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August 14, 2017 - Industry News

Dave Anderson to Deliver Industry Summit, Best Training Day Ever Keynote Address

LearnToLead founder and nationally recognized leadership trainer Dave Anderson will deliver the Tuesday afternoon keynote address at this year’s Industry Summit as part of the Best Training Day Ever agenda.

Tags: Dave Anderson, Industry Summit, leadership, LearntoLead, training

August 10, 2017 - Industry News

Fusion Auto Finance Acquires GrooveCar Family of Brands

The GrooveCar Family of Brands includes CU Xpress Lease, an auto lease program for credit unions with a portfolio exceeding $5 billion and more than 100,000 vehicles, and GrooveCar Direct, an online auto buying platform exclusively for credit union members. The acquisition also includes CU Xpress Lease CA, CUAutoCoupon, and GrooveCar Inc.

Tags: CU Xpress Lease, Fusion Auto Finance, GrooveCar

August 10, 2017 - Industry News

AFC Enhances Dealer Portal With Inventory Dashboard Tool

Available on the AFCDealer website and AFC On the Go mobile app, the new offering provides dealers with instant access to current and historical account information, as well as detailed insights into vehicles floored with the finance source.

Tags: Automotive Finance Corporation, Floorplan Financing, inventory financing

August 8, 2017 - Industry News

F&I Think Tank: Shark Tank Trainers Revealed

Four of the industry’s top F&I trainers will be swimming the aisles during F&I Think Tank’s Shark Tank, a stump the pro-like session that will allow attendees to get answers to their most troublesome customer objections, deal situations and departmental issues.

Tags: American Financial & Automotive Services, Carl Grane, EasyCare, F&I process, F&I Think Tank, F&I training, Industry Summit, Jay Lawrence, John Vecchioni, National Auto Care, objection handling, Reahard & Associates, Rick McCormick, Shaka Dyson

August 8, 2017 - Industry News

Mind the GAP: Wells Fargo Faces New Charges

Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.

Tags: auto finance, compliance, GAP, Wells Fargo Dealer Services

August 8, 2017 - Industry News

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).

Tags: Arbitration, auto finance, CFPB, compliance, Jeb Hensarling

August 8, 2017 - Industry News

Integrated Lending Technologies Certified to Offer RouteOne Econtracting

RouteOne announced the addition of Integrated Lending Technologies (ILT) to its roster of econtracting certified loan origination systems (LOS). Finance sources utilizing either of ILT’s systems will now benefit from a streamlined econtracting implementation process, officials said.

Tags: auto finance, econtracting, Integrated Lending Technologies, RouteOne

August 8, 2017 - Industry News

Top-Flight F&I Directors Join F&I Think Tank Roster

F&I Think Tank’s ‘The Director’s Chair’ will feature the F&I director for the magazine’s 2016 F&I Dealer of the Year in Tom Andrews, as well as former F&I Pacesetters Dan Mason and Justin Gasman. It will also feature His Madness, Marv Eleazer, as moderator.

Tags: Dan Mason, Ethical F&I Managers, F&I 20 Group, F&I director, F&I manager, F&I process, F&I Think Tank, F&I training, Industry Summit, Justin Gasman, Marv Eleazer, Tom Andrews

August 7, 2017 - Industry News

Gruber to Helm Leadership Panel at PALS

Kristen Gruber of Dealers Assurance Company (DAC) will moderate an all-star panel of leadership experts at the upcoming P&A Leadership Summit.

Tags: F&I products, Industry Summit, Kristen Gruber, National Automotive Experts, P&A Leadership Summit

August 7, 2017 - Industry News

Manheim Used Vehicle Value Index Posts Third Consecutive Record

The index’s July reading shows that demand is absorbing the high supply of newer used vehicles. The good news on the new side is that inventories fell below four million and are at their lowest level of the year.

Tags: CPO, Manheim, Manheim Index, new-vehicle sales, used-vehicle values

August 7, 2017 - Industry News

CareGard to Open Offices to Industry Summit Attendees

Agents attending this year’s Industry Summit in Grapevine, Texas, can schedule a time to visit CareGard’s nearby headquarters.

