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December 11, 2017 - Industry News

Cox Automotive: Dealers Optimistic About Q1 2018

The fourth-quarter reading of the Cox Automotive Dealer Sentiment Index shows dealers are optimistic about the next three months. Concerns about price pressure and showroom traffic persist.

Tags: Cox Automotive, Franchised Dealerships, Independent Dealerships, new-vehicle sales

December 7, 2017 - Industry News

Subprime Originations Hit Record Low in Q3

Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.

Tags: auto finance, Experian Automotive, prime financing, Subprime Financing

December 6, 2017 - Industry News

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

Tags: auto finance, CFPB, compliance, dealer markups, dealer participation

December 5, 2017 - Industry News

Huntington Bank Promotes Rich Porrello to President

Rich Porrello has served as managing director of the bank’s auto finance organization since 2010, overseeing 180 associates serving nearly 4,500 dealerships across 23 states in the Midwest and New England. He retains those duties while assuming oversight of the business unit’s business strategy.

Tags: auto finance, Huntington Bank

December 4, 2017 - Industry News

RouteOne Adds Exeter to Econtracting Platform

RouteOne officials said the availability of finance sources like Exeter has led to notable growth in the tech firm’s noncaptive econtracting share, which has more than doubled every year since 2014.

Tags: auto finance, econtracting, RouteOne, software, technology

December 4, 2017 - Industry News

KBB: Average Transaction Price Reaches Record High in November

New-vehicle transaction prices are being driven higher by the shifting sales mix away from cars. Ford’s strong mix of F-Series Super Duty sales for the month helped drive up the automaker’s average transaction price by nearly 3%.

Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales

December 1, 2017 - Industry News

Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

Tags: auto finance, CFPB, compliance, Dodd-Frank Act, Donald Trump

November 30, 2017 - Industry News

Volvo Announces Subscription Service for 2019 XC40

Volvo Cars used this week’s AutoMobility LA and the Los Angeles Auto Show to debut its 2019 XC40 and a new subscription service for its new compact SUV.

Tags: AutoMobility LA, Care by Volvo, mobility, Subscription Service, Volvo, XC40

November 29, 2017 - Industry News

Judge Sides With Trump in Battle for Control of CFPB

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

A federal judge refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, but the Trump administration’s victory may only be temporary.

November 28, 2017 - Industry News

TCF Exits Indirect Auto Finance Business

The bank’s announcement comes seven months after it rolled out a new strategy designed to increase earnings predictability. The company’s chief executive said the bank’s decision was based on a less favorable financial outlook for the indirect auto origination business.

Tags: auto finance, auto originations, Gateway One Lending & Finance, TCF Financial Corporation

November 27, 2017 - Industry News

Two’s a Crowd: Battle for Control of CFPB Heads to Court

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

Staffers with the CFPB returned from the Thanksgiving break on Monday to two acting directors, a lawsuit, dueling emails, and a bag of doughnuts.

Tags: CFPB, compliance, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

November 27, 2017 - Industry News

ADG Promotes Hahn, Kelly to Training Director

ADG has named Dan Hahn as director of training for fixed operations and David Kelly as director of training for variable operations.

November 21, 2017 - Industry News

Auto Loan Market Shifting Toward Less Risky Consumers

For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.

Tags: auto finance, Delinquencies, Hurricane Harvey, Hurricane Irma, Subprime Financing, TransUnion

November 21, 2017 - Industry News

Used Market Strong in October Despite 2.2% Decrease in Wholesale Prices

Thanks to the lingering effects of hurricanes Harvey and Irma, J.D. Power’s seasonally adjusted used-vehicle price index recorded its third straight monthly increase. It rose 1.1 points to 114.5.

November 20, 2017 - Industry News

Wells Fargo Dismisses Head of Consumer Lending

Franklin Codel, Wells Fargo's former head of Consumer Lending.

According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.

Tags: auto finance, employee, Wells Fargo Dealer Services

November 20, 2017 - Industry News

Darwin’s Digital F&I Department Goes Live

Darwin Automotive has launched Darwin Online, described by the company as the auto industry’s first fully functional 24-hour F&I department.

November 16, 2017 - Industry News

Wells Fargo Dealer Services Adds $5.4M to 2016 Military Repo Settlement

The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.

Tags: auto finance, compliance, Servicemembers Civil Relief Act, Wells Fargo Dealer Services

November 16, 2017 - Industry News

EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty

John Pappanastos, president and CEO of EFG Companies

EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.

Tags: CFPB, compliance, Customer Service, digital retailing, EFG Companies, general agents, new-vehicle sales, parts and service, service drive

November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.

Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray

November 14, 2017 - Industry News

Black Book: Luxury, Sporty Cars Experiencing Increased Depreciation Entering November

Premium sporty cars recorded the largest decrease in value in October, while prestige luxury cars have registered the highest depreciation over the course of the last 12 months.

Tags: Black Book, Premium Sporty Cars, Prestige Luxury, vehicle depreciation

November 14, 2017 - Industry News

Edmunds: 100,000-Mile Cars More Valuable Than Shoppers Think

Thanks to a tight supply of late-model used vehicles, values don’t dramatically drop once the odometer crosses six figures, according to a new report from vehicle information site.

Tags: auto finance, Edmunds, used-vehicle values

November 14, 2017 - Industry News

J.D. Power: Differing Approaches to Digital Financing Creates Wide Satisfaction Gap

While the digital application channel generated significantly higher levels of overall satisfaction in J.D. Power’s 2017 U.S. Consumer Financing Satisfaction Study, many consumers are waiting longer for a credit decision than those utilizing dealer representatives.

Tags: auto finance, digital retailing, J.D. Power, online F&I

November 14, 2017 - Industry News

AutoGravity’s Car-Buying Platform Surpasses 1 Million Users

Launched in 2016, AutoGravity rapidly expanded from 100,000 users in its first six months to more than one million users less than a year later, according to officials. In 2017 alone, car shoppers have request more than $1 billion in vehicle financing through the fintech firm’s car-buying app.

Tags: auto finance, AutoGravity, digital retailing, online F&I

November 9, 2017 - Industry News

Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback

Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act

November 9, 2017 - Industry News

Stuart Accepts AFSA’s Distinguished Service Award

TD Auto Finance President and CEO Andrew Stuart was honored with the 2017 Distinguished Service Award by the American Financial Services Association.

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