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Compliance

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February 8, 2016 - Industry News

Fighter Pilot Bruce Bright to Keynote Dealer Summit

Organizers of Dealer Summit have announced that Lt. Col. Bruce Bright, USMC (Ret.) will deliver a motivational keynote address at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, Randy Crisorio, United Development Systems

February 4, 2016 - Industry News

AFIP Online Training Now on LightSpeed

The Association of Finance & Insurance Professionals has partnered with LightSpeed, an interactive virtual training system provider, to host its online certification program

Tags: AFIP, F&I training, LightSpeed

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: auto loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp

February 2, 2016 - Industry News

F&I Think Tank Adds Top Compliance Experts

Six of the industry’s top compliance experts will be at the Sheraton Tampa Riverwalk Hotel to lead a 20 Group-like session on compliance. Aside from fielding questions from attendees, the group will tackle some pervasive regulatory myths surrounding the F&I office.

Tags: CFPB, compliance, David Robertson, FTC, jim ganther, Karen Klees, Michael Tuno, NADA, Randy Henrick, Robert Harkins

February 2, 2016 - Industry News

Auto/Mate Announces Integration With Scan123

Scan123’s electronic document management system is now integrated with Auto/Mate’s Automotive Productivity Management Suite DMS, allowing Scan123 users to store and access documents through Auto/Mate’s DMS.

Tags: Auto/Mate, electronic document storage, F&I office, Scan123

February 2, 2016 - Industry News

J.D. Power/LMC: Snow Storm Slows But Doesn’t Stop Car Sales in January

The two firms expect January total light-vehicle sales to total 1.1 million units, while the January SAAR is expected to have reached 16.8 million units. LMC Automotive said its sales forecast for 2016 remains at 17.8 million units.

Tags: fleet sales, J.D. Power, January sales, LMC Automotive, retail sales, SAAR

January 28, 2016 - Industry News

GM, Jim Koons and Lithia Settle FTC’s Complaints Regarding CPO Claims

The regulator said the three companies agreed to settle its charges that they failed to disclose that some certified pre-owned vehicles were subject to open and unrepaired safety recalls despite claims of rigorous inspections in advertisements.

Tags: Deceptive Advertising, Federal Trade Commission, FTC, General Motors, Jim Koons Automotive, Lithia Motors

January 28, 2016 - Industry News

New York AG Charges Multi-Store Group With Payment Packing

Attorney General Eric Schneiderman filed suit last week against Koeppel Auto Group as part of its two-year crackdown on payment packing and the sale of credit repair and identify theft protection services.

Tags: Credit Forget It, Damien Bullard, Eric Schneiderman, IDDG, NY Attorney General, payment packing

January 27, 2016 - Industry News

JM&A Group Celebrates Record Year, Announces Executive Promotions

According to company officials, 2015 was the best year in the F&I product provider’s 37-year history, as it sold more than 3.4 million contracts.

January 27, 2016 - Industry News

700Credit’s Hill to Discuss FCRA at Dealer Summit

Dealer Summit organizers have announced that Kenneth Hill, managing director of 700Credit, has agreed to speak at the 2016 event, which will be held May 3–5 at the Sheraton Tampa Riverwalk Hotel.

Tags: 700Credit, compliance, Dealer Summit, Fair Credit Reporting Act, Kenneth Hill

January 26, 2016 - Industry News

2011 F&Idol Winner Joins F&I Think Tank Roster

G.P. Anderson offers a few words after winning the 2011 F&Idol contest.

G.P. Anderson will be one of the featured presenters at F&I Think Tank, a one-day event that will precede Dealer Summit 2016 on Tuesday, May 3, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I products, F&I Think Tank , F&I training, F&Idol, Gregory Paul Anderson, Thielen Motors

January 21, 2016 - Industry News

Dealertrack Releases 2016 Dealertrack Compliance Guide

The new edition contains new federal laws that have gone into effect this year. It also contains instructions on how dealers can implement a compliance management system, among other features.

Tags: CFPB, compliance, compliance guide, Dealertrack, FTC

January 21, 2016 - Industry News

House Republicans Ask Attorney General to Halt Ally Settlement Payouts

Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.

