December 1, 2015 - Industry News
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
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
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
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
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
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
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
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
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
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
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.
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 has launched a "TDI Goodwill Program" to offer compensation to owners of its diesel-powered vehicles.
Tags: Diesel Powered, EPA, TDI, Volkswagen
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
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
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
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
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
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
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
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
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
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
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
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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