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August 14, 2018 - Industry News

F&I Dealer of the Year Nomination Period Extended to Aug. 24

Dealership employees, general agents, vendors, finance sources, and F&I product providers are encouraged to nominate their stores and dealer clients for F&I and Showroom's F&I Dealer of the Year award, sponsored by American Financial & Automotive Services Inc.

Tags: DOY Pacesetters, DOY Winners, F&I director, F&I manager

August 14, 2018 - Industry News

USEA Appoints Greg Leonard CFO

US Equity Advantage has added Greg Leonard to its leadership team, naming the veteran executive as CFO.

August 14, 2018 - Industry News

McCormick to Emcee Industry Summit

Rick McCormick of Reahard & Associates will serve as master of ceremonies for Industry Summit 2018 this October in Orlando, Fla.

August 13, 2018 - Industry News

Upstream Remarketing Keeping Used-Vehicle Values Strong

Depreciation through the first half of 2018 stood at 13.7%, much lower than the 16.3% rate recorded in the year-ago period. Analysts say upstream remarketing has kept values strong despite the tidal wave of off-lease vehicles that returned to market during the period.

Tags: Black Book, Kar Auction Services, Tom Kontos, used-vehicle values

August 13, 2018 - Industry News

Manheim Used Vehicle Value Index Up 5.1% in July

June’s ‘abnormal bounce” in used-vehicle values continued in July, resulting in the Manheim Used Vehicle Value Index rising to 136.9.

August 13, 2018 - Industry News

J.D. Power: Lender Availability, Responsiveness Drive Satisfaction

Big winners in the firm’s 2018 U.S Dealer Financing Satisfaction Study include Mercedes-Benz Financial Services in the Captive Luxury Segment, Volkswagen Credit in the Captive Mass Market segment, Citizens One Auto Finance in the Noncaptive category, and TD Auto Finance in Floorplan.

Tags: auto finance, Citizens One Auto Finance, J.D. Power, Mercedes-Benz Financial Services, TD Auto Finance, U.S. Dealer Financing Satisfaction Study, Volkswagen Credit

August 13, 2018 - Industry News

Equifax Names Reid as USIS Lead

Jenn Reid has joined Equifax as U.S. automotive marketing and strategy lead for U.S. Information Systems.

August 9, 2018 - Industry News

Equifax: Subprime Pullback Continued in Q1

Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.

Tags: auto finance, Auto Leases, Equifax, loan originations

August 6, 2018 - Industry News

Industry Summit to Focus on the Future of F&I

Online F&I will be a key focus at Industry Summit 2018, which will allow dealers to learn about the challenges and opportunities ahead for the F&I product side of the business while their F&I teams get compliance certified and trained by the best in the business.

Tags: Ask Frenchy, Automotive Compliance Education, Compliance Summit, F&I training, Industry Summit, objection handling, PALS

August 2, 2018 - Industry News

IHS Markit: SUV Shift Not Prominent Among All Groups

According to the research firm’s analysis, more than 35% of U.S. households with a sedan in the garage that returned to market for a new vehicle between April 2017 and March 2018 acquired an SUV. That's up from just 24% five years ago.

Tags: advertising, defection rates, IHS Markit, Loyalty Rates, marketing, sedan, SUV

August 2, 2018 - Industry News

KBB: Avg. Transaction Price in June Rises 3%

With cars expected to make up only 31% of July sales, the industry's average transaction price climbed by $985 from a year ago to $35,359.

Tags: average transaction price, Ford, Kelley Blue Book, Volkswagen

August 2, 2018 - Industry News

FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.

Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto

August 2, 2018 - Industry News

Zero Percent Finance Deals Drop to 13-Year Low

Edmunds reports loan interest rates sustained near-record highs in July as automakers make the shift away from traditional summertime financing deals.

August 1, 2018 - Industry News

Harkins to Emcee Compliance Summit, PALS at Industry Summit 2018

Bob Harkins will serve double duty at this year’s Industry Summit, serving as master of ceremonies for Compliance Summit and P&A Leadership Summit.

July 31, 2018 - Industry News

PALS Names 2018 Advisory Board Members

The advisory board for the sixth annual P&A Leadership Summit includes executives from leading F&I product providers and administrators.

July 30, 2018 - Industry News

Capital One: Auto Growing as Competition Intensifies

Capital One announced gains in its auto finance division even as directors acknowledged increasing competition in the subprime space.

July 26, 2018 - Industry News

Wells Fargo to Begin Growing Auto Loan Portfolio by Mid-2019

Photo by Laimerpramer via Wikimedia Commons

Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.

Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo

July 23, 2018 - Industry News

FCA Elevates Ram Truck Head to CEO

FCA has named Mike Manley its CEO to replace an ailing Sergio Marchionne. Photo courtesy of FCA.  

Fiat Chrysler Automobiles has named Ram truck and Jeep head Michael Manley as its chief executive officer, after medical complications forced Sergio Marchionne to step away from the company.

Tags: Fiat Chrysler, Jeep, Mike Manley, Ram, Sergio Marchionne

July 23, 2018 - Industry News

Fluency Ad Platform Brings One Click Campaign Management to Agencies

Fluency founders Brian McVey, Eric Mayhew, Scott Gale, and Mike Lane.

Co-founded by Dealer.com founder Mike Lane, Fluency is a business-to-business ad platform provider for industry-focused digital advertising and marketing agencies.

Tags: ad agency, advertising, Dealer.com, digital marketing, Fluency, Mike Lane

July 23, 2018 - Industry News

Former Toyota Exec Joins Portfolio Reinsurance Sales Team

Peter Jacobson, formerly with Toyota Financial Services, has joined Portfolio as a reinsurance specialist.

July 23, 2018 - Industry News

Industry Summit Panel to Examine Industry’s Digital Transformation

Industry Summit’s annual ‘From the Boardroom’ session will feature executives from F&I product providers and software firms, who will tackle the big questions facing F&I offices as the industry continues to push for a more digitized car-buying experience.

Tags: compliance, digital retailing, F&I process, F&I products, Industry Summit, online F&I, Showroom

July 19, 2018 - Industry News

J.D. Power: Wholesale Prices Decline in June

June wholesale prices for used vehicles up to eight years in age fell by an average of 0.9% compared to May. Losses at the segment level were less than historic norms across the board on both the mainstream and premium sides of the market, the firm said.

Tags: Auto Auctions, J.D. Power Valuation Services, Wholesale Pricing

July 18, 2018 - Industry News

Manheim Sees Record-Level Digital Adoption in First Half

The company reported that 45% of vehicles sold in the first half were to digital buyers on Manheim.com. The firm also detailed enhancements it’s planning to make to the Manheim Marketplace over the next few months.

Tags: Auto Auctions, digital, Manheim, Manheim Marketplace, RMS Automotive

July 17, 2018 - Industry News

AutoGravity Names New CEO, CTO

Alex Mallman, AutoGravity CEO

Alex Mallman, who most recently served as president and CEO of Mercedes-Benz Auto Finance China, replaces AutoGravity’s co-founder and CEO Andy Hinrichs, who left in May, according to the Orange County Business Journal.

Tags: AutoGravity, Daimler Financial Services, digital retailing, online F&I

July 16, 2018 - Industry News

Black Book Becomes Valuation Partner for MYEV.com

With today’s announcement, Black Book valuation data will be integrated with all EVs listed in the MYEV.com system, which will help buyers and sellers ensure they’re reviewing the most accurate and up-to-date valuations within the market.

Tags: digital marketing, digital retailing, lead generation, MYEV.com, Third-party leads

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