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October 17, 2018 - Industry News

Equifax: Vehicle Sales Down, Borrowing Up

Car buyers were financing more at the midway point of 2018 than they did in 2016, when record new-vehicle sales were made, according to new data from Equifax.

October 16, 2018 - Industry News

Drive Motors Adds Former Dealer.Com Exec to Leadership Team

Chris Gugliotta, a former executive with Dealer.com and Lithia Motors, has joined the startup as head of strategic partnerships. He will be responsible for leveraging Driver Motors’ digital retailing tools for the industry’s largest finance sources and vehicle OEMs.

Tags: digital, digital retailing, Drive Motors, online F&I

October 9, 2018 - Industry News

VisionMenu Becomes Vision Dealer Solutions

The software solution provider today announced its rebranding and the release of a new remote sales tool designed to handle an entire deal electronically.

Tags: digital, digital retailing, F&I menu, online F&I, VisionMenu

October 8, 2018 - Industry News

Roadster Launches Desking Solution

Express Desking integrates directly into a dealership’s branded Express Storefront, and allows sales agents to instantly message their desk managers, gain approvals on deal terms, and customize payment menu options without ever having to leave the customer’s side.

Tags: digital, digital retailing, online F&I, Roadster, software

October 4, 2018 - Industry News

F&I and Showroom Names 2018 F&I Pacesetters

The magazine reveals the names of the seven organizations vying to be crowned F&I Dealer of the Year, sponsored by American Financial & Automotive Services.

Tags: American Financial & Automotive Services, DOY Pacesetters, DOY Winners, F&I department, F&I products

October 3, 2018 - Industry News

Edmunds: Auto Loan Interest Rates Climb Back to Pre-Recession Levels

With September in the books, Edmunds reported this week that interest rates have stayed above 5% for eight months in a row and now mirror levels not seen since before the Great Recession.

Tags: APR, Auto Loan Terms, Auto Loans, Edmunds, interest rates, new-vehicle financing

October 3, 2018 - Industry News

Black Book’s Retention Index Climbs to October 2016 Level

The firm’s Used Vehicle Retention Index for September increased by 1.9% from a year ago to 116, with all vehicle segments showing increases. The compact crossovers, mid-size crossovers, compact car, full-size pickup, and mid-size car segments were the main drivers.

Tags: Black Book, depreciation, pre-owned, Used Vehicle Retention Index, used-vehicle values

October 1, 2018 - Industry News

Boston Volvo Celebrates Grand Opening of New Flagship Store

Bob Jacobs, head of marketing, communications, and product strategy at Volvo Car Group; Ray Ciccolo; Anders Gustafsson; Rick Bryant, executive vice president of sales operations at Volvo Cars USA

The opening marks the revival of the historic Allston building, located 61 North Beacon Street in Allston, Mass. The new store utilizes three floors of building, occupying 42,000 of the total 71,300 square feet.

September 27, 2018 - Industry News

Fed Reserve Approves Third Rate Hike of 2018

FOMC Chairman Powell answers reporters' questions during Wednesday's press conference.

The Federal Reserve on Wednesday raised interest rates for the third time this year and signaled it will raise the cost of borrowing again in December. Industry economists said it will not get better for consumers or the industry from here.

Tags: auto affordability, consumer confidence, Federal Reserve, interest rates, Monthly Payments, new-vehicle sales

September 27, 2018 - Industry News

RSVP for ACE Certification at Industry Summit

Attendees of the upcoming Industry Summit and P&A Leadership Summit are invited to register for Automotive Compliance Education’s onsite certification review and exam for no additional charge.

Tags: ACE, certification, compliance, Compliance Summit, Industry Summit

September 26, 2018 - Industry News

Sonic CEO Scott Smith Steps Down, Successors Named

The automotive retailer announced that co-founder B. Scott Smith is stepping down as CEO, president, and director of the public dealer group. His brother David Burton Smith will assume his role as CEO, while executive Jeff Dyke was promoted to president.

Tags: lead management, leadership, Sonic Automotive

September 26, 2018 - Industry News

Cox: September Sales to Decline 7.2% From Year-Ago Levels

Despite the expected volume decline, the firm put September’s seasonally adjusted annual sales rate at a healthy 17.1 million, down from last September’s 18.1 million SAAR. The company said higher interest rates and talks of tariffs may be having some pull-ahead impact in the market.

