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Finance

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August 2, 2018 - Industry News

Zero Percent Finance Deals Drop to 13-Year Low

Edmunds reports loan interest rates sustained near-record highs in July as automakers make the shift away from traditional summertime financing deals.

August 1, 2018 - Industry News

Harkins to Emcee Compliance Summit, PALS at Industry Summit 2018

Bob Harkins will serve double duty at this year’s Industry Summit, serving as master of ceremonies for Compliance Summit and P&A Leadership Summit.

July 31, 2018 - Industry News

PALS Names 2018 Advisory Board Members

The advisory board for the sixth annual P&A Leadership Summit includes executives from leading F&I product providers and administrators.

July 30, 2018 - Industry News

Capital One: Auto Growing as Competition Intensifies

Capital One announced gains in its auto finance division even as directors acknowledged increasing competition in the subprime space.

July 26, 2018 - Industry News

Wells Fargo to Begin Growing Auto Loan Portfolio by Mid-2019

Photo by Laimerpramer via Wikimedia Commons

Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.

Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo

July 23, 2018 - Industry News

FCA Elevates Ram Truck Head to CEO

FCA has named Mike Manley its CEO to replace an ailing Sergio Marchionne. Photo courtesy of FCA.  

Fiat Chrysler Automobiles has named Ram truck and Jeep head Michael Manley as its chief executive officer, after medical complications forced Sergio Marchionne to step away from the company.

Tags: Fiat Chrysler, Jeep, Mike Manley, Ram, Sergio Marchionne

July 23, 2018 - Industry News

Fluency Ad Platform Brings One Click Campaign Management to Agencies

Fluency founders Brian McVey, Eric Mayhew, Scott Gale, and Mike Lane.

Co-founded by Dealer.com founder Mike Lane, Fluency is a business-to-business ad platform provider for industry-focused digital advertising and marketing agencies.

Tags: ad agency, advertising, Dealer.com, digital marketing, Fluency, Mike Lane

July 23, 2018 - Industry News

Former Toyota Exec Joins Portfolio Reinsurance Sales Team

Peter Jacobson, formerly with Toyota Financial Services, has joined Portfolio as a reinsurance specialist.

July 23, 2018 - Industry News

Industry Summit Panel to Examine Industry’s Digital Transformation

Industry Summit’s annual ‘From the Boardroom’ session will feature executives from F&I product providers and software firms, who will tackle the big questions facing F&I offices as the industry continues to push for a more digitized car-buying experience.

Tags: compliance, digital retailing, F&I process, F&I products, Industry Summit, online F&I, Showroom

July 19, 2018 - Industry News

J.D. Power: Wholesale Prices Decline in June

June wholesale prices for used vehicles up to eight years in age fell by an average of 0.9% compared to May. Losses at the segment level were less than historic norms across the board on both the mainstream and premium sides of the market, the firm said.

Tags: Auto Auctions, J.D. Power Valuation Services, Wholesale Pricing

July 18, 2018 - Industry News

Manheim Sees Record-Level Digital Adoption in First Half

The company reported that 45% of vehicles sold in the first half were to digital buyers on Manheim.com. The firm also detailed enhancements it’s planning to make to the Manheim Marketplace over the next few months.

Tags: Auto Auctions, digital, Manheim, Manheim Marketplace, RMS Automotive

July 17, 2018 - Industry News

AutoGravity Names New CEO, CTO

Alex Mallman, AutoGravity CEO

Alex Mallman, who most recently served as president and CEO of Mercedes-Benz Auto Finance China, replaces AutoGravity’s co-founder and CEO Andy Hinrichs, who left in May, according to the Orange County Business Journal.

Tags: AutoGravity, Daimler Financial Services, digital retailing, online F&I

July 16, 2018 - Industry News

Black Book Becomes Valuation Partner for MYEV.com

With today’s announcement, Black Book valuation data will be integrated with all EVs listed in the MYEV.com system, which will help buyers and sellers ensure they’re reviewing the most accurate and up-to-date valuations within the market.

