June 2, 2015 - Industry News
With government regulators keeping a close eye on the auto finance industry, Finance Express unveiled a new online system designed to help finance sources expedite recovery of ancillary product cancellation refunds.
Tags: auto finance, F&I Product Refunds, Finance Express, Finance Sources, Rich Apicella
The average loan term for new and used vehicles has increased by one month, reaching new all-time highs of 67 and 62 months, respectively, according to a new report from Experian.
Tags: Auto Loan Terms, Experian, Experian Automotive, loans
AutoAp launched a new service designed to provide dealers with daily recall updates for new- and used-vehicle inventory.
Tags: National Highway Traffic Safety Administration, Safety, software, vehicle recall
The company rolled out its new Ally Premiere Protection after completing a three-month pilot. Test dealers gave Ally high marks for training and product transition.
Tags: Ally, Ally Premiere Protection, vehicle service contracts
May 27, 2015 - Industry News
Black Book has launched a version of its mobile app for Spanish-speaking dealers, remarketers and other automotive professionals called Black Book Digital en Español.
Tags: Black Book, Dealership, mobile app, remarketing
ProMax took home the Diamond award for both Desking and Direct Mail, and the Platinum award for Customer Relationship Management in the 2015 Dealers’ Choice Awards.
Tags: Auto Dealer Monthly, Dealers' Choice Awards, ProMax Online
United Development Systems Inc. was named the Diamond Award Winner for F&I Training and Gold Award Winner for Compliance Training in the 2015 Dealers’ Choice Awards.
Tags: Dealers' Choice Awards, United Development Systems
New-vehicle sales are expected to decline 1% year over year to a total of 1.59 million units in May 2015, resulting in an estimated 17.3 million seasonally adjusted annual rate, according to Kelley Blue Book.
Tags: Forecast, Kelley Blue Book, May, SAAR
DealerRater has announced the expansion of the company’s executive team to include Brian Epro, the new vice president of business development.
Tags: Dealerrater, DealerRater.com, Hiring
May 26, 2015 - Industry News
Confident Financial Solutions, a developer of financial solutions for automotive service centers and their customers, has announced that it has appointed Dan Beres as vice president of national sales.
Exeter Finance Corp. has appointed financial industry veteran Paige H. Wisdom to CFO for the organization, effective June 8.
Tags: Exeter Finance Corp., Hiring
Hyundai has begun offering Android Auto on its 2015 Hyundai Sonata, making it the first automaker to implement the software platform that closely matches one running on smartphones.
Tags: Android, Google, Hyundai, Infotainment Systems, smartphones
A case debating a legal theory used by the Consumer Financial Protection Bureau to go after auto finance sources for perceived discrimination in dealer markup is expected to be ruled on this week by the U.S Supreme Court.
Tags: CFPB, Consumer Financial Protection Bureau, Disparate Impact, ruling
The dealer group will now allow customers to select and reserve vehicles online, accelerating the car-buying experience. The new service is initially launching in select stores, but will be available at every location by late summer.
Tags: Larry H. Miller Dealerships, Online Buying, online shoppers
Portfolio has again been ranked as the top Diamond provider in the Vehicle Service Contracts – Reinsurance category in the annual Dealers’ Choice Awards.
Tags: Auto Dealer Monthly, Dealers' Choice Awards, Portfolio Group, reinsurance
May 21, 2015 - Industry News
The California New Car Dealers Association filed a lawsuit against TrueCar last Wednesday, alleging the that the shopping site is not in compliance with certain sections of the California Vehicle Code — a claim TrueCar has denied.
Tags: Bellavia Blatt, California New Car Dealers Association, CNCDA, Lawsuit, TrueCar
May 20, 2015 - Industry News
Based on data from 2014's Memorial Day weekend, DealerSocket recommends that dealers focus on phone leads and used vehicles during the upcoming holiday.
Tags: DealerSocket, Memorial Day sales, Study
CornerStone United joins more than 90 aftermarket F&I product providers in the F&I Express network.
Tags: Aftermarket Products, econtracting, F&I Express, F&I products
There’s a reason captives like Ally and Chrysler Capital have expanded their appetite for longer term loans. And according to a new white paper from Black Book, it’s not just about keeping loan payments below that $400 consumer sweet spot.
Tags: Auto Loan Terms, Auto Loans, Black Book, J.D. Power and Associates, Vehicle Sales
The California New Car Dealers Association filed a lawsuit Wednesday against TrueCar, alleging that the shopping site is not in compliance with certain sections of the California Vehicle Code.
Tags: California New Car Dealers Association, CNCDA, Lawsuit, TrueCar
May 19, 2015 - Industry News
In the first quarter of 2015, the percentage of automotive loans that fell within the subprime and deep subprime risk categories made up 19.7% of the market, the lowest share since 2012, according to Experian Automotive.
Tags: deep subprime, Experian, Experian Automotive, First Quarter, Melinda Zabritski, subprime
CNA National has received the Diamond Award for Best Service Contract Provider as well as the Platinum Award for Best Reinsurance Provider in Auto Dealer Monthly’s 2015 Dealers’ Choice Awards.
Tags: Auto Dealer Monthly, CNA National, Dealers' Choice Awards, Industry Summit, reinsurance
Auto/Mate Dealership Systems has received a Platinum award in the 2015 Auto Dealer Monthly Dealers' Choice Awards, marking the second time the company has received a top ranking in the publication's annual award program.
Tags: Auto Dealer Monthly, Auto/Mate, Dealers' Choice Awards, DMS, Industry Summit
Manheim Louisville has rescheduled its Cruisin’ for Wishes car show and fundraiser for June 13, after the event was rained out on May 16.
Tags: charity giving, Manheim, used cars
May 14, 2015 - Industry News
Edmunds.com updated its mobile app with a new feature that allows shoppers to send text messages to dealers.
Tags: Edmunds.com, mobile app, texting
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