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Compliance

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March 13, 2014 - Industry News

New Jersey Bans Tesla Sales

The New Jersey Motor Vehicle Commission voted unanimously to ban the direct sale of vehicles to consumers, effectively shutting down Tesla’s showrooms in the state.

Tags: New Jersey, Tesla, Tesla Motors

March 13, 2014 - Industry News

Virginia Woman Sues Dealership for False Imprisonment

A Virginia woman is suing a dealership there for allegedly forcing her to buy a car. She is seeking $400,000 in damages, the Virginia-Pilot reports.

Tags: Lawsuit, Virginia

March 11, 2014 - Industry News

Lawmakers Question CFPB’s Internal Management Practices

Three Republican lawmakers are requesting information from the CFPB regarding employee performance reviews after reports surfaced last week about possible racial disparities related to its internal management practices.

Tags: Auto Loans, Brittany-Marie Swanson, CFPB, Congress, Consumer Financial Protection Bureau, discrimination

March 11, 2014 - Industry News

Employees Charged With Defrauding Florida Dealership

Three dealership employees are charged with embezzling $400,000 from their employer, The Tampa Tribune reports.

Tags: fraud, marketing

March 7, 2014 - Industry News

New Mexico Dealers Fight New Inspection Rule

The New Mexico’s attorney general is facing three separate lawsuits from state associations and individual dealers over a rule that requires inspections and damage disclosures for used vehicles.

Tags: Disclosures, lawsuits, New Mexico, used vehicles, Vehicle Inspection

March 6, 2014 - Industry News

Auto Registers Low on CFPB’s Military Complaint List

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.

Tags: CFPB

March 6, 2014 - Industry News

J.D. Power: Leasing, Long-Term Loans Reach New Highs in February

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

Ryan Schumacher Named VP of Finance for NAC, FFDS

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.

March 5, 2014 - Industry News

Kia Renews Deal With JM&A

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

Save the Date for Industry Summit 2014

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

NADA Issues Letter in Support of CFPB Reform Bill

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

February 27, 2014 - Industry News

Cars.com Projects Highest February SAAR Since 2008

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

February 27, 2014 - Industry News

TransUnion: Auto Debt Rises Again, Deliquencies Remain Subdued

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

Light Vehicle Sales Rebounding in Late February, JD Power and LMC Report

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

February 25, 2014 - Industry News

Auto Loan Balances Reach New High in Q4, Experian Reports

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

Federal Reserve Investigating CFPB’s Bloated Renovation Costs

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

February 18, 2014 - Industry News

Penske Holds Off on Adopting NADA Compliance Program

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

Dealer Count Slipping Into ‘New Normal,’ Urban Science Reports

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

Consumers Poised to Buy More Cars in 2014, Huntington Bank Reports

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.

February 13, 2014 - Industry News

Ohio Regulator Accuses Mich. Dealer of Advertising Violations

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

FTC Settles With Two Dealers for Deceptive Advertising

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 ‘Very Confident’ About Meeting CFPB’s Requirements

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

NADA Adds Guidance for Dealers about Data

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

February 4, 2014 - Industry News

Findlay Signs With Automotive Compliance Consultants

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

Industry Groups Question Study on Discrimination in Auto Lending

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