July 19, 2018 - Industry News
June wholesale prices for used vehicles up to eight years in age fell by an average of 0.9% compared to May. Losses at the segment level were less than historic norms across the board on both the mainstream and premium sides of the market, the firm said.
Tags: Auto Auctions, J.D. Power Valuation Services, Wholesale Pricing
July 18, 2018 - Industry News
The company reported that 45% of vehicles sold in the first half were to digital buyers on Manheim.com. The firm also detailed enhancements it’s planning to make to the Manheim Marketplace over the next few months.
Tags: Auto Auctions, digital, Manheim, Manheim Marketplace, RMS Automotive
Penske said today it intends to integrate electronic document management to improve workflow and efficiency and install the Reynolds docuPAD system in F&I departments across more than 120 Penske dealerships.
Tags: docuPAD, eWorkflow, F&I process, Penske Automotive Group, Reynolds & Reynolds
Wheel’s Automotive Dealer Supplies Inc. and Monroneylabels.com have teamed up to jazz up the Monroney Label and add a little merchandising punch to the mandated sheet of paper.
July 17, 2018 - Industry News
Alex Mallman, who most recently served as president and CEO of Mercedes-Benz Auto Finance China, replaces AutoGravity’s co-founder and CEO Andy Hinrichs, who left in May, according to the Orange County Business Journal.
Tags: AutoGravity, Daimler Financial Services, digital retailing, online F&I
The software firm's Virtual Service Advisor is now integrated with Autosoft's DMS. GoMoto users can now open repair orders, update customer appointments and information, and offer trade appraisals and upsell every customer.
Tags: Autosoft, DMS, GoMoto, service lane, software, technology
July 16, 2018 - Industry News
Ally and the National Association of Minority Automobile Dealers honored Karmala Sutton, a dealer in training at Honda of Kenosha in Bristol, Wis.
With today’s announcement, Black Book valuation data will be integrated with all EVs listed in the MYEV.com system, which will help buyers and sellers ensure they’re reviewing the most accurate and up-to-date valuations within the market.
Tags: digital marketing, digital retailing, lead generation, MYEV.com, Third-party leads
William Montez Perkins II is the recipient of the 2018 Rising Star Award, presented by Cox Automotive and the National Association of Minority Automotive Dealers.
The deal was first reported on Sunday by The Banks Report, which described the pending acquisition as checking off 'several boxes for CDK while filling a big product hole — a viable integrated CRM platform with significant market share.'
Tags: CDK Global, CRM, digital marketing, digital retailing, DMS, ELEAD1ONE, online F&I
July 12, 2018 - Industry News
The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed to comply could face penalties of up to $41,484 per violation.
Tags: compliance, Federal Trade Commission, Used Car Guide, used cars
The F&I product provider has hired Jim Powers as it’s new CFO. The experienced leader most recently served as president and CEO for St. Louis-based UniGroup Inc. and its subsidiaries.
Tags: Dent Wizard, F&I product provider, F&I products, paintless dent removal
McGeorge Toyota is the latest dealership operation to add Roadster’s Express Storefront digital retailing platform. The dealership refers to its new website feature as ‘McGeorge @Home.’
Tags: digital retailing, Express Storefront, McGeorge Toyota, online F&I, Roadster
July 11, 2018 - Industry News
AUL Corp. won the Platinum award in the Service Contract category in the 2018 Dealers’ Choice Awards.
Organizers have released new details about the inaugural Technology Shootout, a new, interactive feature planned for Industry Summit 2018.
Winners of the 2018 Dealers’ Choice Awards will be recognized in a special ceremony at Industry Summit in Orlando this October.
July 10, 2018 - Industry News
F&I and Showroom, Auto Dealer Today's sister publication, is now accepting nominations for its 17th F&I Dealer of the Year contest, sponsored for the second straight year by American Financial & Automotive Services. Nominations must be received by Aug. 15, 2018.
Tags: contests, DOY Pacesetters, DOY Winners, F&I Dealer of the Year, F&I director, F&I profit
The rollout marks the first dealer facilities update initiative for the automaker in 16 years. Texas’ Lewisville Mitsubishi will be the first dealership to incorporate the new look, with 25 additional dealerships expected to replicate the new design by the spring of 2019.
Tags: facility upgrades, Mitsubishi
A $6.5 million renovation and expansion added 39,000 square feet to Hartford, Conn.’s New Country BMW retail footprint.
Financed in part through relationships with Chrysler Capital and Ally Financial, Fiat Chrysler’s new program aims to identify and develop high-potential candidates to join its U.S. dealer network.
July 9, 2018 - Industry News
The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.
Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray
The company’s web-based merchandising platform is now available in Philadelphia, Louisville, Ky., Long Island, N.Y., and northern New Jersey. It allows dealers to instantly create and customize an infinite array of point-of-sale visuals.
Tags: branding, LotMonkey, marketing, point of sale, showroom
Bay Ridge Honda has agreed to pay $423,000 in restitution and penalties to settle charges of deceptive acts and practices that followed dozens of complaints from aggrieved customers, many of whom are non-English speakers.
Tags: compliance, Deceptive Practices, fraud, payment packing, UDAP, Unfair Practices
July 5, 2018 - Industry News
June’s annual percentage rate of 5.82% marked a 17% increase since January 2018. Add rising rates to a virtually saturated U.S. market, record-high vehicle prices, and historically high numbers of people who owe more than their cars are worth, and the stage is set for a market contraction, the firm said.
Tags: Edmunds, Federal Reserve, interest rates, Negative Equity, new-vehicle sales, SAAR, used-vehicle sales
July 3, 2018 - Industry News
Wholesale values continued to see little change last week, although demand for sporty cars appears to be dwindling as the average value of that segment has begun to drop.
Tags: Black Book, used-vehicle values, vehicle depreciation, wholesale values
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