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Compliance

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October 23, 2014 - Industry News

Compliance Summit Room Block Nearly Full

Organizers of the first-ever Compliance Summit in Hollywood, Fla., have announced that the event's room block at the Seminole Hard Rock Hotel & Casino is nearly full. Register today, before it's too late.

Tags: Compliance, training

October 22, 2014 - Industry News

Mich. Governor Signs ‘Anti-Tesla’ Bill

Governor Rick Snyder signed into law yesterday tighter restrictions on selling vehicles directly to consumers. The new law now effectively bans Tesla Motors from selling vehicles in the state.

Tags: electric vehicles, franchised dealerships, Governor Rick Snyder, Michigan, Tesla, Tesla Motors

October 21, 2014 - Industry News

Man Finds No Record of VSC Purchased at Mich. Dealership

A man who bought a car at Auto Exchange last year discovered that the VSC provider had no record of the $2,566 contract he purchased. The dealership was shut down in April.

Tags: fraud, vehicle service contracts

October 16, 2014 - Industry News

Inaugural Compliance Summit Set for Nov. 10-11

The new event is designed to offer actionable compliance solutions to dealers and their partners. It will be held at the Seminole Hard Rock Hotel & Casino in Hollywood, Fla.

Tags: Compliance, Compliance Summit

October 16, 2014 - Industry News

Federal Judge Dismisses GAP Coverage Lawsuit

A judge in Maryland dismissed a lawsuit against the Pohanka Auto Group. It alleged that the group’s GAP coverage was “phony” because it did not meet the definition of a debt-cancellation agreement under Maryland law.

Tags: Compliance, GAP, lawsuit

October 14, 2014 - Industry News

Comment Period Opens for CFPB’s New Rule

The CFPB published its proposal rule to oversee larger participants in the nonbank auto finance segment in the Federal Register last week, kicking off a 60-day public comment period that ends on Dec. 8.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau

October 9, 2014 - Industry News

Court Upholds $15.6M Verdict Against Toyota Dealerships

Pennsylvania’s Superior Court upheld a ruling that awarded $15.6 million to the driver and passengers in a Toyota van that malfunctioned after two dealerships allegedly failed to follow the recommended maintenance procedures when servicing the vehicle.

Tags: lawsuit, Toyota, vehicle maintenance

October 9, 2014 - Industry News

N.Y. Judge Rules in Favor of Dealer in Case Against GM

An administrative judge from New York’s Department of Motor Vehicles ruled this week that GM’s statewide sales benchmark was not reasonably applied, concluding that the manufacturer did not have the right to terminate Beck Chevrolet.

Tags: facility upgrades, franchised dealerships, General Motors, lawsuit

October 7, 2014 - Industry News

Minnesota AG Sues EFG Over Service-Contract Refunds

John Pappanastos, CEO of EFG Companies

Attorney General Lori Swanson is suing EFG Companies for deceptive practices because it failed to deliver on its promise of full refunds for VSCs canceled within 30 days. The company’s CEO tells F&I and Showroom his company will be exonerated once all the facts are presented.

Tags: EFG Companies, extended car warranty, extended warranties, John Pappanastos, Lori Swanson, Minnesota AG, Minnesota Attorney General, Robocalls, telemarketing

October 7, 2014 - Industry News

5 Serra Nissan Employees Arrested

The indictment of the five dealership employees follows federal charges levied against two other Serra Nissan sales managers earlier this year. They are facing federal charges related to a scheme to fraudulently boost loan approvals and car sales.

Tags: bank fraud, F&I manager, fraud, Nissan Motor Acceptance Corp., Santander Consumer USA

October 2, 2014 - Industry News

Chrysler Capital, Santander Lower Cap on Dealer Participation

The moves come just weeks after the CFPB proposed to oversee larger nonbank auto finance sources for the first time at the federal level.

Tags: CFPB, Chrysler, Consumer Financial Protection Bureau, Flat Fees, National Automobile Dealers Association, Santander Consumer USA

October 2, 2014 - Industry News

Former Dealership Employee to Serve 15 Months for Embezzlement

The former office manager of DeLaBruere's Auto Sales in Vermont will be serving 15 months in prison and paying more than $368,000 in restitution for stealing cash from the dealership and writing fake checks to cover it up.

