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Finance

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February 23, 2017 - Industry News

New York Fed: Auto Originations Reach 18-Year High in 2016

Every type of debt posted a quarter-over-quarter increase, with auto loan balances increasing by $22 billion ($93 billion from a year ago) to $1.16 trillion. Much of that growth was driven by originations, which totaled $142 billion. That’s the highest level recorded in the 18-year history of New York Fed’s data.

Tags: Auto Loan Delinquency Rate, auto loan origination, Federal Reserve Bank of New York

February 23, 2017 - Industry News

Dallas Compliance Summit Set to Break Attendance, Certification Records

Organizers of Compliance Summit say an 'unprecedented' response to the announcement that the next event will be held alongside Industry Summit at the Gaylord Texan in Grapevine, Texas, all but guarantees the Sept. 11, 2017, event will set new marks for attendance and Automotive Compliance Specialist certification.

Tags: Automotive Compliance Specialist, Compliance Summit, Gil Van Over, Industry Summit, Jim Ganther

February 23, 2017 - Industry News

Hiroto Saikawa Replaces Ghosn as Nissan's CEO

Saikawa

Veteran leader Hiroto Saikawa will replace Carlos Ghosn as CEO of Nissan Motor Co., the automaker announced on Thursday. Ghosn will remain chairman of Nissan's board of directors.

Tags: Carlos Ghosn, Hiroto Saikawa, Nissan

February 22, 2017 - Industry News

Interstate Title Solutions Partners With NIADA

The technology solution provider is the association’s newest National Member Benefit partner, which means association members will have discounted access to the firm’s out-of-state tax, title and registration tool, DMV Nationwide.

Tags: DMV Nationwide, F&I manager, NIADA, tax and title fees

February 22, 2017 - Industry News

EFG Launches Multimedia Compliance Platform

The company today announced the launch of Common Sense Compliance, a platform designed to break through the legalese of automotive compliance with practical and actionable information. The platform will feature a video series and podcast hosted by Steve Roennau, the company’s vice president of compliance.

Tags: compliance, EFG COmpanies, F&I manager, Steve Roennau

February 22, 2017 - Industry News

RoadVantage Appoints Mike Essig Director of Risk Management

Mike Essig is a 13-year industry veteran who specializes in actuarial analysis and risk management. He most recently served as risk management director and actuary at CNA National. He now joins a firm that's expanding contract volume, programs, staff and offices.

Tags: F&I manager, F&I products, RoadVantage

February 22, 2017 - Industry News

National Auto Care Names Steve Verney CFO

The company’s new executive retired from Allstate Insurance in 2015 after a 34-year career. Now he’ll head the F&I product provider’s finance, accounting, and reinsurance teams. His main goal, officials said, will be to help amplify the company’s recent profitable growth.

Tags: F&I manager, F&I products, National Auto Care

February 22, 2017 - Industry News

automotiveMastermind Names New Dealer Relations Head

The digital marketing firm today announced the promotion of Napolean Rumteen to vice president of dealer relations, a new role created to increase the firm’s level of service to its dealer and OEM partners.

Tags: automotiveMastermind, business development center, digital marketing, internet department, Vehicle Sales

February 21, 2017 - Industry News

CarMax Opens West Coast Reconditioning Hub

Photo via Flickr.

CarMax has opened a store in Murrieta, Calif., that will include a four-lane auction and serve as the West Coast reconditioning hub for the nation's largest retailer of used cars.

Tags: Auctions, CARMAX, Dealers, reconditioning

February 21, 2017 - Industry News

AutoGravity Announces Partnership With Westlake

The subprime finance source’s auto financing options will now be available through the FinTech firm’s digital platform, which allows car buyers to select a vehicle, find nearby dealerships that carry the vehicle, apply for financing, and choose from up to four personalized financing options on their mobile device.

Tags: AutoGravity, digital retailing, F&I manager, online F&I

February 21, 2017 - Industry News

IHS Markit: Global Auto Sales to Reach 93.5 Million in 2017

The market research firm noted that industry risk in mature markets is at the highest level it has been since the Lehman Brothers collapse and global industry downturn from 2008 through 2010.

Tags: IHS Markit, Vehicle Sales

February 21, 2017 - Industry News

DealersLink Offers Tips on Getting Cars to the Digital Frontline

Aside from the tips, the firm announced the release of a free ebook titled, ‘Six Steps for Dealers to Get Their Cars to the Digital Front Line.’

