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September 26, 2017 - Industry News

J.D. Power: Wholesale Prices Decline in August

Wholesale prices of used vehicles up to eight years in age fell by 1.2% in August. Over the past five years, however, losses for the period averaged a more significant 2.2%.

Tags: JD Power, NADA Used Car Guide, used-vehicle sales, used-vehicle values, Wholesale Pricing, wholesale values

September 26, 2017 - Industry News

CFPB: More than 40% of U.S. Adults Struggle to Make Ends Meet

The bureau released results of a national survey that measures the financial well-being of specific consumer groups as well as the population as a whole. The regulator also announced the release of a new tool designed to allow consumers to measure their level of financial well-being.

Tags: auto finance, CFPB, Credit

September 22, 2017 - Industry News

Dealers More Optimistic About Used-Car Market vs. New

Photo via order_242/Wikimedia (Creative Commons)

Sentiment speaks to recent auto finance data showing prime and superprime car buyers shifting toward used, where the average monthly payment was $139 less than the record $504 average monthly payment for new in the second quarter.

Tags: auto finance, Cox Automotive, Experian Automotive, new-vehicle sales, used-vehicle sales

September 21, 2017 - Industry News

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.

Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services

September 20, 2017 - Industry News

Hyundai Capital America Partners With AutoGravity

Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for Hyundai, Kia or Genesis.

September 20, 2017 - Industry News

Jumpstart: Interest in Luxury Sport, Coupe Segments Growing

Shoppers on Jumpstart Automotive Media’s portfolio of automotive publishers are gravitating toward the luxury sport, coupe, luxury sport sedan, and large SUV categories. But the two segments grabbing the most attention are alternative fuel vehicles and subcompact SUVs and CUVs.

Tags: BMW, Jaguar, Jumpstart Automotive, online shoppers, Toyota

September 19, 2017 - Industry News

S&P/Experian: Auto Default Rate Registers Largest Increase Since December 2011

Despite the nine-basis-point increase, the auto loan default rate remains near levels recorded one year ago. However, declining auto sales and the normal end-of-year push to make room for newer models may encourage easier credit conditions and raise concerns about future defaults.

Tags: auto defaults, auto finance, new-vehicle sales, S&P/Experian

September 18, 2017 - Industry News

AutoGravity Wins Top Prize in F&I Digital Media Awards

Sponsored by F&I Express, the awards program is designed to honor companies and individuals driving innovation in the digital F&I space.

Tags: AutoGravity, digital retailing, F&I Digital Media Awards, online F&I

September 7, 2017 - Industry News

KBB: New-Vehicle Sales Down 2.8% Through August

Out of the 22 vehicle segments tracked monthly by Kelley Blue Book, only 10 posted higher sales numbers compared to the first eight months of 2016. Of those 10, large vehicles commanded eight of those spots.

Tags: Kelley Blue Book, new-vehicle sales, SAAR

September 7, 2017 - Industry News

Manheim to Close Florida Auctions Ahead of Irma

Satellite image of Manheim Fort Lauderdale via ThingLink.

Manheim said it's closing four of its Florida auctions on Friday ahead of Hurrican Irma's expected landfall there. The storm battered Puerto Rico on Wednesday after striking the northern Lesser Antilles and the Virgin Islands with 185-mile-per-hour winds.

Tags: ADESA, Auto Auctions, Hurricane Harvey, Kar Auction Services, Manheim, Natural Disaster

September 6, 2017 - Industry News

AIADA: Harvey Takes a Bite Out of August Auto Sales

According to the American International Automobile Dealers Association, Hyundai and Nissan registered significant sales declines in August, while Subaru, Toyota, Volkswagen, and Volvo finished the month on a high note.

Tags: American International Automobile Dealers Associat, Hurricane Harvey, Hyundai, Nissan, Subaru, Toyota, Volkswagen, Volvo

September 5, 2017 - Industry News

KBB: Average New-Car Price Rises Nearly 1% in August

The average transaction price rose despite mixed results for major automakers, with Fiat Chrysler topping the list with a 6.1% year-over-year increase in the brand’s average price.

Tags: Fiat Chrysler, Hyundai, Kelley Blue Book, Kia, transaction prices

September 5, 2017 - Industry News

Scott Painter’s Fair Launches in Los Angeles

Fair was founded last year by former TrueCar CEO Scott Painter and auto finance legend Georg Bauer. Today, the company launched its car-buying app, which allows a customer to get a pre-owned car with just a driver’s license and a bank account.