Tags: embezzlement, fraud

September 30, 2014 - Industry News

Protestors Gather at Calif. CarMax Location Over Recalled Vehicle Sales

An image from an ad run by the Consumers for Auto Reliability and Safety  in the Sacramento News & Review.

Protestors flocked to a Roseville, Calif., CarMax store today to protest the sale of recalled vehicles and to call on the FTC to investigate the used-vehicle retailer.

Tags: CARMAX, legislation, vehicle recall

September 30, 2014 - Industry News

CNW Sees 4% Sales Increase in September

The market research firm’s prediction is based on skyrocketing subprime approvals and an active Hispanic consumer market, which, for the first time, could outpace African-Americans in new-vehicle purchases.

Tags: Closing Ratios, CNW Research, jitters index, New-Vehicle Sales

September 30, 2014 - Industry News

Conn. Dealer Charged in Service Contract Scam

A used-car dealer is accused of pocketing more than $13,000 in vehicle service-contract sales, leaving customers without the protections they though they purchased.

Tags: DMV, fraud, Service Contracts, used vehicles

September 25, 2014 - Industry News

NADA Responds to Op-Ed Critical of Dealer Franchise Laws

The NADA’s Peter Welch responded to an op-ed piece published in The New York Times that was critical of dealer franchise laws, saying such protections ‘level the playing field between dealers and manufacturers.’

September 25, 2014 - Industry News

Former Dealer Pleads Guilty to Charges of Deceptive Practices

The owner and operator of Excel Auto Group and B and B Motors pleaded guilty last week to charges that he sold cars with false odometer readings.

Tags: deceptive practices, lawsuit

September 25, 2014 - Industry News

CFPB Lacks Proper Data Security, Report Says

A report released by the United States Government Accountability Office this week found that the CFPB, which has collected information on up to 600 million financial accounts, has fallen short in its data-protection efforts.

Tags: CFPB, Consumer Financial Protection Bureau, data protection, investigation, report

September 23, 2014 - Industry News

Help F&I and Showroom Select the 2014 F&Idol Winner

The magazine made available this week the voting page for the final round of the IAS-sponsored F&Idol competition. Review the five video entries and vote for the overall winner of the 2014 contest.

Tags: F&Idol, IAS

September 23, 2014 - Industry News

Compliance Firm Examines New CFPB Rule

The CFPB has proposed a new rule to oversee larger nonbank auto finance companies for the first time at the federal level. The compliance firm suggests that this could significantly affect compensation policies in dealerships.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau

September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, auto lending, CFPB, Compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

September 17, 2014 - Industry News

CFPB Proposes New Oversight of Nonbank Auto Finance Companies

The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.

Tags: auto lending, CFPB, Compliance, Consumer Financial Protection Bureau

September 16, 2014 - Industry News

Biweekly Payment Provider Bulks Up Compliance Practices

USEA implements code of ethics and a certification test for its dealership partners. The move comes more than three months after the NADA notified members that the FTC was investigating biweekly payment programs.

Tags: biweekly payment, CFPB, FTC

September 16, 2014 - Industry News

Court Rules Yelp Can Manipulate Business Ratings

Photo Credit: <a href="https://www.flickr.com/photos/57009135@N00/8246725201/">planetc1</a> via <a href="http://compfight.com">Compfight</a> <a href="https://creativecommons.org/licenses/by-sa/2.0/">cc</a>

This month, the Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that dismissed a proposed class-action lawsuit against Yelp. The suit claimed the company extorts advertising dollars from businesses in exchange for good reviews, a practice the federal court said is not illegal.

Tags: advertising on Yelp.com, lawsuit, online advertising, Yelp, Yelp reviews

September 16, 2014 - Industry News

Hudson Cook Adds Former CFPB Enforcement Deputy as Partner

Hudson Cook LLP's Lucy Morris

Hudson Cook adds another former CFPB official to its offices in Washington, D.C., in Lucy Morris. She was a founding member of the implementation team that organized the CFPB after passage of the Dodd-Frank Act.

Tags: CFPB, Hudson Cook LLP, Lucy Morris

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