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September 18, 2018 - Industry News

DealerBuilt Settles With New Jersey Regulators Over Data Breach

Photo courtesy of Kromtech Alliance Corp.

Software provider DealerBuilt agreed to implement security protocols to settle an investigation into a data breach that exposed personal information of customers and employees of more than 100 dealerships nationwide.

Tags: auto finance, compliance, cybersecurity, data security, DealerBuilt, LightYear DMS, New Jersey Attorney General, state regulator

September 17, 2018 - Industry News

Lineup Set for First-Ever Technology Challenge

Organizers of the upcoming Industry Summit have announced the 10 companies that will compete in the inaugural Technology Challenge on Tuesday, Oct. 9.

September 13, 2018 - Industry News

J.D. Power: In-Vehicle Tech Shows Improved Adoption, Reliability

In-car multimedia technology still vexes vehicle owners, but some automakers are showing strong improvement, according to a new study from J.D. Power.

September 12, 2018 - Industry News

GAP Experts to Discuss Mounting Losses at PALS 2018

Actuaries Lee Bowron and Ben Woods will present ‘Rising GAP Losses: 2018 Update’ at the upcoming P&A Leadership Summit.

September 12, 2018 - Industry News

Are We There Yet? Pryor to Go Digital at Industry Summit, PALS

Safe-Guard Products’ David Pryor will present ‘Digital Retail: Are We There Yet?’ to a combined crowd of Industry Summit and P&A Leadership Summit attendees in Orlando next month.

September 12, 2018 - Industry News

Carolina Dealers Face Florence Losses

Cox Automotive’s Jonathan Smoke weighed the automotive impact of the impending landfall of Hurricane Florence compared with losses suffered in Texas and Florida last year.

September 10, 2018 - Industry News

Dealer Poll: Tariffs Are Bad for Business

A recent Cox Automotive poll finds a majority of franchised U.S. auto dealers believe new tariffs on imported vehicles would negatively affect their businesses and lead to higher prices for all new vehicles.

September 7, 2018 - Industry News

Ganther to Tackle MLA, CFPB, Employee Privacy at Compliance Summit

Attorney, dealer compliance expert, and Compliance Summit regular Jim Ganther will take on such pressing topics as the Military Lending Act revision, compliance in the post-CFPB era, and employee privacy in a workshop session at the upcoming event.

September 6, 2018 - Industry News

Pa. Dealer Agrees to Pay $2.1 Million to End Prosecution Into Bank Fraud

According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for purported down payments over a six-year period beginning in 2009. The dealer, David Hallman, accepted responsibility for the scheme and agreed to pay a $1.4 million fine and more than $737,000 in restitution to end federal prosecution.

Tags: bank fraud, compliance, down payment, Hallman Chevrolet, U.S. Attorney's Office

September 6, 2018 - Industry News

Two NY Dealers to Cease ‘Bogus’ Etch Sales

New York Attorney General Barbara Underwood announced that new-car dealerships in the Bronx and Westchester have agreed to end ‘fraudulent, deceptive, and illegal’ sales of a ‘bogus’ anti-theft product and offer restitution to at least 1,100 car buyers.

September 5, 2018 - Industry News

AG Coalition: CFPB Has 'No Authority to Overrule' High Court’s ECOA Interpretation

A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.

Tags: attorneys general, auto finance, CFPB, compliance

September 4, 2018 - Industry News

Edmunds: Zero Percent Finance Deals Evaporate in August

Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.

Tags: auto finance, Auto Loans, Edmunds, incentives, zero percent financing

September 3, 2018 - Industry News

Report: Trump Tax Cuts Affect Reinsurance Profits

A new report from Portfolio details the effects of the Tax Cuts and Jobs Act on the six most common reinsurance program types and explains why at least one is now no longer advisable for most dealers.

