March 6, 2014 - Industry News
Between July 2011 and February 2014, the CFPB recorded approximately 14,100 complaints from servicemembers, veterans and their families, 600 of which were related to auto and other consumer loans.
Terms are stretching, but the firm believes record lease penetration should maintain a healthy supply of future vehicle buyers with shorter purchase cycles.
Tags: Auto Loan Terms, JD Power, Lease Penetration
March 5, 2014 - Industry News
The combined entity of National Auto Care and Family First Dealer Services named Schumacher vice president of finance. He previously served with Allstate Dealer Services.
Reporting a 19% increase in F&I product sales last year, Kia renews deal with JM&A to continue providing and administering its line for F&I products.
Tags: JM&A Group, Kia
March 3, 2014 - Industry News
Organizers of Industry Summit 2014 have announced that the event will be held September 8–10 at Paris Las Vegas. The show now includes the F&I Conference, Special Finance Conference, Dealership Sales & Technology Conference and the P&A Leadership Conference.
Tags: Auto Dealer Monthly, Dealer Sales & Technology Conference, F&I and Showroom, Industry Summit 2014, P&A Leadership Conference, Special Finance Conference
February 27, 2014 - Industry News
Nine days after the U.S. Chamber of Commerce issued a critical 16-page letter to the CFPB, the NADA sent its own letter to members of the House of Representatives in support of a bill that seeks to ‘restore traditional checks and balances' regarding the bureau’s activities.
Tags: CFPB, HR 3193, NADA
Cars.com analyst predicts that new-vehicle sales in February will be up 1.1% from a year ago. He also put the industry SAAR at 15.4 million — the highest selling rate since February 2008.
Tags: Cars.com, Jesse Toprak, SAAR
TransUnion reported this week that auto loan debt per borrow increased for the 11th straight quarter, while delinquencies remained below the fourth quarter average observed between 2007 and 2013.
February 25, 2014 - Industry News
Early returns for the month of February show sales of light vehicles rebounding after being hampered by severe weather disruptions in much of the United States.
Tags: JD Power, Light-Vehicle Sales, LMC Automotive, SAAR
Open automotive loan balances reached a new high in the end-of-year quarter, while delinquencies stayed below prerecession levels, according to Experian Automotive’s fourth-quarter data.
Tags: Experian Automotive
February 18, 2014 - Industry News
The Federal Reserve is looking into costs associated with the Consumer Financial Protection Bureau's renovation of its headquarters, which have ballooned to three times the original estimate.
Tags: CFPB, Federal Reserve
Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.
Tags: CFPB, compliance, Consumer Financial Protection Bureau, earnings, F&I sales, NADA, National Automobile Dealers Association, Penske Automotive Group, quarterly earnings, reserve
February 17, 2014 - Industry News
Urban Science says the closure of 220 Suzuki franchises was largely responsible for the slight decrease in the dealer count last year. But analysts believe the industry may also be settling into a ‘new normal pattern’ in terms of its dealer count.
Tags: Automotive Franchise Activity Report, Urban Science
February 13, 2014 - Industry News
A survey conducted by Huntington Bank reveals that 22% of consumers in the states of Ohio, Michigan, West Virginia, Indiana and Western Pennsylvania are considering buying or leasing a vehicle in 2014, a one percentage point increase over last year.
Ohio Attorney General Mike DeWine has filed a lawsuit against Monroe Dodge-Chrysler Inc., claiming the dealer advertised prices not all consumers qualified for and failed to disclose all required terms.
Tags: deceptive advertising, Mike DeWine, Ohio Attorney general
February 11, 2014 - Industry News
By unanimous vote, the Federal Trade Commission approves final orders settling charges against two dealers for deceptive advertising.
Tags: car dealer, deceptive advertising, Federal Trade Commission, FTC, settlement
February 6, 2014 - Industry News
Asbury Automotive Group, which reported a record fourth quarter, does not plan to alter any business practices in response to the CFPB’s scrutiny of rate participation programs. Officials reveal that the dealer group already has already adopted many of the regulator's recommendations.
Tags: Asbury Automotive, CFPB, compliance, Consumer Financial Protection Bureau, fourth quarter, NADA Convention & Expo, National Automobile Dealers Association, quarterly earnings
February 4, 2014 - Industry News
The NADA issued at its annual convention an addendum to the dealer data guidance it released this past summer. It includes a sample vendor agreement that lays out limitations on what data tech vendors can access from dealers.
Tags: data, dealership management system, Federal Trade Commission, identity theft, NADA Convention & Expo, National Automobile Dealers Association, Senate Banking Committee
Findlay Automotive Group has selected Automotive Compliance Consultants’ compliance services to ensure the group’s 26 dealerships comply with regulations.
Tags: Automotive Compliance Consultants, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act, Gramm-Leach-Bliley, Red Flags Rule, regulations
January 30, 2014 - Industry News
The Center for Responsible Lending released findings last week that show negotiation does not help African American and Latino car buyers secure better interest rates on auto loans. Auto trade groups, however, were critical of the study’s findings, claiming it lacks data to support its claims.
Tags: AFSA, auto lending, Center for Responsible Lending, Consumer Financial Protection Bureau, discrimination, NADA, National Automobile Dealers Association, study
January 28, 2014 - Industry News
Last week, the NADA announced a new fair lending compliance policy and program designed to help dealers cope with growing pressure from regulators like the CFPB.
Tags: compliance, Consumer Financial Protection Bureau, discrimination, interest rates, NADA Convention and Expo
NADA Chairman Forrest McConnell encouraged dealers at the NADA Convention & Expo in New Orleans this past week to continue to take risks, telling them, “We got your back.”
Tags: Forrest McConnell, NADA, NADA Convention & Expo, National Automobile Dealers Association
Dick Witcher, outgoing chairman of the American Truck Dealers, urged dealers at the ATD Convention & Expo in New Orleans to meet with members of Congress as “the first step in combating regulatory burdens.”
Tags: ATD, Dick Witcher, legislators, regulations, trucks
The former CFPB executive once described as a ‘valuable conduit between the CFPB and the industry’ has joined Hudson Cook LLP as a partner in the firm’s Portland, Maine, office.
Tags: American Financial Services Association, CFPB, Consumer Financial Protection Bureau, FEDERAL REGULATION, Hudson Cook LLP, Michael Benoit, Richard Hackett, Tom Hudson
January 27, 2014 - Industry News
The Warranty Group celebrated its 50th year in business at the NADA Convention and Expo.
Tags: Charlie Robinson, NADA, New Orleans, The Warranty Group, Thomas Warsop
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