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May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.

Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups

May 17, 2018 - Industry News

Freed From CFPB Order, Toyota Financial to Raise Markup Caps

Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.

May 15, 2018 - Industry News

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.

Tags: Attorneys General, compliance, dealer participation, Federal Trade Commission, regulation

May 14, 2018 - Industry News

Votes Pour in for 2018 Dealers’ Choice Awards

DCA voting has begun in earnest as auto dealers nationwide recognize their favorite vendors, suppliers, and finance sources.

May 8, 2018 - Industry News

New York AG Schneiderman Resigns

Crusading New York Attorney General Eric T. Schneiderman has resigned in the face of reports of assaults and threats against multiple women.

May 2, 2018 - Industry News

Park Place Rolls Out Subscription Service

Dallas luxury auto group Park Place has launched Park Place Select, a subscription service offering access to a wide range of premium vehicles.

May 2, 2018 - Industry News

Voting Now Open for 2018 Dealers’ Choice Awards

Voting for this year’s DCAs has commenced with the launch of a survey open to dealers and dealership professionals until May 31.

April 20, 2018 - Industry News

It’s Official: Wells Fargo to Pay $1 Billion Fine

Wells Fargo has consented to pay federal regulators $1 billion to settle charges pertaining to sales of automotive collateral protection insurance and mortgage interest rate-lock extensions.

April 19, 2018 - Industry News

Calif. Dealers Seek New Protections Under State's Franchise Laws

New legislation aimed at strengthening dealer protections under California’s franchise laws will have its first committee hearing on Monday. One of its provisions specifically addresses the disclosure policy General Motors issued last summer regarding the sale of non-GM service contracts.

Tags: California New Car Dealers Association, dealer protection, F&I products, Franchise Laws

April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

April 17, 2018 - Industry News

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

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

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 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 26, 2018 - Industry News

New AIADA Chair: ‘Trade Wars Have Real Consequences’

Utah dealer Brad Strong began his 2018 AIADA chairmanship with a bang, calling out Washington’s ‘tax and tariff schemes’ in a Las Vegas address.

March 26, 2018 - Industry News

NADA Chairman Outlines Goals, Focus Areas for 2018

Michigan dealer Wes Lutz outlined his chief concerns as the new chairman of the National Automotive Dealers Association.

March 26, 2018 - Industry News

NADA’s Scarpelli: Vehicle Affordability Drives Advocacy Efforts

Outgoing NADA chair and Illinois dealer Mark Scarpelli delivered a moving address at the association’s 2018 convention.

March 23, 2018 - Industry News

NADA Economist: U.S. Light-Vehicle Sales Down 20,000 Units Through February

Patrick Manzi met with the automotive press to discuss the trends affecting auto dealers and industry suppliers in attendance at NADA Show 2018.

March 19, 2018 - Industry News

Ford Launches Online Sales and F&I Website

Ford Motor Co. has launched Ready.Shop.Go., a new ‘online experience’ designed to allow car buyers to find a vehicle, make a deal, and apply for financing.

February 13, 2018 - Industry News

BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement

BB&T Tower in Atlanta (Wikimedia Commons and seniorliving.org)

BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.

Tags: auto finance, BB&T, CFPB, compliance, dealer participation, Mick Mulvaney

February 6, 2018 - Industry News

Tesla vs. Firetruck: Feds to Investigate Latest Incident

Tesla’s ‘Autopilot’ setting has once again drawn interest from regulators after a Model S plowed into a parked firetruck.

February 6, 2018 - Industry News

Cox Ranks Super Bowl Car Commercials

Data collected by Kelley Blue Book and Dealer.com shows which factories and brands benefited from their significant investments in Super Bowl airtime.

January 31, 2018 - Industry News

Appeals Court Rules CFPB Structure Is Constitutional

Photo courtesy of Flickr user Ted Eytan

On Wednesday, the D.C. Court of Appeals ruled 7-3 that a provision in the Dodd-Frank Act that says the CFPB director can only be removed for cause does not unconstitutionally constrain the president.

Tags: CFPB, compliance, Leandra English, Mick Mulvaney

January 29, 2018 - Industry News

Autotrader Plans Dramatic Transformation

The online retailer will introduce a series of enhancements designed to deliver higher quality leads to auto dealers and add transparency and speed to the customer experience.

Tags: Autotrader, digital marketing, digital retailing, online F&I, showroom, Third-party leads

January 22, 2018 - Industry News

Zurich to Focus Heavily on F&I in 2018

Zurich North America is reshaping its dealer P&C portfolio to address 'persistent underperformance due to continued volatility associated with large and catastrophic hail losses." As a result, Zurich will focus heavily on F&I in 2018, a spokesperson said last week.

Tags: F&I office, F&I process, F&I products, P&C insurance, vehicle service contracts, Zurich

November 6, 2017 - Industry News

Norm Reeves Dealerships to Pay $1.4 Million for Violating 2014 FTC Order

The Southern California-based dealer group was charged with violating a 2014 administrative order prohibiting it from misrepresenting in advertisements how much consumers could pay to finance or lease a vehicle.

Tags: compliance, Consumer Leasing Act, Federal Trade Commission, Norm Reeves, Truth in Lending Act

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