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April 19, 2017 - Industry News

Black Book: Spring Lift Continues

High demand for pre-owned vehicles resulted in increased values, with 13 out of the 22 vehicle segments registering increases in average value, the firm reported.

Tags: Black Book, used-vehicle values, vehicle depreciation

April 19, 2017 - Industry News

F&I Express Tackles Product Cancelations

A new white paper from F&I Express proposes an automated solution to issues inherent to the F&I product cancelation process.

April 18, 2017 - Industry News

NADAUCG: Used Vehicle Price Index Falls to Lowest Level Since 2010

The 1.6% rebound from February’s unexpected 1.4% drop wasn’t quite as big as the firm anticipated, but the lift was in line with the period’s 2.3% average over the previous three years.

April 18, 2017 - Industry News

CNA National Launches Z2 VSC Program

The new vehicle service contract offering follows a redefinition of CNA’s vehicle classing system preceded by a thorough rate review. The new offering includes coverage for rideshare vehicles titled to private individuals.

Tags: CNA National, F&I products, vehicle service contracts, Z2 Series

April 17, 2017 - Industry News

Black Book: Used Vehicle Retention Index Falls to 113 Heading Into April

Since registering a score of 125.9 in May 2015, the firm’s Used Vehicle Retention Index has fallen steadily. Last year, it dropped by 6.4%. In March, the index fell from February's 113.9 to 113.

Tags: Black Book, depreciation, Used Vehicle Value Index, used-vehicle values

April 12, 2017 - Industry News

Audi Names U.S. Sales Chief

The automaker has appointed Cian O'Brien to head sales in the United States as executive vice president and COO.

Tags: Audi, Cian O'Brien

April 12, 2017 - Industry News

Swapalease: Lease Credit Approvals Strong Again in March

Despite rising incentives and an increase in the number of lease returns to dealerships, auto dealers continue to push lease deals. And according to the online lease marketplace, approval rates have hovered above 70% for two straight months so far in 2017.

Tags: lease, Swapalease.com

April 11, 2017 - Industry News

Subaru Wins Best Overall Brand in KBB's Brand Image Awards

Subaru, Lexus and Ford take top honors with the highest average scores among all 12 brand watch factors. The awards are based on consumer automotive perception data from Kelley Blue Book Strategic Insights' Brand Watch study.

April 10, 2017 - Industry News

GWC Warranty Introduces Improved Coverage Lookup Tool

Owners of a GWC Warranty contract simply enter their last name and either an ID card number or the last six digits of their VIN to access a coverage snapshot. A new coverage details link also allows drivers to access a soft copy of their contract.

Tags: F&I products, GWC Warranty Corporation, Used-Vehicle Service Contracts

April 10, 2017 - Industry News

Morgan Stanley: Used-Car Values Could Fall by 50%

A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.

Tags: auto finance, Morgan Stanley, Stretching Loan Terms, Subprime Financing, used-vehicle pricing, vehicle depreciation

April 10, 2017 - Industry News

American Financial's F&I University Now Offers F&I Compliance Certification

The income development company has partnered with Automotive Compliance Education LLC to provide its dealer customers with a new F&I compliance certification program, which will be offered through the firm's F&I University.

Tags: American Financial & Automotive Services, Automotive Compliance Education, compliance, F&I training, F&I University

April 7, 2017 - Industry News

AFSA to Congress: The CFPB ‘Needs to Be Reined In’

A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.

Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray

April 6, 2017 - Industry News

FTC Approves Settlements With CarMax, Asbury, West-Herr

The Federal Trade Commission last week approved settlements with CarMax, Asbury Automotive, and West-Herr Automotive Group, which the regulator charged with failing to disclose that some pre-owned vehicles offered for sale had unrepaired safety recalls despite the companies' claims of rigorous vehicle inspections.

Tags: Asbury Automotive, CarMax, Federal Trade Commission, GM Recalls, NHTSA, Recalls, Takata, West-Herr Automotive

April 6, 2017 - Industry News

5 Vehicle Segments Retain or Increase Values in March, Black Book Reports

The vehicle valuation firm reported today that the average used vehicle for model years 2011-2015 depreciated slightly 0.6%. Cars overall recorded depreciation of 0.3%, while trucks registered depreciation of 0.8%.

Tags: Black Book, used-vehicle values

April 4, 2017 - Industry News

KBB: New-Car Prices Up 2% in March

Fiat Chrysler and Toyota showed the greatest year-over-year improvement as prices and incentives gained ground last month.

Tags: Average Transaction Price, Fiat Chrysler, Kelley Blue Book, Toyota

April 4, 2017 - Industry News

AIADA: Asian Brands Lead the Way for International Nameplates in March

With the Industry SAAR falling below 17 million for the first time since August, the trade group said the industry's March sales performance 'suggests that sales may be plateauing.' The association said now is the time for dealers to tighten their operations and push back on any tax increases on consumers.

Tags: American International Automobile Dealers Associat, Honda, new-vehicle sales, Nissan, Subaru

April 3, 2017 - Industry News

Ally Rolls Out Online Auto Finance Marketplace

Clearlane allows consumers to finance a vehicle purchase from a dealership or a private party sale, refinance their existing loan, or buy their vehicle at lease end. The site also sells GAP and service contracts.

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

March 30, 2017 - Industry News

Tom Webb to Retire as Cox Automotive's Chief Economist

Tom Webb will retire on June 30, ending a more than four-decade career. Cox Automotive officials said a replacement will be named in the coming weeks.

Tags: Cox Automotive, Manheim, Manheim Index, Manheim Used Vehicle Report, NADA, used-vehicle values

March 30, 2017 - Industry News

Laura Schupbach to Lead Wells Fargo Dealer Services

The 20-year company veteran previously led the Wells Fargo Insurance business. She succeeds Dawn Martin Harp, who announced her retirement on Jan. 10.

March 29, 2017 - Industry News

Santander Agrees to $26 Million Settlement

Santander Consumer USA will pay $26 million to settle charges brought by the attorneys general of Delaware and Massachusetts.

March 29, 2017 - Industry News

MUSA Auto Finance Secures Funding Capacity of $175 Million

The special finance company, which counts the cofounder and former COO of Exeter Finance in its executive ranks, will use the funding to launch a new and pre-owned auto leasing program this year.

Tags: auto finance, leasing, MUSA, special finance, Used Leasing

March 28, 2017 - Industry News

Black Book: Spring Lift in Full Effect

Both cars and trucks realized a healthy seasonal boost in wholesale performance last week, with both segments retaining their values better than they have in the past six months.

Tags: Black Book, Used-Car Sales, used-vehicle prices, Wholesale Values

March 27, 2017 - Industry News

KBB: Q1 Sales Likely Second Highest on Record

The vehicle valuation site said the industry should sell 1.63 million units in March, which would bring first quarter sales to 4.1 million units. That would be the second highest first quarter sales tally on record.

March 23, 2017 - Industry News

defi SOLUTIONS Completes RouteOne's Econtracting Certification

defi SOLUTIONS's loan origination system is now certified for econtracting with RouteOne. Finance sources utilizing defi’s LOS will now benefit from a streamlined econtracting implementation process.

Tags: defi SOLUTIONS, econtracting, Fintech, Loan Origination System, RouteOne

March 23, 2017 - Industry News

CFPB Fines Experian $3 Million for Deceiving Consumers About Credit Scores

The Consumer Financial Protection Bureau took action against Experian and its subsidiaries for falsely claiming in advertisements that credit scores it offers and provides to consumers are used by finance sources to make credit decisions.

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