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Compliance

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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

January 17, 2012 - Industry News

TrueCar Unveils Compliance Strategy

TrueCar Inc. announced a nationwide strategy to tackle regulatory compliance issues in an effort to demonstrate its commitment to state regulators, state dealer associations and its dealer partners.

Tags: compliance, TrueCar

January 17, 2012 - Industry News

Compliance Consultants Issue I-9 Laws Warning

Automotive Compliance Consultants announced that dealership management need to make sure that anyone employed after 1986 completes I-9 Employment Verification paperwork as required by law.

Tags: Automotive Compliance Consultants, compliance, hiring

January 12, 2012 - Industry News

Okla. Commission Says TrueCar Violates Dealer Rules

Oklahoma became the latest state to put the brakes on TrueCar, with the state’s motor vehicle commission deeming the service in violation of the state’s dealer licensing laws.

Tags: Legal, Oklahoma, TrueCar

January 10, 2012 - Industry News

Calif. Legislators Seek New Rules for BHPH

California State Assembly Member Mike Feuer (D–Los Angeles) and State Sen. Ted W. Lieu (D–Torrance) have proposed legislation that would introduce new rules designed to “rein in abusive practices” of buy here, pay here dealers statewide.

Tags: buy here, buy-here, financial legislation, Legal, legislation, National Alliance of Buy Here, pay here, Pay Here Dealers, pay-here

January 10, 2012 - Industry News

Virginia Dealer Board Says TrueCar Violates Licensing Laws

The Virginia motor vehicle dealer board ruled yesterday that TrueCar’s business model is in violation of the state’s dealer licensing laws, which prohibit third-party services from acting on behalf of the dealer in the sale of a motor vehicle.

Tags: Internet Leads, lead generation, Legal, third-party servicing, trigger leads, TrueCar