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Finance

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April 20, 2018 - Industry News

It’s Official: Wells Fargo to Pay $1 Billion Fine

Wells Fargo has consented to pay federal regulators $1 billion to settle charges pertaining to sales of automotive collateral protection insurance and mortgage interest rate-lock extensions.

April 19, 2018 - Industry News

Ally Announces Sweeping Leadership Changes

Ally Financial announced a number of promotions and the departure of former President of Auto Finance Tim Russi.

April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

April 17, 2018 - Industry News

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo

April 13, 2018 - Industry News

AutoWeb Names Industry Veteran Jared Rowe President and CEO

The announcement marks Rowe's return to the company where he started his digital marketing career nearly 20 years ago. It also marks his return to the car business.

Tags: Autobytel, AutoWeb, Cox Automotive, digital marketing, digital retailing, technology

April 12, 2018 - Industry News

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

Tags: auto finance, Brett Roberts, Credit Acceptance Corp., special finance, Steve Jones, Subprime Financing

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

April 10, 2018 - Industry News

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo

April 9, 2018 - Industry News

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

Tags: auto finance, floorplan financing, NextGear Capital

April 5, 2018 - Industry News

Rails Joins Innovate Auto Finance in VP Role

Twenty-four-year automotive finance industry veteran Kevyn Rails has joined Innovate Auto Finance as vice president of portfolio acquisitions.

April 3, 2018 - Industry News

KBB: Average New-Car Price Jumps 2% in March

Thanks to strong SUV sales, March's average transaction price rose $703 from a year ago to $35,285, the firm said this week.

April 2, 2018 - Industry News

Hendrick to Install Reynolds docuPAD in All 96 Locations

When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.

Tags: compliance, docuPAD, econtracting, F&I menu, F&I products, F&I technology, Hendrick Automotive Group

April 2, 2018 - Industry News

Lincoln Adds Pre-Owned Vehicles to Subscription Program

Photo courtesy of Lincoln.

The automaker is adding a slate of pre-owned 2017 Lincoln models to its subscription program in West Los Angeles. The program was originally launched there and in San Francisco in 2015.

Tags: auto finance, Canvas, Lincoln, Subscription Service

March 29, 2018 - Industry News

Black Book: Car Segment Values Strongest in Two Years

Last week, car segment values were up 0.26% compared to the 0.01% depreciation the segment experienced the week prior. This added up to the strongest week for car segment values in two years.

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

March 29, 2018 - Industry News

Cox: Off-Lease Tidal Wave Poses Greatest Risk to New-Vehicle Sales

It’s not just the wave of off-lease vehicles expected to return to the market this year and next, it’s the type of vehicles returning that could stunt new sales. Rising interest rates, however, could turn the tide for the new-vehicle market.

Tags: Cox Automotive, new-vehicle sales, used-vehicle sales

March 28, 2018 - Industry News

Lexus to Offer ‘Subscription-Type Plan’ With New Compact SUV

Photo of 2019 Lexus UX 200 courtesy of Toyota.

The all-new UX crossover SUV will be Lexus' first vehicle to be offered through a subscription plan when it arrives in dealership showrooms this December.

Tags: auto finance, Cadillac, Hyundai, Lexus, Lincoln, Subscription Service, UX 200, Volvo

March 26, 2018 - Industry News

New AIADA Chair: ‘Trade Wars Have Real Consequences’

Utah dealer Brad Strong began his 2018 AIADA chairmanship with a bang, calling out Washington’s ‘tax and tariff schemes’ in a Las Vegas address.

March 26, 2018 - Industry News

NADA Chairman Outlines Goals, Focus Areas for 2018

Michigan dealer Wes Lutz outlined his chief concerns as the new chairman of the National Automotive Dealers Association.

March 26, 2018 - Industry News

NADA’s Scarpelli: Vehicle Affordability Drives Advocacy Efforts

Outgoing NADA chair and Illinois dealer Mark Scarpelli delivered a moving address at the association’s 2018 convention.

March 23, 2018 - Industry News

NADA Economist: U.S. Light-Vehicle Sales Down 20,000 Units Through February

Patrick Manzi met with the automotive press to discuss the trends affecting auto dealers and industry suppliers in attendance at NADA Show 2018.

March 22, 2018 - Industry News

RouteOne’s MaximTrak Rolls Out Digital Retailing Platform

MaximTrak aims to redefine the F&I transaction with its new FLITE ENGAGE digital retailing platform. Designed to provide an omnichannel experience, the platform can be used by dealership personnel in the showroom or by consumers on their mobile device.

Tags: digital retailing, Jim Maxim, Jr., MaximTrak, online F&I, RouteOne, virtual F&I office, Virtual Showroom

March 22, 2018 - Industry News

Zurich to Showcase F&I Online Consumer Education Program at NADA

Zurich continues to enhance its digital presence with the introduction of a co-branded F&I landing page dealers can add to their websites. The new offering, which will be on display at NADA 2018, is designed to educate internet shoppers about F&I protection products.

Tags: digital retailing, F&I products, online F&I, virtual F&I office, Virtual Showroom, Zurich

March 21, 2018 - Industry News

RouteOne, ODE Alliance Targets Longstanding F&I Challenges

Officials with both companies said the technology convergence resulting from the new alliance will eliminate the need for traditional system-to-system integration and creates the broadest access point in the industry for dealers to connect with finance sources, OEMs, and F&I product providers.

Tags: digital retailing, econtracting, F&I technology, online F&I, Open Dealer Exchange, RouteOne

March 19, 2018 - Industry News

Wise F&I Hires Lynn Miller

Twenty-year industry veteran Lynn Miller has joined Wise F&I as director of client services.

March 15, 2018 - Industry News

RouteOne, MaximTrak Streamline F&I Process With New Functionality

The new functionality allows product documents from the 110-plus F&I product providers connected to MaximTrak’s sales and F&I solution to be included in RouteOne’s econtracting package for a single, electronic consumer signing ceremony,

Tags: auto finance, econtracting, F&I process, F&I products, F&I solutions, MaximTrak, RouteOne

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