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Compliance

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April 28, 2016 - Industry News

EFG Companies Adds OEM and Reinsurance Veteran to Leadership Team

The F&I product provider has named Richard Christensen, a 25-year veteran of the automotive retail industry and reinsurance business, vice president of product development.

Tags: EFG Companies, F&I manager, F&I products, Reinsurance

April 27, 2016 - Industry News

N.Y. Dealer Admits to Falsifying Auto Loan Applications

N.Y. Dealer Gerald McDonald pleaded guilty last month to submitting fraudulent loan documents to financial institutions. He faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19.

Tags: Crime, Dealership, U.S. District Court

April 21, 2016 - Industry News

CFPB to Discuss Arbitration at Field Hearing Next Month

The Consumer Financial Protection Bureau will be holding a field hearing on May 5 in Albuquerque, N.M., to discuss arbitration. CFPB Director Richard Cordray will issue remarks at the hearing

Tags: AFSA, Consumer Financial Protection Bureau, Field Hearing, Richard Cordray

April 21, 2016 - Industry News

Four N.Y. Dealers Ordered to Pay Nearly $2 Million to Settle Payment Packing Charges

New York Attorney General Eric T. Schneiderman’s initiative to end dealer “jamming,” or payment packing, has resulted in four separate settlements with four dealer groups. They agreed to return nearly $2 million in restitution to nearly 5,000 consumers and $174,000 in penalties and costs to the state.

Tags: Attorney General, Dealer Groups, Deceptive Practices, New York, Settlements

April 19, 2016 - Industry News

SouthWest Dealer Services Acquires Two Agencies

SouthWest Dealer Services' acquisition of Chicago-based United Insurance Group and Seattle-based Olympic Dealer Marketing will expand its national reach, increase its employee count to 360, and raise its active dealer customer base to 650 across 16 states.

Tags: Acquisition, Olympic Dealer Marketing, SouthWest Dealer Services, United Insurance Group

April 19, 2016 - Industry News

Consumers Prefer Compliant Dealerships, Survey Shows

A survey that targeted both consumers and car dealers found that the majority of consumer respondents favored dealerships that adhere to federal regulations. However, survey results also reveal that the majority of dealerships polled did not offer their employees comprehensive compliance training.

Tags: Compliance, Consumer Buying Habits, Survey, Total Dealer Compliance

April 12, 2016 - Industry News

Compliance Summit to Hit Tampa, Las Vegas in 2016

Organizers of Compliance Summit, a series of regional events dedicated to front-end compliance for dealers and dealership management, announced that events will be held in Tampa and Las Vegas this year following stops in Chicago and Austin, Texas, in 2015.

Tags: CFPB, Compliance, Compliance Summit, Dealer Summit, ECOA, F&I Think Tank, Federal Trade Commission, Regulation Z, Regulations, TILA

April 7, 2016 - Industry News

Dealer Group Files Class Action Lawsuit Against Volkswagen

A family-owned dealer group has filed a class action lawsuit against Volkswagen for intentionally defrauding dealers by installing defeat devices in its diesel cars. The dealer group is also claiming that Volkswagen separately carried out an illegal pricing and allocation scheme that favored some dealers over others.

Tags: Diesel, Lawsuit, Volkswagen, Volkswagen Scandal

April 7, 2016 - Industry News

2014 F&I Dealer of the Year Added to F&I Think Tank Roster

Vaden Automotive Group's Jane Vaden Thacher will be at next month's F&I Think Tank in Tampa, Fla., to explain how the group's sales and F&I process makes $1,400 per copy a reasonable expectation for F&I producers.

Tags: F&I process, F&I Think Tank, F&I Turnover, Jane Vaden Thacher, Vaden Automotive Group

April 5, 2016 - Industry News

NADA Forges Partnership With MyCarDoesWhat Campaign

The NADA announced its involvement in a campaign designed to promote safer driving experiences. The program educates consumers about how to best interact with safety features.

Tags: MyCarDoesWhat, NADA, National Automobile Dealers Association, Safety

March 29, 2016 - Industry News

Moore to Take On Millennial Workforce at Dealer Summit

Protective Asset Protection’s Rich Moore will present a session dedicated to hiring and training Millennial workers at the upcoming Dealer Summit, organizers announced Monday.