Tags: digital marketing, digital retailing, lead generation, MYEV.com, Third-party leads

July 16, 2018 - Industry News

CDK Global to Acquire ELEAD1ONE

The deal was first reported on Sunday by The Banks Report, which described the pending acquisition as checking off 'several boxes for CDK while filling a big product hole — a viable integrated CRM platform with significant market share.'

Tags: CDK Global, CRM, digital marketing, digital retailing, DMS, ELEAD1ONE, online F&I

July 12, 2018 - Industry News

Virginia Dealer Rolls Out Roadster's Online Car-Buying Platform

McGeorge Toyota is the latest dealership operation to add Roadster’s Express Storefront digital retailing platform. The dealership refers to its new website feature as ‘McGeorge @Home.’

Tags: digital retailing, Express Storefront, McGeorge Toyota, online F&I, Roadster

July 10, 2018 - Industry News

F&I Dealer of the Year Nominations Now Being Accepted

F&I and Showroom, Auto Dealer Today's sister publication, is now accepting nominations for its 17th F&I Dealer of the Year contest, sponsored for the second straight year by American Financial & Automotive Services. Nominations must be received by Aug. 15, 2018.

Tags: contests, DOY Pacesetters, DOY Winners, F&I Dealer of the Year, F&I director, F&I profit

July 10, 2018 - Industry News

GWC Introduces Major Account Management Team

GWC Warranty has assembled a veteran team of industry experts to manage its largest dealership partnerships.

July 9, 2018 - Industry News

CFPB Official Who Sued Trump Resigns, Drops Suit

The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.

Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

July 9, 2018 - Industry News

AFS Renamed Credito Real USA, Poised to Expand

AFS Acceptance has officially been renamed Credito Real USA, two years after being acquired by Mexico’s Credito Real and on the eve of a planned market expansion.

Tags: AFS Acceptance, auto finance, Credito Real USA Finance, CRUSAfin, Scot Seagrave

July 5, 2018 - Industry News

Edmunds: Stage Set for Market Contraction

June’s annual percentage rate of 5.82% marked a 17% increase since January 2018. Add rising rates to a virtually saturated U.S. market, record-high vehicle prices, and historically high numbers of people who owe more than their cars are worth, and the stage is set for a market contraction, the firm said.

Tags: Edmunds, Federal Reserve, interest rates, negative equity, new-vehicle sales, SAAR, used-vehicle sales

July 3, 2018 - Industry News

Black Book: Wholesale Values Remain Stable at Start of Summer

Wholesale values continued to see little change last week, although demand for sporty cars appears to be dwindling as the average value of that segment has begun to drop.

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

July 3, 2018 - Industry News

KPA Acquires Auto Advisory Services Inc.

The acquisition of the F&I audit services firm enables KPA to become a single source for automotive compliance. The transaction closed on May 31.

Tags: Auto Advisory Services, auto finance, compliance, F&I office, KPA Services LLC

July 3, 2018 - Industry News

ZERO Plan Announces New 36-Month Terms

Universal Lenders now allows car buyers to extend the financing of service contracts and other F&I products up to 36 months.

June 28, 2018 - Industry News

Universal Lenders Wins Gold in Dealers’ Choice Awards

Universal Lenders, creator of the ZERO Plan, won Gold for F&I Product Financing Company in Auto Dealer Today’s 2018 Dealers’ Choice Awards.

Tags: Dealers' Choice Awards, F&I product financing, The Zero Plan, Universal Lenders

June 28, 2018 - Industry News

LMC/J.D. Power: First-Half Retail Sales Weakest in Four Years

Retail sales for the first half of 2018 are expected to be the weakest since 2014, but record transaction prices have consumers on pace to spend nearly $5 billion more on new-vehicle purchases during the period compared to a year ago.

Tags: Forecast, J.D. Power and Associates, LMC Automotive, new-vehicle sales