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June 15, 2016 - Industry News

BMW Financial Opens Off-Lease Inventory to All Dealers

In preparation of the influx of off-lease vehicles returning to the market, BMW Financial Services has made its BMWGroupDirect.com service accessible to independent and non-BMW franchise dealers, according to the company.

Tags: BMW, BMW Financial Services, BMWGroupDirect, Off-Lease Vehicles

June 15, 2016 - Industry News

General Motors Names New Vice President of Global Quality

General Motors Co. has named Tony Francavilla as vice president of global quality, according to a company announcement. In this role, he will be responsible or leading the company’s global quality efforts, aimed at providing customers with the highest quality vehicles.

Tags: General Motors, Promotion, Vice President

June 15, 2016 - Industry News

Toyota Earns Top Spot in Customer Experience Study

After asking 10,000 U.S. consumers about their dealership experience, the Temkin Group found that the two manufacturers with the highest customer experience ratings were Toyota and Mercedes-Benz, according to Edmunds.com.

Tags: Customer Experience, Edmunds.com, Toyota, Volkswagen

June 15, 2016 - Industry News

DealerRater Customers 3.5 Times More Likely to Buy a Car, Study Finds

A study conducted by Oracle Data Cloud has found that DealerRater is often the last website a consumer visits before securing a vehicle. Of the visitors who make a purchase, more than half complete the deal within four weeks of visiting the website, according to DealerRater.

Tags: DealerRater, Online Purchase, Study

June 15, 2016 - Industry News

Financial Technology Company Aims at Simplifying Financing Process

Courtesy of AutoGravity. 

AutoGravity, a new financial technology company, has emerged, aiming to simplify the financing process by allowing customers to apply for financing straight from their phone.

Tags: AutoGravity, Finance, Mobile Applications, Technology

June 15, 2016 - Industry News

CreditConvert Update Adds Pre-Screen Capability

The newest update to AutoAlert’s CreditConvert 2.0 program has brought with it the ability to request pre-screens on any customer at any point of the sales process, according to a company press release.

Tags: AutoAlert, CreditConvert, Pre-Screen, Soft Pull, Technology

June 9, 2016 - Industry News

Top Closers Avoid Industry Jargon, CDK Global Finds

CDK Global has found that the words dealers use in their email interactions with customers can have a strong effect on whether a lead will turn into a sale. Industry jargon, it found, is not high on the list of words used by top performers.

Tags: CDK Global, Email, Sales, Word Tracks

June 9, 2016 - Industry News

S.C. Legislature Approves Changes to State's Closing Fee Laws

On June 2, House Bill 4548 was ratified and with it came amendments to South Carolina’s closing fee laws. In accordance with the new law, the Department of Consumer Affairs will be able to determine whether the amount a dealer charges in closing fees is reasonable or unreasonable.

Tags: Closing Fee, Department of Consumer Affairs, South Carolina

June 9, 2016 - Industry News

TransUnion, FICO Team Up on New Credit Scoring System

Based on TransUnion’s CreditVision trended data, FICO Auto Score 9 XT is specifically designed for the auto finance marketplace. The scoring system ignores paid off collection agency accounts, separates unpaid nonmedical accounts that have gone into collection from unpaid medical accounts in collections, and provides a deeper dive into consumer behaviors.

Tags: Credit Scores, FICO, ProMax Unlimited, TransUnion

June 8, 2016 - Industry News

DealerSuccess Launches Geo-Based Marketing Plugin for Dealer Websites

Marketing firm DealerSuccess launched a website conversion tool called ConversionBlaster. It's a plugin for dealer websites designed to target people for specific campaigns based on their geographical location and their proximity to predetermined geofences.

Tags: Campaigns, DealerSuccess, Geo-Fence, Marketing

June 8, 2016 - Industry News

Sun Toyota Names New Finance Director

Florida-based Sun Toyota announced today that it has promoted F&I Manager John Ancona to the director's role. He will be responsible for department staffing, training, and operations, as well as cultivating relationships with finance sources.

Tags: F&I, Promotion, Scion, Toyota

June 8, 2016 - Industry News

Wholesale Prices Rise Again in May, Manheim Reports

Wholesale used-vehicle prices increased again in May, suggesting dealers have continued to achieve efficiency gains that allow them to bid-up auction prices even as gross margins narrow, according to Manheim’s Used Vehicle Value Index.