Tags: CareGard, F&I products, general agents, Industry Summit

August 3, 2017 - Industry News

Drive Motors Raises $5.2 Million in Seed Funding

The digital retailing solution provider will use its new funding to expand its dealership network and develop more features to streamline the car-ownership experience, officials said.

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

August 2, 2017 - Industry News

KBB: New-Car Transaction Prices Rise Nearly 2% in July

Thanks to declining car sales and the popularity of SUVs, July's average transaction price increased by $573 from a year ago to $34,721.

August 1, 2017 - Industry News

Black Book: Used-Vehicle Retention Index Remained Unchanged in July

The index has remained unchanged or moved positive in three of the last four months, according to officials. Posting noticeable gains in their respective segment indexes were full-size cars, full-size pickups, luxury cars, and near-luxury cars.

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

August 1, 2017 - Industry News

LenderLive Expands Compliance Solutions for Finance Sources

The compliance solutions provider will provide these expanded services through LenderLive Compliance Solution, a new line of business that will offer both bundled and a la carte services to vehicle finance companies, credit unions, community banks, and regional banks.

August 1, 2017 - Industry News

700Credit Rolls Out Instant Income and Employment Verification Solution

Powered by The Work Number from Equifax Workforce Solutions, the firm’s new Income PreCheck product is designed to improve the consumer experience by making the transaction process seamless with fewer roadblocks to financing.

Tags: 700Credit, digital retailing, Employment Verification, Income Verification, online F&I, software

July 27, 2017 - Industry News

CFPB: Small-Dollar Lending, Debt-Collection Rules Are Coming

The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.

Tags: Arbitration, auto finance, CFPB, compliance, Debt Collection, Payday Lending

July 26, 2017 - Industry News

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

Tags: Arbitration, auto finance, CFPB, compliance, House Financial Services Committee, Jeb Hensarling

July 26, 2017 - Industry News

Former Ally and Exeter CIO Joins White Clarke Group

Nick Ockwell has joined the loan origination and servicing software provider as its executive vice president of operations for the Americas. The announcement comes less than a year after Five Arrows Principal Investments made a significant equity investment in the firm with the intent to scale the business.

July 26, 2017 - Industry News

MeridianLink Adds RouteOne’s Econtracting Solution to Loan Origination System

The connection removes the complexity of adding econtracting for finance sources utilizing MeridianLink’s LoansPQ loan origination system, according to officials.

Tags: econtracting, MeridianLink, RouteOne, software, technology

July 25, 2017 - Industry News

Republicans Challenge CFPB’s Arbitration Rule

The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..

Tags: Arbitration, auto finance, CFPB, CFPB study, compliance, Jeb Hensarling

July 25, 2017 - Industry News

Hudson Cook Team Updates ‘CARLAW F&I Desk Book’

Authored by attorneys Thomas B. Hudson, Michael Benoit, Ralph Rohner and the attorneys of Hudson Cook LLP, 'CARLAW F&I Legal Desk Book (7th edition) – The Answer Book for Finance and Insurance Professionals,' presents a law-by-law, regulation-by-regulation guide through the legal maze that dealers face every day.

Tags: auto finance, CARLAW, compliance, Hudson Cook LLP, Michael Benoit, Regulations, rules, Tom Hudson

July 24, 2017 - Industry News

StoneEagle Opens Dallas Golf Tournament Registration

Registration is now open for Golf for Heroes, a charity tournament benefiting Carry The Load that will be held in conjunction with Industry Summit.

Tags: charity giving, Golf for Heroes, Industry Summit, StoneEagle Group

July 21, 2017 - Industry News

StoneEagle Seeks Sponsors for Charity Golf Tournament

StoneEagle is offering $3,500 hole sponsorship opportunities to companies and individuals that wish to support Golf for Heroes and Carry The Load.

Tags: Carry the Load, charity giving, Golf for Heroes, Industry Summit, StoneEagle Group

July 20, 2017 - Industry News

Credit Tightening at Wells Fargo to Continue Into 2018

Wells Fargo President and CEO Timothy Sloan

With second quarter originations plunging 45% from a year ago on tightening underwriting standards, bank execs said they expect originations to continue falling for the rest of the year before stabilizing in the first half of 2018.

Tags: auto finance, car loan, F&I office, Wachovia Dealer Services, Wells Fargo Dealer Services