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December 1, 2015 - Industry News

Reynolds Becomes NIADA Member Benefit Partner

After working informally with the National Independent Automobile Dealers Association for a number of year, Reynolds and Reynolds has signed an agreement to become an NIADA Member Benefit Partner.

Tags: Compliance, documentation, NIADA, Reynolds & Reynolds

November 24, 2015 - Industry News

Wise F&I's Rob Berger Elected President of GAPA

Rob Berger, executive vice president at Wise F&I, was elected as president of the Guaranteed Asset Protection Alliance (GAPA).

Tags: GAP, GAPA, Rob Berger, Wise F&I

November 24, 2015 - Industry News

House Committee Report Takes Aim at CFPB’s Proxy Methodology

The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.

Tags: American Financial Services Association, CFPB, CFPB study, Charles River Associates

November 24, 2015 - Industry News

Ohio Dealers Settle FTC’s Deceptive Advertising Charges

The FTC announced this week that it has reached an agreement with two Ohio dealers to settle charges that their lease advertisements violated the FTC Act and the Consumer Leasing Act’s Regulation M.

Tags: Consumer leasing Act, Deceptive Advertising, FTC, FTC Act, Regulation M

November 24, 2015 - Industry News

TrueCar Replaces Painter With Autotrader's Founding CEO

Starting Dec. 15, Chip Perry, who helped build Autotrader from a one-person startup to a $1.5 billion online marketplace, will take on the task of restoring TrueCar’s relations with dealers after a tumultuous summer.

Tags: Autotrader, Chip Perry, digital marketing, Scott Painter, third-party sites, TrueCar

November 24, 2015 - Industry News

CFPB Releases Fall 2015 Rulemaking Agenda

The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau, lenders

November 24, 2015 - Industry News

ChannelNet Expands Into New York City, Austin, Texas

The firm helping finance sources like Toyota Financial Services and Ally connect with car buyers online has expanded into two major markets. Officials say the expansion will aid the firm’s efforts to further penetrate the financial services industry.

Tags: Ally, auto finance, captive, ChannelNet, digital marketing, multichannel marketing, Toyota Financial Services

November 19, 2015 - Industry News

VW Apologizes, Promises Imminent Diesel Fix

The CEO of Volkswagen's North American operations offered a public apology to consumers and dealers during the Los Angeles Auto Show's press day. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.

Tags: Diesel Powered, emmissions, Michael Horn, Volkswagen

November 19, 2015 - Industry News

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA, Rep. Ed Perimutter, Rep. Frank Guinta

November 16, 2015 - Industry News

House to Vote on CFPB-Altering Bill This Week

Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA

November 12, 2015 - Industry News

JM Family Names Ron Coombs CFO

Coombs, a 10-year member of JM Family’s executive management team, was named senior vice president and CFO, a role in which he will oversee the company’s financial operations.

Tags: JM Family, JM&A Group, Ron Coombs, World Omni Financial Corp.

November 12, 2015 - Industry News

S.C. Supreme Court Upholds Jury Court’s $3.6 Million Doc Fee Ruling

Dissenting Justices in the South Carolina Supreme Court's 3-2 decision say the dealership, which is part of the 94-rooftop Hendrick Automotive Group, was ‘punished for doing exactly what South Carolina permitted it to do.’

Tags: document fees, Hendrick Honda of Easley, Henrick Automotive Group, South Carolina Supreme Court

November 10, 2015 - Industry News

Volkswagen Launches 'TDI Goodwill Program'

Volkswagen has launched a "TDI Goodwill Program" to offer compensation to owners of its diesel-powered vehicles.

Tags: Diesel Powered, EPA, TDI, Volkswagen

November 10, 2015 - Industry News

Indiana Dealer Reaches Settlement Regarding Doc Fees

Jeff Wyler Clarksville will repay more than 4,000 customers who paid a document fee the state attorney general said violated Indiana’s Motor Vehicle Dealer Unfair Practices Act.

