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Compliance

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April 18, 2013 - Industry News

Ind. Dealer Ordered to Pay $130K in Customer Reimbursements

Indiana law enforcement officials announced on Monday that a used-car dealership has agreed to send $34 refunds to customers it allegedly overcharged for document fees.

Tags: fraud, reimbursement, tax and title fees

April 9, 2013 - Industry News

N.Y. Dealership to Pay $25K for Deceptive Ads

An investigation by the New York state attorney general found that Rockland Nissan misled customers regarding lease terms and purchase agreements.

Tags: Attorney General, false advertisements, New York, Nissan

March 28, 2013 - Industry News

CFPB Opens Consumer Complaint Database to the Public

The CFPB launches the nation’s largest database of federal consumer financial complaints. Bureau officials said the database will be used to prioritize its investigations, among other things.

Tags: Auto Loans, CFPB, Complaints, Consumer Financial Protection Bureau, Richard Cordray

March 26, 2013 - Industry News

NADA: CFPB’s Actions Detrimental to Consumers

The NADA and the National Association of Minority Automobile Dealers say the CFPB’s actions in regards to dealer participation will have an opposite effect on consumers, claiming their cost of credit will go up.

Tags: Ally Financial, Auto Loans, CFPB, discrimination, NADA

March 21, 2013 - Industry News

CFPB: Lenders Are Responsible for Discriminatory Markups

In a bulletin issued today, the CFPB warned banking institutions that they could be on the hook for discriminatory markups imposed by dealers. The bureau’s notice also contains guidance on how finance sources should address fair lending risk.

Tags: Auto Lending, CFPB, discrimination, ECOA, Equal Credit Opportunity Act, Richard Cordray

March 12, 2013 - Industry News

CFPB Investigating Ally Financial

Ally Financial revealed in a March filing with the SEC that it is one of the banking institutions being investigated by the CFPB.

Tags: Ally Financial, Brittany-Marie Swanson, CFPB, discrimination, disparate, SEC filing, Tom Hudson

March 12, 2013 - Industry News

Wholesale Used-Vehicle Prices Expected to Soften

ADESA Analytical Services reported this week that wholesale used-vehicle prices could resume the general softening pattern that began around mid-2012 and before Superstorm Sandy.

Tags: ADESA Analytical Services, CNW Research, Superstorm Sandy

March 12, 2013 - Industry News

Used-Car Prices Rose Slightly in February, the NADA Reports

Used-car prices rose 0.8 percent, which is well below the 3 percent increase observed during the same period in 2011 and 2012.

Tags: car prices, Gas Prices, NADAguides, SAAR, Used-Car Values

March 12, 2013 - Industry News

Government Sells $489.9M of GM Stock

To date, the U.S. Department of the Treasury has recovered about $29.8 billion of its investment in General Motors.

Tags: bailout, General Motors, U.S. Department of Treasury

March 7, 2013 - Industry News

Colo. Dealer Accused of Money Laundering

The owner of Chopeque Auto Sales and two others were taken into custody on suspicion of selling vehicles to known drug dealers and falsifying down payment amounts, liens and titles.

Tags: drug trafficking, fraud, money laundering

February 21, 2013 - Industry News

CFPB Warns Banks About Questionable Auto Loans, <em>Bloomberg</em> Reports

At least four banks have 15 days to provide an explanation of their auto lending practices to the Consumer Financial Protection Bureau, or they could face lawsuits.

Tags: Auto Lending, banks, Consumer Financial Protection Bureau, Lawsuit

February 19, 2013 - Industry News

NADA Supports Bill Amending Clean Air Act

The NADA is asking lawmakers to support a bill that would eliminate a mandate that requires that dealers certify whether a new vehicle’s emissions system has been inspected.

Tags: legislation, NADA

February 19, 2013 - Industry News

Pa. Dealer Faces Fraud Charges

The Pennsylvania owner of Auto Exchange USA is being charged with fraud, theft and impersonating a Notary. Authorities said he pocketed down payments and didn’t pay off existing loans for customers after agreeing to do so.

