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April 12, 2018 - Industry News

No. 1 With a Bullet: Toyota Dealer Has Hit Song

A Spanish-language music video is being credited with a record month for internet sales at Miami’s Headquarter Toyota.

April 12, 2018 - Industry News

SUV/CUV Loyalty Reaches Record Levels

IHS Markit analysts say more than two-thirds of SUV and crossover buyers remain loyal to the segment, far outpacing the industry average with no signs of slowing.

April 12, 2018 - Industry News

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

Tags: auto finance, Brett Roberts, Credit Acceptance Corp., special finance, Steve Jones, Subprime Financing

April 11, 2018 - Industry News

Grossinger to AutoCanada in Record Cross-Border Sale

Chicago’s Grossinger Auto Group has sold 15 stores to AutoCanada in an acquisition billed as the largest ever to cross international lines.

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

April 11, 2018 - Industry News

Ally and Fair Announce Strategic Alliance

Fair is set to remarket vehicles on SmartAuction and offer flexible financing powered by Ally’s Clearlane program.

April 10, 2018 - Industry News

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo

April 10, 2018 - Industry News

AutoGravity Partners With Westbon

AutoGravity has expanded its vehicle financing options for international students through a new partnership with Westbon.

April 10, 2018 - Industry News

AUL Corp. Completes SOC 2 Certification

The third-party audit confirms AUL’s internal controls are in accordance with the selected Institute of Certified Public Accountants’ trust services principles and criteria. For the company’s customers and partners, SOC 2 compliance demonstrates that AUL has industry leading controls in its data systems, technologies, and processes.

Tags: AUL Corp., used vehicles, vehicle service contracts

April 9, 2018 - Industry News

myKaarma Raises $15 Million to Further Advance Product Development

The investment in the communications and payment software provider was led by Kanya Partners, the growth equity group of Kanye Anderson Capital Advisors LP. myKaarma’s solutions are designed to improve the customer experience, efficiency, and profitability of dealership service departments.

Tags: myKaarma, parts and service, software

April 9, 2018 - Industry News

SouthwestRe, Reahard Partner to Offer F&I and Compliance Training

SouthwestRe has partnered with Reahard & Associates to offer F&I training and compliance certification to agents and dealers.

Tags: F&I products, F&I training, Reahard & Associates, reinsurance, Ron Reahard, SouthwestRe

April 9, 2018 - Industry News

Shift Using Manheim Facilities and Services to Support Digital Business

The San Francisco startup announced its partnership with Cox Automotive last week. According to officials, the relationship will help Shift expand operations with reduced capital investment and drive efficient launches in markets where Manheim has a presence.

Tags: Cox Automotive, digital retailing, Manheim, online F&I, Shift

April 9, 2018 - Industry News

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

Tags: auto finance, floorplan financing, NextGear Capital

April 9, 2018 - Industry News

Auto/Mate Adds Credit Card Processing

Auto/Mate has partnered with Worldpay to add a credit card processing feature to its DMS.

April 9, 2018 - Industry News

Dent Wizard Promotes Mike Black to CEO

Black served as the F&I product provider's COO for the last seven-plus years. He succeeds Terry Koebbe, whose title was elevated to chairman. Both moves took effect on April 1.

Tags: Dent Wizard, F&I products, Mike Black, paintless dent removal, reconditioning, Terry Koebbe

April 9, 2018 - Industry News

Auto/Mate Promotes Dave Druzynski to Chief People Officer

Dryzynski joined the company more than eight years ago as director of human resources. He also serves as a regulator contributor to F&I and Showroom magazine.

Tags: Auto/Mate Dealership Systems, Dave Druzynski, human resources, Promotions

April 5, 2018 - Industry News

VW, Netsertive Partner to Drive Local Sales

Netsertive has been selected as a certified partner of the Volkswagen Dealer Digital Program, giving participating dealers access to a suite of digital marketing tools.

April 5, 2018 - Industry News

NCM Adds to 20 Group Roster With ConSept Acquisition

NCM Associates has acquired ConSept LLC, a merger NCM claims makes it the leading automotive 20 Group provider in North America.

April 3, 2018 - Industry News

KBB: Average New-Car Price Jumps 2% in March

Thanks to strong SUV sales, March's average transaction price rose $703 from a year ago to $35,285, the firm said this week.

April 3, 2018 - Industry News

Spireon Adds to Executive Team

The vehicle intelligence company announced the appointment of Rashid Ismail as senior vice president of customer success. The former CoreLogic executive will be responsible for customer lifecycle management.

Tags: Connected Vehicle, F&I office, Spireon

April 3, 2018 - Industry News

Proactive Updates BDC Video Training Library

Proactive Dealer Solutions announced a series of new additions to its library of interactive videos for business development center training.

April 2, 2018 - Industry News

Hendrick to Install Reynolds docuPAD in All 96 Locations

When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.

Tags: compliance, docuPAD, econtracting, F&I menu, F&I products, F&I technology, Hendrick Automotive Group

April 2, 2018 - Industry News

Darwin to Power ELEAD1ONE’s DealBuilder

A new partnership between Darwin and ELEAD1ONE promises to help protect F&I production in an increasingly digitized car-buying process.

April 2, 2018 - Industry News

Lincoln Adds Pre-Owned Vehicles to Subscription Program

Photo courtesy of Lincoln.

The automaker is adding a slate of pre-owned 2017 Lincoln models to its subscription program in West Los Angeles. The program was originally launched there and in San Francisco in 2015.

Tags: auto finance, Canvas, Lincoln, Subscription Service

March 29, 2018 - Industry News

Black Book: Car Segment Values Strongest in Two Years

Last week, car segment values were up 0.26% compared to the 0.01% depreciation the segment experienced the week prior. This added up to the strongest week for car segment values in two years.

Tags: Black Book, used-vehicle values, vehicle depreciation