Tags: document fees, Indiana Attorney General's Office, Jeff Wyler Clarksville, Unfair Practices

November 5, 2015 - Industry News

FTC Announces Multiagency Crackdown on Abusive Debt Collectors

Operation Collection Protection has resulted in 115 total actions against debt collectors this year, 30 of which were announced during the FTC’s press conference to announce the multiagency initiative.

Tags: CFPB, Debt Collection, Federal Trade Commission, SNAAC, Westlake

October 29, 2015 - Industry News

FTC Approves Consent Order Against BMW North America

Under the approved consent order, BMW is barred from telling MINI owners that routine maintenance must be done by franchised dealers in order to ensure a vehicle’s safe operation or to maintain its value.

Tags: BMW North America, Magnuson-Moss Warranty Act, MINI

October 28, 2015 - Industry News

CFPB Orders SNAAC to Pay $3.28 Million for Illegal Debt Collection Practices

Four months after suing SNAAC for employing illegal debt collection practices, the CFPB has ordered the finance company to pay $3.28 million in refunds and fines to resolve the regulator's claims.

Tags: CFPB, Debt Collection, Servicemembers Civil Relief Act, SNAAC

October 22, 2015 - Industry News

Banking Regulator Issues Warning to Auto Finance Industry

The Comptroller of the Currency warned in a speech delivered yesterday that the pace of auto lending reminds him of the mortgage industry in the run up to the 2009 financial crisis.

Tags: auto finance, Auto Loan Delinquency Rate, Auto Loan Terms, banks, economic downturn, economic recovery, Experian Automotive, Office of the Comptroller of the Currency

October 19, 2015 - Industry News

New York Dealer Claims Autotrader Inflated Views of Vehicle Listings

The law firm representing dealers in lawsuits filed against TrueCar and Carfax filed suit against Autotrader last week. This time, the firm is representing a New York-based dealer group that claims the site inflated page views its vehicle listings received over a five-year period.

Tags: Autotrader, Bellavia Blatt, deceptive practices

October 19, 2015 - Industry News

Reynolds Expands Into Mortgage Banking With IDS Acquisition

The dealership software, documents, and compliance services provider has acquired IDS, a provider of mortgage documents and compliance services.

Tags: CFPB, docuPad, mortgage, Reynolds & Reynolds

October 15, 2015 - Industry News

Volkswagen's North America Division President Resigns

Winfried Vahland, photo courtesy of VW.

A month after being appointed to the post, Winfried Vahland has resigned as the division president of Volkswagen North America, according to a report by the New York Times. Vahland leaves after 25 years with the company.

Tags: Compliance, Diesel Powered, EPA, Volkswagen

October 15, 2015 - Industry News

RouteOne to Hold Data Security Webinar

Next week, RouteOne will hold its third quarterly dealer compliance webinar for dealers seeking to improve compliance and data protection.

Tags: Compliance, data protection, RouteOne, webinar

October 14, 2015 - Industry News

Colorado's Jeff Carlson Elected NADA Chairman for 2016

NADA incoming chairman Jeff Carlson (left) and incoming vice chairman Mark Scarpelli (right) at NADA’s board meeting in Palm Beach, Fla., this week.

The NADA’s board of directors has elected Jeff Carlson as its 2016 chairman. The Colorado dealer is currently serving as NADA vice chairman.

Tags: NADA, NADA Chairman, National Automobile Dealers Association

October 8, 2015 - Industry News

NADA Files Second Request for Internal CFPB Documents

The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.

Tags: American Honda Finance, auto lending, BISG, Center for Responsible Lending, CFPB, Consumer Financial Protection Bureau, Fifth Third Bank, NADA, National Automobile Dealers Association

October 8, 2015 - Industry News

Ex-Lithia Employee Pleads Guilty to Embezzlement

A former office manager at Lithia Chrysler Jeep Dodge in Montana pleaded guilty this week to stealing approximately $288,000 from the dealership over a nine-year period.

Tags: embezzlement, employee theft

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