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Finance

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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 27, 2017 - Industry News

KBB: First Quarter Sales Likely to be 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.

Tags: Ford, General Motors, Kelley Blue Book, new-vehicle sales, SAAR, seasonally adjusted annualized rate

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.

March 22, 2017 - Industry News

Kontos: Used-Vehicle Prices Soften 'Uncharacteristically' in February

February provided “further concrete evidence of softening” of used-vehicle prices, ADESA's Tom Kontos wrote in his monthly Kontos Kommentary.

Tags: ADESA Analytical Services, Tom Kontos, used-vehicle prices, Wholesale Pricing

March 21, 2017 - Industry News

Justice Department Files Amicus Brief Against CFPB

In an amicus brief filed last Friday, the Justice Department called on the D.C. Circuit Court to uphold the appellate court's 2-1 ruling in a New Jersey-based mortgage company's closely-watched challenge of the CFPB's authority. The agency says it agrees with the court's unconstitutional ruling and 'at-will' remedy.

March 20, 2017 - Industry News

AUL Corp. Releases 2017 F&I Training Schedule

The warranty and vehicle service contract provider released its 2017 F&I training schedule, which includes a three-day live course that will cover compliance, objecting handing, sales-to-F&I turnovers, and menu selling. It will be led by Kirk Manzo, director of global training for Assurant’s Vehicle Protection Services group.

Tags: F&I manager, F&I products, F&I sales, F&I training, F&I Turnover

March 20, 2017 - Industry News

Wise F&I Product Suite Now Available Through MaximTrak

Wise F&I’s voluntary protection products are now accessible through MaximTrak, a RouteOne company. According to officials, connecting the firm's F&I protections to MaximTrak’s F&I menu system demonstrates its focus on compliance, technology and simplicity for the customer.

Tags: F&I manager, F&I menu, F&I process, MaximTrak, RouteOne, Wise F&I

March 16, 2017 - Industry News

Fed Raises Interest Rates a Quarter Point

The Federal Open Market Committee (FOMC) voted 9-1 on March 15 to raise the target range for the federal funds rate by a quarter percentage point to 0.75% to 1% — a move that was widely expected.

Tags: Federal Reserve, interest rates, Monthly Payments

March 16, 2017 - Industry News

EasyCare Launches SelectCare for Retail and Lease Customers

SelectCare was designed to cover parts not covered by the factory warranty, vehicle service contract or prepaid maintenance plan.

Tags: F&I products, vehicle service contracts, vehicle warranties

March 15, 2017 - Industry News

Black Book: Cars Outperform Trucks, Luxury Cars Continue to Falter

Luxury vehicles continued to struggle last week, leading all segments in terms of depreciation. The other big story was the performance of cars, which continued to retain their values better than trucks.

Tags: Black Book, vehicle depreciation, Wholesale Values

March 14, 2017 - Industry News

CUDL Holds Onto No. 2 Spot in Auto Finance Rankings

The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.

Tags: Auto Finance, Credit Unions, CUDL, powerbooking

March 14, 2017 - Industry News

Sage to Pay $3.6 Million to Settle FTC Charges

The nine-store, Los Angeles-based Sage Automotive Group will pay $3.6 million to settle charges of deceptive and unfair sales and financing tactics, including yo-yo financing and payment packing.

March 9, 2017 - Industry News

CNCDA: California New-Vehicle Sales Cool in 2016

The California new-vehicle market leveled off in 2016, with new light vehicle registrations increasing by less than 2% during the final three quarters of last year, according to the California New Cars Dealers Association (CNCDA).

Tags: California New Car Dealers Association, new-vehicle sales, used-vehicle sales

March 9, 2017 - Industry News

Lease Credit Approvals Jump 33.3% in February

Car lease credit applicants registered a 72.2% approval rate in February, a 33.3% increase from January’s 50% approval rate but flat with a year ago, according to Swapalease.com.

Tags: Lease, Swapalease.com

March 8, 2017 - Industry News

Black Book: Retention Holds Relatively Strong in February

Small pickups led the way, but cars also showed retention strength during a month in which the average price of a used vehicle for model years 2011-2015 depreciated by 0.8%.

Tags: Black Book, Depreciation, used-vehicle values

March 7, 2017 - Industry News

Manheim: Wholesale Prices Slip in February

Given last February's sharp dip in pricing, the Manheim Index shows a year-over-year gain of 1.1%, putting it at 124.6 for the month of February. The firm also noted that the crazy tax refund season that was expected to negatively impact dealers never materialized.

Tags: Certified Pre-Owned, Manheim Index, used-vehicle pricing, used-vehicle sales, Wholesale Pricing

March 7, 2017 - Industry News

Black Book Powers AutoGravity’s Trade Appraisals

Black Book and AutoGravity have reached an agreement that pairs Black Book’s valuation tools with AutoGravity’s digital sales and financing platform.

March 2, 2017 - Industry News

Experian: Total Balances, Amount Financed Reach Record Highs in Q4 2016

The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.

Tags: Auto Finance, deliquencies, Experian Automotive, leasing, new-vehicle financing, used-vehicle financing

March 2, 2017 - Industry News

AIDA: Trucks Up, Sales Down in February

America's 9,500 international nameplate franchises accounted for 54% of all new vehicles sold in the United States in February. Industrywide, 1.33 million light vehicles were sold last month.

Tags: American International Automobile Dealers Associat, Audi, Autodata Corp, Honda, SAAR

March 1, 2017 - Industry News

KBB: Average Transaction Price for New Up $757 in February

With sales skewed toward utility vehicles, the average transaction price for light vehicles rose by $757, or 2.3%, from a year ago to $34,352 in February, the firm reported today.

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

March 1, 2017 - Industry News

AutoGravity App Surpasses 200,000 Downloads

The fintech firm today announced it has surpassed 200,000 downloads of its native iOS and Android smartphone apps. The company’s platform allows car shoppers in 46 states to secure financing on a specific vehicle before heading to the dealership to complete the deal.

Tags: AutoGravity, Digital Retailing, Online F&I

March 1, 2017 - Industry News

F&I Express Sponsors Inaugural F&I Digital Media Awards

F&I Express is sponsoring the 2017 F&I Digital Media Awards in partnership with F&I and Showroom.

Tags: Digital Retailing, F&I Digital Media Awards, F&I Express, Online F&I

February 28, 2017 - Industry News

RouteOne Promotes Two to VP

RouteOne has promoted Jeff Belanger to senior vice president of sales and created the position of vice president of strategy for Amanda George.

Tags: F&I technology, MaximTrak, Online F&I, RouteOne

February 28, 2017 - Industry News

Kontos: January Wholesale Prices Rise 6.7% YOY

Wholesale used-vehicle prices in January averaged $10,945, a 6.7% increase from a year ago and a 2.8% rise from the prior month, according to ADESA Analytical Services.

Tags: ADESA, certified pre-owned vehicles, Tom Kontos, used-vehicle sales, Wholesale Values

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