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Finance

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May 7, 2018 - Industry News

Equifax: Finance Sources Pull Back From Subprime, Leasing

January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.

Tags: auto finance, auto loan origination, Equifax, Subprime Financing

May 7, 2018 - Industry News

Charter Warranty Introduces Car Payment Reimbursement Program

When a financed or leased vehicle is in a licensed mechanical or collision repair facility for more than seven days, Charter Warranty’s new program will reimburse a portion of the vehicle’s monthly payment for up to three months per eligible repair.

Tags: auto finance, Car Payment Reimbursement, Charter Warranty, F&I products

May 3, 2018 - Industry News

Federal Reserve Keeps Rates Steady

The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.

Tags: Federal Reserve, interest rates

May 1, 2018 - Industry News

Chase, Jaguar Land Rover Renew Private Label Agreement

The bank has served as Jaguar Land Rover’s exclusive auto finance provider for 10 years, providing customized retail, lease and commercial financing to the automaker's more than 330 U.S. dealers through Jaguar Financial Group and Land Rover Financial Group.

Tags: auto finance, captive finance, Chase Auto Finance, Jaguar Land Rover

May 1, 2018 - Industry News

April's Average Transaction Price Rises to $35,411

Less price-sensitive buyers splurged for the latest models in April, with the industry’s average transaction price rising 2% from a year ago despite rising fuel prices.

Tags: average transaction price, Kelley Blue Book, new-vehicle sales, Showroom

May 1, 2018 - Industry News

DealerDNA Earns Fiat Chrysler Certification

FCA dealers can join DealerDNA’s Synergie platform thanks to a new agreement between the factory and the digital marketing provider.

April 26, 2018 - Industry News

ProMax Sold to Private Equity Firm

SNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.

Tags: auto finance, CRM, Desking, F&I menu, inventory management, ProMax Unlimited, SNH Capital Partners, special finance

April 24, 2018 - Industry News

Head of Cadillac Departs

Johan De Nysschen has left the company to pursue other interests. The news comes nearly four years after he was named head of General Motors’ luxury brand.

Tags: Cadillac, General Motors, hires

April 23, 2018 - Industry News

J.D. Power Integrates Car Ratings Into NADAguides.com

NADAguides.com now features J.D. Power's quality, reliability and performance ratings, and reviews. The planned site enhancements occur just eight months after J.D. Power acquired NADAguides.com.

Tags: digital retailing, J.D. Power, NADAguides.com

April 20, 2018 - Industry News

It’s Official: Wells Fargo to Pay $1 Billion Fine

Wells Fargo has consented to pay federal regulators $1 billion to settle charges pertaining to sales of automotive collateral protection insurance and mortgage interest rate-lock extensions.

April 19, 2018 - Industry News

Ally Announces Sweeping Leadership Changes

Ally Financial announced a number of promotions and the departure of former President of Auto Finance Tim Russi.

April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

April 17, 2018 - Industry News

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo

April 13, 2018 - Industry News

AutoWeb Names Industry Veteran Jared Rowe President and CEO

The announcement marks Rowe's return to the company where he started his digital marketing career nearly 20 years ago. It also marks his return to the car business.

Tags: Autobytel, AutoWeb, Cox Automotive, digital marketing, digital retailing, technology

April 12, 2018 - Industry News

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

Tags: auto finance, Brett Roberts, Credit Acceptance Corp., special finance, Steve Jones, Subprime Financing

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

April 10, 2018 - Industry News

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo

April 9, 2018 - Industry News

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

Tags: auto finance, floorplan financing, NextGear Capital

April 5, 2018 - Industry News

Rails Joins Innovate Auto Finance in VP Role

Twenty-four-year automotive finance industry veteran Kevyn Rails has joined Innovate Auto Finance as vice president of portfolio acquisitions.

April 3, 2018 - Industry News

KBB: Average New-Car Price Jumps 2% in March

Thanks to strong SUV sales, March's average transaction price rose $703 from a year ago to $35,285, the firm said this week.

April 2, 2018 - Industry News

Hendrick to Install Reynolds docuPAD in All 96 Locations

When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.

Tags: compliance, docuPAD, econtracting, F&I menu, F&I products, F&I Technology, Hendrick Automotive Group

April 2, 2018 - Industry News

Lincoln Adds Pre-Owned Vehicles to Subscription Program

Photo courtesy of Lincoln.

The automaker is adding a slate of pre-owned 2017 Lincoln models to its subscription program in West Los Angeles. The program was originally launched there and in San Francisco in 2015.

Tags: auto finance, Canvas, Lincoln, Subscription Service

March 29, 2018 - Industry News

Black Book: Car Segment Values Strongest in Two Years

Last week, car segment values were up 0.26% compared to the 0.01% depreciation the segment experienced the week prior. This added up to the strongest week for car segment values in two years.

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

March 29, 2018 - Industry News

Cox: Off-Lease Tidal Wave Poses Greatest Risk to New-Vehicle Sales

It’s not just the wave of off-lease vehicles expected to return to the market this year and next, it’s the type of vehicles returning that could stunt new sales. Rising interest rates, however, could turn the tide for the new-vehicle market.

Tags: Cox Automotive, new-vehicle sales, used-vehicle sales

March 28, 2018 - Industry News

Lexus to Offer ‘Subscription-Type Plan’ With New Compact SUV

Photo of 2019 Lexus UX 200 courtesy of Toyota.

The all-new UX crossover SUV will be Lexus' first vehicle to be offered through a subscription plan when it arrives in dealership showrooms this December.

Tags: auto finance, Cadillac, Hyundai, Lexus, Lincoln, Subscription Service, UX 200, Volvo