Tags: digital retailing, Fair, George Bauer, online F&I, Scott Painter, TrueCar

August 31, 2017 - Industry News

Black Book: Harvey May Have Totaled 1 Million Vehicles

Black Book issued its estimate days after Cox Automotive Chief Economist Jonathan Smoke said the number of damaged vehicles could reach half a million. With Harvey coming ashore near the Texas-Louisiana border on Wednesday, forecasts remain fluid.

Tags: Auto Auctions, Hurricane Harvey, Hurricanes, Retail Sales, Wholesale Pricing

August 30, 2017 - Industry News

Jumpstart: Interest in Entry Luxury Sedans Grows

Photo: Honda Motor Co.

The media, insights and marketing solutions provider reported today that the share of interest for entry luxury sedans increased 9% from a year ago across its portfolio of automotive websites.

Tags: Jumpstart Automotive

August 29, 2017 - Industry News

DealerSocket Hires New President and CEO

DealerSocket CEO Jonathan Ord is stepping into a new role within the company he co-founded in 2001. Replacing him as president and CEO is Sejal Pietrzak

Tags: CRM, DealerSocket, Desking, digital retailing, Jonathan Ord, online F&I

August 29, 2017 - Industry News

Palmer to Tackle Soft Pull Tech at Industry Summit

ProMax Unlimited’s John Palmer will present ‘Soft Pull Technology: Best Practices for Both Digital Marketing and Showroom Traffic’ as part of the Special Finance portion of the Industry Summit agenda.

Tags: auto finance, John Palmer, lead generation, ProMax Unlimited, Soft Pull

August 28, 2017 - Industry News

NADA Mobilizes Emergency Relief Fund for Dealership Employees Impacted by Hurricane Harvey

The NADA Foundation is calling on dealers and dealer association groups to donate online to its emergency relief fund. Dealership employees affected by the flooding can apply for financial assistance.

Tags: Hurricane Harvey, NADA Foundation

August 28, 2017 - Industry News

Asbury’s Monaghan to Retire; Successor Named

Craig Monaghan will step down as Asbury's president and CEO on Jan. 1 after nine years as the group's chief executive. David Hult, the company’s COO since November 2014, was named his successor.

Tags: Asbury Automotive, Craig Monaghan, David Hult, employment, hires

August 28, 2017 - Industry News

Santander's Jason Kulas Resigns

Jason Kulas

Replacing Kulas, who was named CEO in July 2015 and president in February 2016, is Scott Powell, who will maintain his titles as CEO of Santander Holdings USA Inc. and as Santander Group's United States country head.

Tags: auto finance, compliance, Santander Consumer USA

August 28, 2017 - Industry News

Auto Industry Lawyer Halbert Rasmussen Joins The Scali Law Firm

Rasmussen is highly regarded for the breadth and depth of his industry knowledge and experience in representing major players in car, truck, bus, and motorcycle sales, finance, and technology. He counts the California New Car Dealers Association as one of his former clients.

August 24, 2017 - Industry News

Pearl Technology Releases Dynamic Payment Calculation Widget for Dealer Websites

The new website widget calculates and displays six different payments to vehicle shoppers in under three seconds, according to company officials. It is designed to work within the search results page and vehicle details page levels of a dealer's website.

Tags: digital retailing, online F&I, Pearl Technology, ShowroomXpress

August 24, 2017 - Industry News

GM: Dealers Must Disclose Non-GM Parts, Service Contracts

General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealers who don’t comply face possible termination of their franchise agreement.

Tags: aftermarket accessories, California New Car Dealers Association, compliance, General Motors, NADA, National Automobile Dealers Association, Regulations, vehicle service contracts

August 22, 2017 - Industry News

Roadster Adds Southern California’s Longo Toyota

Roadster is on the move. The startup has secured $7.25 million in additional funding and added the largest Toyota dealership in the world to its digital retailing platform.

Tags: digital retailing, online F&I, Roadster, Showroom, technology

August 21, 2017 - Industry News

N.J. Dealer Agrees to Pay $136,000 to Resolve Consumer Fraud Investigation

Three days after the New York attorney general's office reached settlement with a dealer for tacking on etch after customers agreed to prices for vehicles and often without their knowledge, New Jersey Attorney General Christopher Porrino reached an agreement with Sansone Hyundai to settle similar charges.

Tags: Christopher S. Porrino, compliance, Etch, New Jersey Attorney General, payment packing, Sansone Hyundai, vehicle service contracts