Tags: Manheim, Manheim Used Vehicle Report, used-vehicle values, Wholesale Pricing

June 8, 2016 - Industry News

ADESA Launches National Accounts Team for AutoVIN

ADESA announced today the formation of a new national accounts team for its AutoVIN subsidiary. Leading the team will be Amy Weisenburger.

Tags: ADESA, AutoVIN, Hiring

June 7, 2016 - Industry News

Reynolds and Reynolds Releases LAW Kentucky F&I Library

The Reynolds and Reynolds Co. has released a comprehensive catalog of standardized, legally reviewed F&I documents for automobile dealers in the state of Kentucky.

Tags: compliance, F&I, Reynolds & Reynolds

June 7, 2016 - Industry News

NADA Announces New Senior Vice President of Dealership Operations

Peter L. Fong has joined the National Automobile Dealers Association as senior vice president of dealership operations. One of his key areas of interest will be to accelerate the process of moving dealerships toward the ‘online to in-store’ car-buying experience for consumers.

Tags: Dealership Operations, Hiring, NADA, National Automobile Dealers Association

June 7, 2016 - Industry News

General Motors Appoints New Director of Dealer Development

General Motors named Mark Rainey director of dealer development. He will be responsible for the growth of minority and female dealers within the automaker's U.S.-based Chevrolet, Buick-GMC and Cadillac dealer networks, according to the company.

Tags: Dealership, General Motors, Hiring

June 7, 2016 - Industry News

SNAAC Makes Greater Cincinnati's 'Top Workplaces of 2016' List

The Ohio-based auto finance company made Greater Cincinnati’s ‘Top Workplaces of 2016’ list. SNAAC was previously named a ‘Best Place to Work’ in 2015 and 2013.

Tags: auto financing, SNAAC, subprime financing, top workplace

June 7, 2016 - Industry News

LHM Dealerships Acquires Three Stores in Denver Area

Dealer Doug Moreland, who sold seven of his Arizona stores to LHM Dealerships in 2013, has struck another deal with the 58-rooftop dealer group. This time, he sold three of his Colorado stores to LHM Dealerships, bringing the number of Colorado stores operated by the group to 11.

June 7, 2016 - Industry News

May Sales Fall 6% From a Year Ago, Autodata Reports

May brought with it two fewer selling days and year-over-year sales declines for most manufacturers. Only four manufacturers — FCA, Hyundai, Kia and Volvo — performed better last month than the same period last year.

Tags: 2016, Autodata Corp, May, Vehicle Sales

June 3, 2016 - Industry News

RouteOne Names New CEO

RouteOne’s board of directors has named Justin Oesterle as the company's new CEO. Like his predecessor Mike Jurecki, who will officially assume his new role as CEO of FordDirect this Monday, Oesterle has been with the company since its inception in 2002.

Tags: auto finance, Credit Applications, Justin Oesterle, Mike Jurecki, RouteOne

June 2, 2016 - Industry News

CFPB Issues Small-Dollar Lending Rule

The Consumer Financial Protection Bureau used its field hearing today to issue its proposed rule targeting what Director Richard Cordray called “payday debt traps.”

Tags: CFPB, Consumer Financial Protection Bureau, Payday Loans

June 2, 2016 - Industry News

RoadVantage Celebrates Fifth Year of Record Growth

The F&I product provider reported a 72% year-over-year increase in new dealers actively selling its programs, as well as a 51% increase in new agent signups for the same period.

Tags: F&I, Promotions, RoadVantage

June 2, 2016 - Industry News

International Nameplates Gaining Market Share, AIADA Reports

Based on its May sales totals, the American International Automobile Dealers Association (AIADA) reported that a larger percentage of new vehicles sold during the month came from international brands.

Tags: AIADA, May Sales, New-Vehicle Sales, SAAR

June 2, 2016 - Industry News

CNA National Wins Diamond Dealers' Choice Award

The company also received the Gold Dealers’ Choice Award in the reinsurance provider category. Combined with this year's honors, CNA National has collected 20 Dealers’ Choice Awards since the competition began in 2005.

Tags: CNA National, Dealers' Choice Awards, Service Contract, Service Contract Provider

June 2, 2016 - Industry News

Protective Wins Platinum Dealers' Choice Award

Protective Asset Protection earned a Platinum award in the service contract provider category of Auto Dealer Today's 2016 Dealers's Choice Awards.

Tags: Dealers Choice Award, Protective Asset Protection, Service Contracts