Tags: Auto Exchange USA, dealer, down payment, fraud, Pennsylvania, U.S. Department of Transportation

January 22, 2013 - Industry News

[Video] Tip of the Week: Breaking Down the ‘Meet and Greet’

Fifteen percent of a successful sale is due to product knowledge, while 80 percent is due to a salesperson’s ability to connect with his or her customer. The F&I Professor breaks down a process for the meet and greet to help drive a better customer connection.

September 18, 2012 - Industry News

[Video] Tip of the Week: F&I Manager Talks Props, Repeat Customers, Service-Drive Sales

It’s rare that a customer requests an F&I manager by name, but Gerry Gould has found one. He goes one-on-one with this longtime F&I manager to get his secrets to capturing repeat business and turning service advisors into F&I advocates. Click on the link to find out what else they talked about.

Tags: F&I manager, F&I props, F&I Tip of the Week, Gerry Gould, service drive sales, Tip of the Week, UDS

May 15, 2012 - Industry News

Mass. AG Settles With Auto Dealer Over Deceptive Ads

Massachusetts Attorney General Martha Coakley and a family-owned franchised dealership have settled a complaint over ads the regulator deemed deceptive.

Tags: payment packing, UDAP, Unfair and Deceptive Advertising

March 13, 2012 - Industry News

DealerTrack Announces Sales, F&I Webinars

DealerTrack will host several DealerTrack University webinars on best practices in the areas of mobile, leasing and compliance this month.

Tags: compliance, Dealertrack, leasing, Mobile Applications, mobile solution, training, vehicle leasing

March 8, 2012 - Industry News

NADA University Announces Legal, Regulatory Webinars

NADA University announced it is now offering all of its legal and regulatory webinars — live and on-demand — at no cost to NADA and American Truck Dealer members and their staffs.

Tags: Credit Scores, FEDERAL REGULATION, financial regulation, Floorplan Financing, Legal, NADA University, Red Flags Rule, Risk-Based Pricing Rule, training, Web Tools

February 28, 2012 - Industry News

Obama Unveils Online Bill of Rights

The Obama Administration unveiled a proposed “Consumer Privacy Bill of Rights” in a federal report last Thursday. It's part of a blueprint to ramp up consumer privacy protections on the internet, but it could also add additional requirements for dealers when it comes to protecting customer data.

Tags: data protection, dealership management system, legislation, Obama administration, TrueCar

February 28, 2012 - Industry News

Compli Appoints New CEO

Compli announced that David Childers has been named chief executive officer of the company.

Tags: Compli

February 15, 2012 - Industry News

RouteOne Introduces Compliance Dashboard

RouteOne LLC introduced the Compliance Dashboard, a free tool that provides dealers with a visual assessment of the dealership's compliance status for all applicable deals.

Tags: business tools, compliance, dealer, digital compliance

February 7, 2012 - Industry News

ADP Dealer Services, Cisco Release Video-Enabled Products

ADP Dealer Services and Cisco announced the launch of Cisco Cius and Cisco TelePresence, two video-enabled products geared towards streamlining dealership selling and service processes.

Tags: ADP Dealer Services, Cisco, technology, video conferencing

February 7, 2012 - Industry News

Allstate to Open In-Dealership Insurance Agencies

Allstate Insurance Co. and Allstate Dealer Services announced that auto dealers will have the opportunity to open full-service Allstate agencies inside their dealerships.

Tags: Allstate, Allstate Dealer Services, general agents, insurance

February 7, 2012 - Industry News

Chrysler Group, Carfax Renew Partnership

Chrysler Group LLC and Carfax announced that Carfax Vehicle History Reports will continue as the sole source of vehicle history information for the Chrysler Certified Pre-Owned program.

Tags: Carfax, Chrysler, Vehicle History Reports

January 31, 2012 - Industry News

E-Credit Express Announces Partnership

E-Credit Express Inc. announced that it has integrated Carleton’s SmartDocs and SmartCalcs hosted web services into the company’s lender management platform.

Tags: Carleton, compliance, E-Credit Express, Lender, lender management software