle service contracts, GAP, tire-and-wheel protection and warranties.
Tags: CNA National, F&I products, GAP, Tire and Wheel, vehicle service contracts
September 29, 2015 - Industry News
The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Deceptive Advertising, Department of Justice, discrimination, Fifth Third, Fifth Third Bank
AmTrust Financial Services has announced the completion of its acquisition of Warranty Solutions from Wells Fargo for approximately $158 million in cash.
Tags: Acquisition, AmTrust, Wells Fargo
Sixteen Manheim locations received top honors from Chase Auto Finance and Enterprise Holdings at the 67th annual National Auto Auction Association convention.
Tags: Auto Auctions, Awards, Manheim
September 28, 2015 - Industry News
A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.
Tags: Disclosures, F&I products, GAP, Lawsuit, Santander Consumer USA, Truth in Lending Act
September 24, 2015 - Industry News
The state DMV confirmed today that it is ‘looking into the matter,’ almost month after the state dealer association called on the agency to investigate whether the program violates the state’s ban on ‘bird-dogging.’
Tags: bird-dogging, Brian Maas, California New Car Dealers Association, DMV, Tesla, Tesla Motors
September 23, 2015 - Industry News
Volkswagen's Martin Winterkorn has resigned from his post in the wake of the company's developing emissions scandal.
Tags: California Air Resources Board, Diesel Powered, emmissions, EPA, Martin Winterkorn, Volkswagen
AutoVIN, a subsidiary of ADESA, has assembled a seasoned leadership team for the company’s expanded operations in Canada and the United States.
Tags: Acquisition, ADESA, AutoVIN, DataScan, DataScan Field Services, hiring
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