Tags: CFPB, Consumer Financial Protection Bureau, Disparate Impact, settlement

January 21, 2016 - Industry News

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, deceptive practices, fine, pay-here

January 20, 2016 - Industry News

UDS's Romani Joins Dealer Summit Roster

Organizers of Dealer Summit announced that United Development Systems Inc. (UDS)’s Fernando Romani has agreed to speak at the event, which is scheduled for May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I Think Tank , F&I trainer, Fernando Romani

January 19, 2016 - Industry News

ADESA Names New Executive Director of Dealer Relations

The KAR Auction Services business unit has promoted Ryan Warzynski to executive director of dealer relations, a role in which he will manage all of ADESA’s dealer contact centers for vehicle inventory at the company’s auction locations across the country.

Tags: ADESA, KAR Auction Services, Ryan Warzynski

January 19, 2016 - Industry News

Wash. Dealer Ordered to Pay $74,000 for Deceptive Advertising

Rairdon’s Dodge Chrysler Jeep of Kirkland agreed to pay $35,125 in civil penalties and $39,210 in costs and fees. The dealership was charged with violating the state's Consumer Protection Act for sending out 7,025 promotional mailers that mimicked official NHTSA recall notices.

Tags: Chrysler, consumer protection, Dodge, Jeep, mailers, National Highway Traffic Safety Administration

January 15, 2016 - Industry News

Dealer Summit 2016 to Host F&I Think Tank

The one-day preshow event was created in partnership with Ethical F&I Managers, a more than 5,000-member Facebook group created by F&I and Showroom’s ‘Mad’ Marv Eleazer. It’s scheduled for Tuesday, May 3, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I process, F&I products, F&I Think Tank , Mad Marv, objection handling

January 13, 2016 - Industry News

Judge Denies TrueCar’s Motion to Dismiss Dealer Lawsuit

A U.S. District judge denied TrueCar’s request to dismiss the lawsuit filed by 162 non-TrueCar dealers last March, but he did throw out four of the complaint’s six claims that the vehicle-buying site violated federal and New York laws by engaging in false and misleading advertising.

Tags: Bellavia Blatt, Leonard Bellavia, TrueCar

January 12, 2016 - Industry News

California Air Resources Board Rejects Volkswagen Recall Plan

CARB rejected Volkswagen's recall plan because it contained gaps and lacked sufficient detail. The agency said Volkswagen’s descriptions of proposed repairs lacked enough information for a technical evaluation and did not adequately address overall impacts on vehicle performance, emissions and safety.

Tags: California Air Resources Board, Diesel Powered, Environmental Protection Agency, vehicle recall, Volkswagen

January 8, 2016 - Industry News

Registration Open for Dealer Summit 2016

Organizers of Dealer Summit announced that registration is now open for the event, which is scheduled for May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: compliance, Dealer Summit, DealerStrong, digital marketing, Greg Goebel, Jim Ziegler, lead conversion, reinsurance, sales, Special Finance

January 6, 2016 - Industry News

Goebel, Ziegler to Headline Dealer Summit

Organizers of Dealer Summit announced that Greg Goebel and Jim Ziegler will speak at the 2016 event, which will be held May 3–5 at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, Dealers, DealerStrong, Greg Goebel, Jim Ziegler, Zieger Supersystems

January 6, 2016 - Industry News

FTC Plans to Study the Auto-Buying Experience

On Dec. 29, the Federal Trade Commission announced plans to conduct a qualitative survey of consumers who have purchased and financed an automobile from a dealer within the last six months. If issues are revealed, the agency said it may consider enforcement initiatives or rulemaking.

Tags: customer experience, Federal Trade Commission, financing, survey

January 6, 2016 - Industry News

Calif. Dealer Group Amends Lawsuit Against TrueCar

The original lawsuit, filed last May, charged TrueCar with acting as a dealer and a broker when it does not have a dealer or broker license. The new amendment asks the court to declare that TrueCar continues to act as a 'dealer' and 'broker” without license.

Tags: broker, California New Car Dealers Association, CNCDA, dealer, litigation, TrueCar

January 5, 2016 - Industry News

Mary Barra Named New Chairman of GM

The General Motors Board of Directors has unanimously elected Mary Barra as its next chairman, effective immediately. She succeeds Theodore Solso, who will serve as the board’s lead independent director.

Tags: board of directors, CEO, chairman, General Motors, Mary Barra

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