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Compliance

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April 7, 2016 - Industry News

2014 F&I Dealer of the Year Added to F&I Think Tank Roster

Vaden Automotive Group's Jane Vaden Thacher will be at next month's F&I Think Tank in Tampa, Fla., to explain how the group's sales and F&I process makes $1,400 per copy a reasonable expectation for F&I producers.

Tags: F&I process, F&I Think Tank, F&I Turnover, Jane Vaden Thacher, Vaden Automotive Group

April 5, 2016 - Industry News

NADA Forges Partnership With MyCarDoesWhat Campaign

The NADA announced its involvement in a campaign designed to promote safer driving experiences. The program educates consumers about how to best interact with safety features.

Tags: MyCarDoesWhat, NADA, National Automobile Dealers Association, Safety

March 29, 2016 - Industry News

Moore to Take On Millennial Workforce at Dealer Summit

Protective Asset Protection’s Rich Moore will present a session dedicated to hiring and training Millennial workers at the upcoming Dealer Summit, organizers announced Monday.

Tags: Dealer Summit, Hiring, Millenials, Protective Asset Protection Division, Rich Moore

March 29, 2016 - Industry News

Advent Completes DMS Integration With Hyundai

With the new connection, users of the Advent Dealer Management System will have a full complement of data interfaces that allow for bidirectional communication with Hyundai USA.

Tags: Advent Resources, DMS, DMS integration, Hyundai

March 29, 2016 - Industry News

TrueCar Releases Plans to Win Back Dealers

On Easter Sunday, TrueCar announced plans to alter its business model in an attempt to win back dealers after a tumultuous 2015. Company CEO Chip Perry reassured dealers in a video posted on the company’s site that things will be different this time around.

Tags: Customer Relations, Dealer Relations, Dealerships, TrueCar

March 23, 2016 - Industry News

ACA, Westlake Agree to Pay $7.4 Million in Relief to Mass. Consumers

American Credit Acceptance and Westlake Financial Services have agreed to pay $7.4 million to Massachusetts consumers to settle the state regulator's charges that they charged excessive interest rates on subprime loans.

Tags: American Credit Acceptance, GAP, interest rates, Relief, Subprime Loans, Westlake Services

March 22, 2016 - Industry News

Hackers Targeting Dealerships, Firm Warns

According to Helion Automotive Technologies, Hackers are tricking dealership employees into clicking on malicious emails to gain access to F&I and accounting departments.

Tags: Cyber Security, Hacking, Phishing

March 22, 2016 - Industry News

Ally to Add Independent Director to Board

Frustrated with how market perception is affecting the company's stock, Ally management announced this week it will be appointing a new independent director to its board of directors.

Tags: Ally, Board of Directors, Stock

March 21, 2016 - Industry News

House Democrats Join Republicans in CFPB Grilling

Republicans were expected to lash out at the CFPB during its semi-annual report to Congress, but there were a few unexpected critics from the other side of the aisle as well.

Tags: Ally, CFPB, Disparate Impact, Payday Lending

March 10, 2016 - Industry News

House Committee, CFPB Director to Face Off Next Week

Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.

Tags: auto finance, CFPB, dealer markups, Disparate Impact, Jeb Hensarling, pricing discrimination, Richard Cordray, Toyota Motor Credit Corp

March 8, 2016 - Industry News

U.S. Judge Allows Woman's Discrimination Claims Against Santander to Proceed

A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.

Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court

March 8, 2016 - Industry News

Portfolio Names New Chief Compliance Officer

Portfolio has named Casey Van Schoyck as its new chief compliance officer. In her new position, she will lead the company’s efforts to keep its processes and products compliant with state and federal regulations.

Tags: Chief Compliance Officer, Portfolio, Promotion

March 2, 2016 - Industry News

Tesla-Friendly Bill Resurrected in Connecticut

Introduced last month, Senate Bill 3 would permit electric vehicle makers to sell vehicles directly to consumers at up to three locations. The state dealers association, General Motors and the Alliance of Auto Manufacturers have taken a stand against the measure.

