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Compliance

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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

January 5, 2016 - Industry News

Justice Department Files Civil Complaint Against Volkswagen

The complaint was filed on Monday and alleges that nearly 600,000 diesel engine vehicles were equipped with illegal devices designed to cheat emissions testing.

Tags: Civil Complaint, Department of Justice, Violations, Volkswagen

December 29, 2015 - Industry News

GWC Warranty Exceeds $375 Million in Claims Paid

F&I product provider GWC Warranty announced today that it has surpassed $375 million in claims paid to date.

Tags: GWC Warranty Corporation, Service Contracts, used vehicles

December 29, 2015 - Industry News

AFIP Issues Guidance on Reg. Z and M Dollar Thresholds for 2016

The FRB and CFPB announced on Nov. 25 that 2016 dollar thresholds for Reg. Z and M exemptions will remain unchanged from 2015. The AFIP says the accepted practice for processing transactions above the threshold will also remain unchanged.

Tags: AFIP, Association of Finance and Insurance Professionals, CFPB, Consumer Leasing Act, Federal Reserve, Regulation M, Regulation Z, Truth in Lending Act

December 29, 2015 - Industry News

IHS Acquires Canadian Provider of Vehicle History Reports

IHS Inc., the company that purchased CARFAX in 2013, has purchased CARPROOF Corp. for approximately $460 million. The Canadian company is a provider of vehicle history reports, vehicle appraisals and valuations.

Tags: Acquisition, Carfax, CARPROOF, IHS Automotive, Vehicle History Reports

December 14, 2015 - Industry News

KAR Auction Services Hires Vice President of Total Rewards and Human Resources

KAR Auction Services has hired Toby Hahn as vice president of total rewards and promoted Brad Jokovich to vice president of human resources.

Tags: Automotive Finance Corp, Kar Auction Services, Vice President

December 10, 2015 - Industry News

S.C. GAP Law Takes Effect

The new law mirrors the model act developed by the Guaranteed Asset Protection Alliance and clarifies how the product may be offered in the state. But the law contains restrictions on when the protection can be sold.

Tags: GAPA, guaranteed asset protection, Guaranteed Asset Protection Alliance, South Carolina

December 10, 2015 - Industry News

Dealer.com Joins Bing Ads Elite Partner Program and Yahoo Gemini

Dealer.com has joined the New Bing Ads Elite SMB Partner program and expanded its relationship with the Yahoo Preferred Partner Program.

Tags: Bing, Cox Automotive, Dealer.com, Yahoo

December 8, 2015 - Industry News

Santander Names Ismail Dawood CFO

Dawood will officially become the finance source's new CFO on Dec. 16. Santander’s interim CFO, Jennifer Davis, will serve as deputy CFO.

Tags: auto finance, Ismail Dawood, Santander Consumer USA

December 3, 2015 - Industry News

BMO Completes Acquisition of GE's Transportation Finance Business

Photo courtesy of BMO Harris Bank.

The acquisition comes more than two months after BMO Harris Bank informed dealers it was exiting 12 states to refocus its indirect auto business.

Tags: BMO Harris Bank, Consumer Financial Protection Bureau, General Electric, lenders

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