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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

August 17, 2017 - Industry News

‘Father of F&I Menu’ to Hold Court at F&I Think Tank

George Angus, referred to as the ‘Father of the F&I Menu,’ will be at Industry Summit’s F&I Think Tank to take attendees down F&I’s memory lane during a special lunchtime address. They will be entertained and enlightened, as this legendary trainer shares the good, the bad, and the ugly of the F&I profession.

Tags: auto finance, compliance, F&I products, George Angus, Team One Group

August 17, 2017 - Industry News

Swapalease: Lease Credit Approvals Fall in July

The car lease marketplace attributed the dip in approvals to a combination of factors, including a higher volume of credit-challenged lease applicants and a higher number of applicants looking for vehicles in higher-priced categories.

August 16, 2017 - Industry News

TransUnion: Auto Originations Fall for Third Consecutive Quarter

First-quarter auto loan originations declined 2.9% from the year-ago period to 6.73 million in the first quarter, the third consecutive quarter of year-over-year declines and the first decline in origination growth in any first quarter since 2010. Officials attribute the drop to the subprime retreat.

August 16, 2017 - Industry News

Westlake Financial Now Using Equifax’s Dealer Intelligence Platform

Equifax’s TradeSight allows finance sources to analyze originations, current and future dealer partners, and performance of finance contracts booked through dealer partners. The platform works by combining Equifax’s consumer credit information with dealer and vehicle data from third-party data sources.

Tags: auto finance, Equifax, Westlake Financial Services

August 16, 2017 - Industry News

Ziegler Joins Compliance Summit Roster as Keynote Speaker

Trainer, author, forecaster and industry firebrand Jim Ziegler will deliver the keynote address at the upcoming Compliance Summit.

Tags: auto finance, compliance, Compliance Summit, F&I manager, F&I office, Jim Ziegler

August 15, 2017 - Industry News

F&I Think Tank: Opening Session to Focus on Auto Finance's Cool-Down

In 2017’s opening quarter, auto loan balances registered single-digit growth for the first time in four years. F&I trainers Tony Dupaquier and Shaka Dyson will translate what the trends mean to the F&I office. They'll also offer strategies for uncovering a finance source’s appetite and training the desk on proper deal structure.

Tags: auto finance, Dealer F&I University, F&I manager, F&I office, F&I Think Tank, F&I training, Shaka Dyson, The Academy, Tony Dupaquier

August 14, 2017 - Industry News

J.D. Power: Credit Desk Seen as Satisfaction Driver for Finance Sources

The report’s main finding is that great relationships trump low interest rates and product mix when it comes to dealer satisfaction. Earning top rankings in this year’s study were the captives for Mercedes-Benz and Mini, and TD Auto Finance.

August 14, 2017 - Industry News

Industry Summit Extends Early Bird Deadline

Attendees who register by midnight this Friday, Aug. 18, will enjoy a $100 discount on a full-conference pass. Industry Summit is co-located with The Best Training Day Ever and includes F&I Think Tank, the Special Finance Conference, Compliance Summit, and Automotive Compliance Specialist certification by Automotive Compliance Education.

Tags: Automotive Compliance Education, Compliance Summit, F&I Think Tank, F&I training, Industry Summit, Special Finance Conference, The Best Training Day Ever

August 14, 2017 - Industry News

MUSA Auto Finance Launches Leasing Portal

The finance source’s new portal was designed to automate what has been a typically complicated process. With its launch, MUSA is looking to sign up dealers in Arizona, Arkansas, Delaware, Idaho, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Utah and Virginia.

Tags: auto finance, MUSA Auto Finance, software