Tags: consumer confidence, Cox Automotive, interest rates, new-vehicle sales, SAAR, Tariffs, unemployment rates

September 25, 2018 - Industry News

Auctions Return to Business Following Florence

The area of Carolinas affected by Hurricane Florence is less densely populated than storms that reached Texas and Florida last year. Photo via Flickr: NASA Goddard Space Flight Center  

Manheim Wilmington is reopening this Friday. Operations were shut down last week in preparation of Hurricane Florence, which had less of an impact on the U.S. vehicle market than hurricanes Harvey and Irma in 2017.

September 25, 2018 - Industry News

Cox Automotive’s O’Neil to Retire in February

The tech firm confirmed this week reports that COO Mark O’Neil plans to retire this February. He’ll depart almost four years after Cox’s acquisition of Dealertrack, a company he led as CEO for about 14 years.

Tags: Cox Automotive, Dealertrack, digital, Mark O'Neil, online F&I, Retirement, software

September 25, 2018 - Industry News

Carfax Expands Role in Nissan, Infiniti CPO Programs

The expanded role is designed to boost customer retention at certified dealerships. Now, all Nissan and Infiniti CPO buyers get enrolled in the free myCarfax service so they can receive service and recall alerts from Carfax.

Tags: Carfax, CPO, Infiniti, Nissan, software, Vehicle History Reports

September 24, 2018 - Industry News

FTC: Credit Freezes Are Now Free

The FTC issued a reminder that, starting today, consumers can freeze their credit and place one-year fraud alerts for free under the new Economic Growth, Regulatory Relief, and Consumer Protection Act.

September 19, 2018 - Industry News

FTC Shuts Down Websites Offering Fake Pay Stubs for Sale

The operators of websites that sold fake pay stubs and other financial documents have agreed to permanently shut down their business as part of separate settlements with the Federal Trade Commission, the regulator announced this week.

Tags: compliance, F&I office, Federal Trade Commission, fraud, pay stubs

September 18, 2018 - Industry News

DealerSocket Announces Significant Investment in Customer Service, Support

The company continues to hire support staff to meet the needs of dealers and has invested millions in technology improvements, officials announced this week.

Tags: CRM, DealerFire, DealerSocket, desking, Equity Mining, Precise Price

September 17, 2018 - Industry News

Black Book HAV Data Now Integrated Into defi SOLUTIONS’ LOS Platform

Defi SOLUTIONS is the first loan origination platform to include Black Book’s History Adjusted Valuations data feed. Users can now identify undesirable deals prior to the origination process, improve advance amounts, prevent fraud, and use HAV to set floors more accurately when remarketing.

Tags: advances, auto finance, Black Book, defi SOLUTIONS, F&I manager, Loan Origination System, LOS, Originations

September 17, 2018 - Industry News

Eckert to Retire as President of SouthwestRe

Eddie Eckert will retire as president of SouthwestRe at the end of September, concluding a 14-year tenure with the company and marking more than 40 years of service to the automotive industry.

Tags: F&I product provider, reinsurance, SouthwestRe

September 12, 2018 - Industry News

GAP Experts to Discuss Mounting Losses at PALS 2018

Actuaries Lee Bowron and Ben Woods will present ‘Rising GAP Losses: 2018 Update’ at the upcoming P&A Leadership Summit.

September 12, 2018 - Industry News

Are We There Yet? Pryor to Go Digital at Industry Summit, PALS

Safe-Guard Products’ David Pryor will present ‘Digital Retail: Are We There Yet?’ to a combined crowd of Industry Summit and P&A Leadership Summit attendees in Orlando next month.

September 12, 2018 - Industry News

Regional Acceptance Joins Dealertrack Accelerated Title

The subprime finance source has selected Dealertrack's Accelerated Title solution to handle its title and release process for dealers accepting cars in on trade.

Tags: Accelerated Title, auto finance, Dealertrack, Regional Acceptance Corp., trade-in vehicles

September 12, 2018 - Industry News

CDK Global Adds AutoFi, New Integrations to Fortellis Commerce Exchange

CDK Global announced on Tuesday that AutoFi has agreed to consume digital retailing APIs from the Fortellis Automotive Consumer Exchange Platform. Equifax, one of the platform’s inaugural publishers, also said on Tuesday it will publish new APIs for the platform.

Tags: auto finance, AutoFi, CDK Global, digita, digital retailing, Equifax, Fintech, Fortellis, online F&I

September 11, 2018 - Industry News

FCA Adds $1,000 Bonus Certificate to DrivePlus Mastercard

Fiat Chrysler and First Bankcard announced that customers who sign up for the DrivePlus Mastercard will get $1,000 toward the purchase or lease of a new FCA vehicle.

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