DP's Office

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September 20, 2018 - Industry News

DealShield Launches 30-Day Return Guarantee

Responding to dealer feedback, the Cox Automotive brand has added a 30-day return option to its DS360 wholesale risk management offering. The guarantee is now available at 100 auction sites, guaranteeing 1.3 million vehicles.

Tags: Auto Auctions, Cox Automotive, DealShield, Manheim, Wholesale

September 20, 2018 - Industry News

Burt Reynolds Collection Goes to Auction

Las Vegas’ Mandalay Bay Resort will be the site of a Barrett Jackson auction of vehicles personally owned by late actor Burt Reynolds.

September 19, 2018 - Industry News

FTC Shuts Down Websites Offering Fake Pay Stubs for Sale

The operators of websites that sold fake pay stubs and other financial documents have agreed to permanently shut down their business as part of separate settlements with the Federal Trade Commission, the regulator announced this week.

Tags: compliance, F&I office, Federal Trade Commission, fraud, pay stubs

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 the personal information of customers and employees at more than 100 dealerships nationwide.

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

September 18, 2018 - Industry News

Kahu Adds Enhancements for Dealer Groups

Spireon announced the addition of several new, dealer group-friendly features to its signature connected-vehicle solutions.

September 18, 2018 - Industry News

DealerSocket Announces Significant Investment in Customer Service, Support

The company continues to hire support staff to meet the needs of dealers and has invested millions in technology improvements, officials announced this week.

Tags: CRM, DealerFire, DealerSocket, desking, Equity Mining, Precise Price

September 17, 2018 - Industry News

Black Book HAV Data Now Integrated Into defi SOLUTIONS’ LOS Platform

Defi SOLUTIONS is the first loan origination platform to include Black Book’s History Adjusted Valuations data feed. Users can now identify undesirable deals prior to the origination process, improve advance amounts, prevent fraud, and use HAV to set floors more accurately when remarketing.

Tags: advances, auto finance, Black Book, defi SOLUTIONS, F&I manager, Loan Origination System, LOS, Originations

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 12, 2018 - Industry News

Regional Acceptance Joins Dealertrack Accelerated Title

The subprime finance source has selected Dealertrack's Accelerated Title solution to handle its title and release process for dealers accepting cars in on trade.

Tags: Accelerated Title, auto finance, Dealertrack, Regional Acceptance Corp., trade-in vehicles

September 12, 2018 - Industry News

CDK Global Adds AutoFi, New Integrations to Fortellis Commerce Exchange

CDK Global announced on Tuesday that AutoFi has agreed to consume digital retailing APIs from the Fortellis Automotive Consumer Exchange Platform. Equifax, one of the platform’s inaugural publishers, also said on Tuesday it will publish new APIs for the platform.

Tags: auto finance, AutoFi, CDK Global, digita, digital retailing, Equifax, Fintech, Fortellis, online F&I

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

DealerSocket Announces New CFO

DealerSocket announced the appointment of Gary Ito, who has worked at several global software and technology organizations over his 30-year finance and accounting career, as CFO.

Tags: DealerFire, DealerSocket, digital retailing, online F&I, Price Promise, software

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 5, 2018 - Industry News

Calif. Dealers Score Partial Victory With Passage of Dealer Protection Bill

While the bill further strengthens dealer protections and updates others, several protections aimed at future services and opportunities for automakers to serve customers directly were stripped out of the bill prior to last Thursday’s unanimous vote by the California Legislature.

Tags: California New Car Dealers Association, dealer protection, facility upgrades, Franchise Laws

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 30, 2018 - Industry News

Experian: Finance Amounts, Monthly Payments Reach New Highs in Q2

Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem unfazed, with outstanding balances climbing to a new record high.

Tags: auto finance, average finance amount, delinquencies, Experian Automotive, Monthly Payments

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

J.D. Power: Dealers, Affordability Behind Overall Strength of Used Market

Through July, J.D. Power’s Adjusted Used Vehicle Price Index stood at 119.3, which is 4.7 percentage points higher than the year-ago period. The firm said used-vehicle prices began showing strength in the middle half of 2017, a trend that continued deep into this year’s summer selling season.

Tags: Asbury, Group 1, J.D. Power Valuation Services, Lithia, Penske, Sonic, Used Vehicle Price, Used Vehicle Price Index

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 28, 2018 - Industry News

VisionMenu Integrates With Dominion DMS

VisionMenu today announced integration with Dominion DMS, allowing Dominion dealers to pull information into the F&I menu maker’s suite of software selling solutions.

Tags: DMS, DMS integration, Dominion Dealer Solutions, F&I menu, software, VisionMenu

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

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