August 31, 2018 - Industry News

David Lewis to Keynote Industry Summit 2018

The event designed to ‘Protect the Future of F&I’ will feature a keynote address by trainer David Lewis, who will teach dealers and F&I professionals how to improve their production by $350 per copy.

August 29, 2018 - Industry News

Kerrigan: Auto Dealership Buy/Sell Market Picks Up Steam

New tax law and economies of scale help publics and consolidators buck trends to grow earnings and fuel the buy/sell market to 92% growth in the second quarter. According to the firm, the market is on track for a fifth consecutive year of more than 200 acquisitions.

Tags: dealer principal, Kerrigan Advisors, M&A, Mergers and Acquisitions

August 28, 2018 - Industry News

CNCDA: Calif. New-Vehicle Registrations Fall for the Fifth Straight Quarter

Despite the decline, the trade group expects the California market will end the year with around 2 million new-vehicle registrations. That would be a slight decline from the 2.05 million registrations the market recorded in 2017, providing further proof the market has plateaued after several years of big increases.

Tags: California New Car Dealers Association, light passenger cars, light trucks, new-vehicle sales

August 27, 2018 - Industry News

‘Ask Frenchy’ to Win a Free Trip to Industry Summit

Dealers and F&I professionals are invited to submit their most challenging customer objections to IAS’s Eric ‘Frenchy’ Mélon for a chance to win free registration, hotel room, and recognition at this year’s Industry Summit, which heads to Orlando, Fla., in October.

August 27, 2018 - Industry News

Calif. Board: GM Violated State Law in Attempting to Cancel Dealer's Franchise

In an Aug. 13 ruling, the California New Motor Vehicle Board sided with Folsom Chevrolet in a case that calls into question the way General Motors and other automakers measure and enforce sales expectations.

Tags: compliance, disenfranchisement, Folsom Chevrolet, Franchise Laws, General Motors

August 27, 2018 - Industry News

Ferrari 250 GTO Breaks Auction Record

An extremely rare Ferrari became the most valuable car ever sold at auction, going for $48.4 million at RM Sotheby’s Monterey.

August 25, 2018 - Industry News

VW to Cease Hail Cannon Fire

Volkswagen has agreed to curtail the use of hail cannons outside its Mexico plant following accusations by area farmers that the devices were altering the weather and ruining crops.

August 23, 2018 - Industry News

Senate Committee Narrowly Confirms Trump's Pick to Head BCFP

The U.S. Senate Banking Committee narrowly approved the nomination of Kathy Kraninger to head the Bureau of Consumer Financial Protection. The vote sends her nomination to the full Senate for consideration.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Donald Trump, Mick Mulvaney

August 22, 2018 - Industry News

O’Loughlin to Deliver Post-CFPB Keynote at Compliance Summit

Attorney, compliance expert, and former Florida dealer regulator Terry O’Loughlin will address the new regulatory environment in his keynote address at the upcoming Compliance Summit in Orlando, Fla.

August 17, 2018 - Industry News

LoJack: Dead Batteries Kill Lead Conversion, Service Retention

A new report from LoJack details how dead batteries and missing inventory can slow the sales process and cost dealers fixed ops revenue.

August 14, 2018 - Industry News

F&I Dealer of the Year Nomination Period Extended to Aug. 24

Dealership employees, general agents, vendors, finance sources, and F&I product providers are encouraged to nominate their stores and dealer clients for F&I and Showroom's F&I Dealer of the Year award, sponsored by American Financial & Automotive Services Inc.

Tags: DOY Pacesetters, DOY Winners, F&I director, F&I manager

August 6, 2018 - Industry News

Industry Summit to Focus on the Future of F&I

Online F&I will be a key focus at Industry Summit 2018, which will allow dealers to learn about the challenges and opportunities ahead for the F&I product side of the business while their F&I teams get compliance certified and trained by the best in the business.

Tags: Ask Frenchy, Automotive Compliance Education, Compliance Summit, F&I training, Industry Summit, objection handling, PALS

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