Tags: Dealer Summit, Hiring, Millenials, Protective Asset Protection Division, Rich Moore

March 29, 2016 - Industry News

Advent Completes DMS Integration With Hyundai

With the new connection, users of the Advent Dealer Management System will have a full complement of data interfaces that allow for bidirectional communication with Hyundai USA.

Tags: Advent Resources, DMS, DMS integration, Hyundai

March 29, 2016 - Industry News

TrueCar Releases Plans to Win Back Dealers

On Easter Sunday, TrueCar announced plans to alter its business model in an attempt to win back dealers after a tumultuous 2015. Company CEO Chip Perry reassured dealers in a video posted on the company’s site that things will be different this time around.

Tags: Customer Relations, Dealer Relations, Dealerships, TrueCar

March 23, 2016 - Industry News

ACA, Westlake Agree to Pay $7.4 Million in Relief to Mass. Consumers

American Credit Acceptance and Westlake Financial Services have agreed to pay $7.4 million to Massachusetts consumers to settle the state regulator's charges that they charged excessive interest rates on subprime loans.

Tags: American Credit Acceptance, GAP, Interest Rates, Relief, Subprime Loans, Westlake Services

March 22, 2016 - Industry News

Hackers Targeting Dealerships, Firm Warns

According to Helion Automotive Technologies, Hackers are tricking dealership employees into clicking on malicious emails to gain access to F&I and accounting departments.

Tags: Cyber Security, Hacking, Phishing

March 22, 2016 - Industry News

Ally to Add Independent Director to Board

Frustrated with how market perception is affecting the company's stock, Ally management announced this week it will be appointing a new independent director to its board of directors.

Tags: Ally, Board of Directors, Stock

March 21, 2016 - Industry News

House Democrats Join Republicans in CFPB Grilling

Republicans were expected to lash out at the CFPB during its semi-annual report to Congress, but there were a few unexpected critics from the other side of the aisle as well.

Tags: Ally, CFPB, Disparate Impact, Payday Lending

March 10, 2016 - Industry News

House Committee, CFPB Director to Face Off Next Week

Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.

Tags: auto finance, CFPB, dealer markups, Disparate Impact, Jeb Hensarling, pricing discrimination, Richard Cordray, Toyota Motor Credit Corp

March 8, 2016 - Industry News

U.S. Judge Allows Woman's Discrimination Claims Against Santander to Proceed

A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.

Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court

March 8, 2016 - Industry News

Portfolio Names New Chief Compliance Officer

Portfolio has named Casey Van Schoyck as its new chief compliance officer. In her new position, she will lead the company’s efforts to keep its processes and products compliant with state and federal regulations.

Tags: Chief Compliance Officer, Portfolio, Promotion

March 2, 2016 - Industry News

Tesla-Friendly Bill Resurrected in Connecticut

Introduced last month, Senate Bill 3 would permit electric vehicle makers to sell vehicles directly to consumers at up to three locations. The state dealers association, General Motors and the Alliance of Auto Manufacturers have taken a stand against the measure.

Tags: CARA, Franchised Dealerships, General Motors, Senate Bill, Tesla

February 17, 2016 - Industry News

TransUnion: 60-Day Delinquencies Reach Highest Level Since Q4 2010

The 7.8% increase in the number of consumers with an auto loan in the fourth quarter was the largest increase observed by TransUnion. The firm also reported that 60-day delinquencies are on the rise, particularly in states with large exposure to the energy industry.

February 16, 2016 - Industry News

Group 1's U.S. F&I Operations Stays Above $1,500 Per Copy in Q4

Group 1 Automotive's U.S. F&I operations realized a 4% increase in F&I profit per retail unit, with the group's per-copy average settling in at $1,525 in 2015's end-of-year quarter.

Tags: F&I manager, F&I products, Group 1 Automotive, PRU, PVR

February 16, 2016 - Industry News

Charlie Robinson to Keynote F&I Think Tank at Dealer Summit

Organizers of Dealer Summit announced that Charlie Robinson, president and COO of the Resource Automotive division at The Warranty Group, will deliver the keynote address for F&I Think Tank.

Tags: Charlie Robinson, Dealer Summit, F&I managers, F&I products, F&I Think Tank, F&I training, Resource Automotive, The Warranty Group

February 16, 2016 - Industry News

Merchants Named a 2016 Dealer of the Year by DealerRater

Dealer review site DealerRater named Merchants Auto a 2016 Dealer of the Year, a title given to less than 0.1% of the more than 41,000 dealers in the DealerRater network.

Tags: award, Customer Reviews, DealerRater

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