November 18, 2014 - Industry News
Land Rover and Toyota earned top honors during ALG's 15th annual Residual Value Awards, which looks at 26 vehicle segments and forecasts which will retain the highest percentage of MSRP value after three years.
Tags: ALG, Awards, Land Rover, residual values, Toyota, TrueCar
At the NADA /J.D. Power Western Automotive Conference this week, NADA Chief Economist Steven Szakaly predicted that new-car and light truck sales will hit 16.94 million units in 2015.
Tags: Forecast, J.D. Power and Associates, NADA, National Automobile Dealers Association, SAAR
Brian Cosgrove was promoted to president of Preferred Warranties Inc. He brings nearly 30 years of experience to his new role.
Tags: Preferred Warranties, Promotions
November 12, 2014 - Industry News
ADESA’s chief economist says off-rental program vehicles kept wholesale prices artificially high in October. They also masked softness in a market that is facing high incoming supply.
Tags: ADESA Analytical Services, Tom Kontos, used-vehicle sales, Wholesale Pricing
The Dealertrack Credit Application Network, part of Dealertrack's Dealflow Advantage, has grown from five lenders in 2001 to more than 1,500 lenders today.
Tags: Credit Applications, Dealertrack, lenders
November 11, 2014 - Industry News
Car shoppers who order a vehicle inspection through WeGoLook can now request financing, warranty, escrow, and transport services using the company’s Digital Dealership Services option.
Tags: online shoppers, third-party inspections, Vehicle Inspection
Shoppers on Kia.com can now explore finance options side-by-side using PaymentDriver. Those options can include current Kia incentives and interest rates, as well as the trade-in value of the customer’s current vehicle.
Tags: Dealertrack, Finance, Kia, PaymentDriver
Sonic and Philpott Motors have filed a lawsuit against a former employee who left the dealership and hired seven other employees to come work for him.
Tags: employment, Lawsuit, Sonic Automotive
November 10, 2014 - Industry News
Billy Jackson has joined US Equity Advantage as a regional account manager. He will be responsible for servicing the company’s biweekly loan program with dealership partners across multiple states.
Tags: biweekly payment, US Equity Advantage
Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.
Tags: buy-here, GPS devices, GPS Tracking, pay-here, subprime
Flick Fusion has partnered with Lighthouse Technology Team to bring video marketing to the commercial truck, equipment, cycle, recreational vehicle and powersports industries. Dealers in these industries can now use the Flick Fusion platform to easily create video for the web.
Tags: Flick Fusion, SEO, Video Advertising, YouTube
NCM Associates Inc. has launched a joint effort with nonprofit Hire Heroes USA to provide training and resources to veterans seeking careers in the retail automotive sales and service industry.
Tags: NCM Associates, sales training, Veterans
November 6, 2014 - Industry News
The owner of Finish Line Auto Sales was convicted by a federal jury this week of money laundering for helping drug dealers purchase high end used cars with cash.
Tags: money laundering, New York
Autobytel executives said that despite talk of AutoNation and other dealer groups moving away from third-party lead providers, the company has seen a 26% increase in third-quarter revenue thanks to its lead generation services.
Tags: Acquisition, Autobytel, AutoNation, AutoUSA, lead generation
November 5, 2014 - Industry News
The president and co-owner of Pundmann Motor Co. passed away Oct. 31 at the age of 75.
Tags: Missouri, obituary
Dealers who use Credit Bureau Connection's credit reports and compliance solutions will now have the opportunity to access income and employment data from Equifax.
Tags: Credit Bureaus, Employment Verification, Equifax
For the fifth year in a row, Auto/Mate was named one of the thirty “Best Places to Work” in New York state’s capital region by the Albany Business Review.
Tags: Auto/Mate, Best Places to Work, New York
November 4, 2014 - Industry News
Experian Automotive found that the longer consumers own their vehicles, the less likely they are to purchase their next vehicle from the same brand.
Tags: brand loyalty, Experian Automotive, Ford, Used Cars
Automotive Credit Corp. is now on Wolters Kluwer Financial Services’ AppOne platform, allowing it to automate credit approval and compliance processes.
Tags: AppOne loan platform, Automotive Credit Corporation, Wolters Kluwer Financial Services
A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.
Tags: Auto Loans, banks, Consumer Financial Protection Bureau, Regulations, risk
On the strength of SUV sales, average transaction prices for light vehicles rose slightly in October. Leading the way was Ford and its F-Series line of trucks.
Tags: Ford, Gas Prices, KBB, transaction prices
November 3, 2014 - Industry News
Ted Smith, president of the Florida Automobile Dealers Association and Alex Kurkin, a well-known attorney and veteran dealer advocate with Kurkin Brandes, will open the inaugural Compliance Summit in Hollywood, Fla., on Nov. 10.
Tags: compliance, Florida
October 29, 2014 - Industry News
For the third consecutive year, NCM Associates is sponsoring the Best Training Day Ever, a one-day event featuring panels with some of the industry’s top trainers.
Tags: NCM Associates, training
The South Florida dealer group has deployed LoJack’s inventory management system, which officials said will help deliver an accurate location of vehicle inventory across multiple lots.
Tags: inventory management, LoJack
Andrew Stuart, president and CEO of TD Auto Finance U.S., was installed as the chair of auto finance trade organization during the group’s 98th annual meeting this week in Los Angeles.
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