Tags: CARA, Franchised Dealerships, General Motors, Senate Bill, Tesla

February 17, 2016 - Industry News

TransUnion: 60-Day Delinquencies Reach Highest Level Since Q4 2010

The 7.8% increase in the number of consumers with an auto loan in the fourth quarter was the largest increase observed by TransUnion. The firm also reported that 60-day delinquencies are on the rise, particularly in states with large exposure to the energy industry.

February 16, 2016 - Industry News

Group 1's U.S. F&I Operations Stays Above $1,500 Per Copy in Q4

Group 1 Automotive's U.S. F&I operations realized a 4% increase in F&I profit per retail unit, with the group's per-copy average settling in at $1,525 in 2015's end-of-year quarter.

Tags: F&I manager, F&I products, Group 1 Automotive, PRU, PVR

February 16, 2016 - Industry News

Charlie Robinson to Keynote F&I Think Tank at Dealer Summit

Organizers of Dealer Summit announced that Charlie Robinson, president and COO of the Resource Automotive division at The Warranty Group, will deliver the keynote address for F&I Think Tank.

Tags: Charlie Robinson, Dealer Summit, F&I managers, F&I products, F&I Think Tank, F&I training, Resource Automotive, The Warranty Group

February 16, 2016 - Industry News

Merchants Named a 2016 Dealer of the Year by DealerRater

Dealer review site DealerRater named Merchants Auto a 2016 Dealer of the Year, a title given to less than 0.1% of the more than 41,000 dealers in the DealerRater network.

Tags: Award, Customer Reviews, Dealerrater

February 11, 2016 - Industry News

Carfax: 47 Million Vehicles in U.S. Have Unfixed Recall Issues

Owners of SUVs and minivans have a higher likelihood of having an unfixed recall issue on their vehicle, as do those living in Texas, Mississippi, Alaska, Utah or West Virginia, according to Carfax.

Tags: Carfax, Carfax Report, Recall, vehicle recall

February 11, 2016 - Industry News

Cox Automotive Taps VinSolutions as Primary CRM Solution

The transition is expected to be completed within 24 months. During that time, Dealertrack clients will be fully supported under the terms of their existing contracts.

Tags: Cox Automotive, CRM, Dealertrack, VinSolutions

February 9, 2016 - Industry News

JM Family Enterprises Announces Four Senior-Level Promotions

Rajeev Ravindran was named CIO, while Hank Grooms was appointed vice president of marketing and field operations for Southeast Toyota Distributors. Additionally, Ed Brown will now serve as group vice president of operations, while Jonna Sherry was promoted to vice president of sales and marketing for World Omni.

Tags: JM Family, leadership, Promotions, Vice President

February 9, 2016 - Industry News

GWC Warranty Releases New Website Design

GWC Warranty's newly redesigned website is now live. It features simple-to-navigate content designed for dealers and customers alike. It also provides owners of GWC products with a dealer locator, and allows them to easily look up coverage, among other features.

Tags: GWC Warranty Corporation, Redesign, Website

February 9, 2016 - Industry News

Q4 2015 Outstanding Loan Balances Reach Highest Level on Record, Experian Reports

Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.

Tags: 30-day delinquency rate, 60-Day Delinquency Rate, auto finance, Auto Loans, banks, captive finance, credit unions, Experian Automotive, finance companies, Oustanding Auto Loan Balances

February 8, 2016 - Industry News

Fighter Pilot Bruce Bright to Keynote Dealer Summit

Organizers of Dealer Summit have announced that Lt. Col. Bruce Bright, USMC (Ret.) will deliver a motivational keynote address at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, Randy Crisorio, United Development Systems

February 4, 2016 - Industry News

AFIP Online Training Now on LightSpeed

The Association of Finance & Insurance Professionals has partnered with LightSpeed, an interactive virtual training system provider, to host its online certification program

Tags: AFIP, F&I training, LightSpeed

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp