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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 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

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 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 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

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 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 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

August 2, 2018 - Industry News

KBB: Avg. Transaction Price in June Rises 3%

With cars expected to make up only 31% of July sales, the industry's average transaction price climbed by $985 from a year ago to $35,359.

Tags: average transaction price, Ford, Kelley Blue Book, Volkswagen

August 2, 2018 - Industry News

FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.

Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto

July 31, 2018 - Industry News

Retail Fraud Volume and Cost Up Sharply in 2018

LexisNexis Risk Solutions finds auto dealers and other retailers are facing fraud on an unprecedented scale, including a 30% increase in the number of successful fraudulent transactions since 2017.

July 30, 2018 - Industry News

Modern Collectibles: Discontinued Values Vary Wildly

A new report from Black Book uncovers the reasons behind recent product cancelations and shows that no two discontinued models depreciate alike.

July 30, 2018 - Industry News

Vegas Dealer Family Inspires Award-Winning Film

Life Story Media’s ‘Driven By Integrity: The Gaudin Family Story’ was honored in two categories at the 39th annual Telly Awards.

July 26, 2018 - Industry News

Wells Fargo to Begin Growing Auto Loan Portfolio by Mid-2019

Photo by Laimerpramer via Wikimedia Commons

Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.

Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo

July 25, 2018 - Industry News

Former FCA Chief Sergio Marchionne Dead at 66

Sergio Marchionne, former CEO of Fiat Chrysler Automobiles and Ferrari N.V., has died following complications from surgery.

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