Tags: Auto Auctions, DealersLink, reconditioning, remarketing, used-vehicle sales

February 16, 2017 - Industry News

D.C. Circuit Grants CFPB’s Request to Defend Single-Director Structure

The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.

Tags: auto finance, CFPB, dealer participation, Donald Trump

February 16, 2017 - Industry News

Tom Hudson Releases Book on Fed Government’s War on Dealers

In his new book, the attorney traces actions over the last five years by the Consumer Financial Protection Bureau and the Federal Trade Commission. It addresses the government's war on several fronts, from advertising and discrimination to disclosure requirements and other everyday compliance issues.

Tags: compliance, Consumer FInancial Protection Bureau, dealer participation, F&I manager, Federal Trade Commission, Hudson Cook LLP, Tom Hudson

February 16, 2017 - Industry News

Used-Vehicle Market Bracing for Off-Lease Tidal Wave

While low interest rates and consistent values are making it possible for the market to absorb the wave of newer, more expensive off-lease vehicles, demand for older, less expensive vehicles hasn't waned. But with fewer older vehicles available, sellers will be at a disadvantage, Edmunds said this week.

Tags: Edmunds, Inventory Management, Off-Lease Vehicles, used-vehicle values

February 15, 2017 - Industry News

Lithia Grows F&I, Catches Acquisition Fever in 4Q

Lithia Motors executives reported a new company record for F&I profits and promised to maintain the group’s aggressive growth strategy in 2017.

February 15, 2017 - Industry News

Bankruptcies Register First Consecutive Monthly YOY Increases Since 2010

While bankruptcies plunged last year to their lowest levels since the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2015, filings are beginning to climb, according to the American Bankruptcy Institute.

Tags: American Bankruptcy Institute, bankruptcies, buy-here, pay-here, special finance

February 15, 2017 - Industry News

Black Book: Luxury Depreciation Spikes

Luxury vehicles continued to struggle last week, as the segment realized some of the highest depreciation rates among all segments, according to the vehicle valuation firm.

Tags: Black Book, Depreciation, Luxury Vehicles, Used Vehicles

February 15, 2017 - Industry News

No Sedans Among KBB’s Top 12 Family Cars

The 2017 Honda CR-V is the top seller among the two-row SUVs Kelley Blue Book included in its latest list of top family vehicles. Photo courtesy American Honda Motor Co. Inc.

Kelley Blue Book’s list of the best family vehicles for the 2017 model year includes eight SUVs, four minivans, and no sedans.

Tags: Chevrolet, Chrysler, Honda, Kelley Blue Book, Kia, Nissan, Subaru, Toyota

February 15, 2017 - Industry News

Hudson Cook LLP Adds Three New Partners

The law firm announced today the election of attorneys Robert Gage, Lauren Hunt, and Jennifer Sarvadi to the partnership.

Tags: compliance, Consumer FInancial Protection Bureau, Federal Trade Commission, Hudson Cook LLP

February 14, 2017 - Industry News

Group 1’s U.S. F&I Team Delivers Record PVR

For the year, the nation’s third largest dealer group grew its U.S. F&I per-copy average by $129 from the prior year to $1,644. Company officials, however, tell investors and equity research analysts ‘not to model anything higher.’

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

February 13, 2017 - Industry News

Subaru Tops KBB's 5-Year Cost to Own List

Photo courtesy of Subaru.

Subaru and Acura ranked as the top automotive brand in Kelley Blue Book's annual 5-Year Cost to Own awards, which highlights the top luxury and non-luxury brands in 21 vehicle categories.

Tags: Acura, Depreciation, Kelley Blue Book, Subaru

February 13, 2017 - Industry News

ALG Sets Bolt EV's Residual Value

The 2017 Chevrolet Bolt EV should retain as much as 39% of its value after three years of retail leasing, which is significantly better than other mainstream competitors, according to ALG.

Tags: ALG, Chevrolet Bolt, Electric Vehicle

February 13, 2017 - Industry News

LeasePlan Names Schlesinger President, CEO

Jeff Schlesinger was named president and CEO of LeasePlan USA, a fleet management company. Schlesinger succeeds Mike Pitcher, who retired as president and CEO at the end of 2016.

Tags: GE Capital, Jeff Schlesinger, LeasePlan USA

February 13, 2017 - Industry News

Exeter Names New CFO

The subprime finance source announced the promotion of Brad Nall to CFO. The more than 25-year veteran of the consumer finance industry has held various senior roles since joining the company in July 2012.

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