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May 30, 2018 - Industry News

Car-Ware Integrates BillingTree Digital Payment Technology

Users of Car-Ware’s dealer management solutions can now offer an industry-specific digital payment solution for auto finance transactions.

May 24, 2018 - Industry News

AutoGravity Names Jason Bonifay Vice President of Engineering

The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.

Tags: auto finance, AutoGravity, digital retailing, online F&I, technology

May 23, 2018 - Industry News

Autotrader Names 10 Best Non-Luxury and Luxury CPO Programs

Topping Autotrader’s 2018 lists of non-luxury and luxury CPO programs were Hyundai and Lexus, respectively. Both offer unrivaled warranty coverages, along with several perks that make them an ideal choice for shoppers looking for a lightly used model.

Tags: Autotrader, Certified Pre-Owned, Hyundai, Lexus

May 23, 2018 - Industry News

California New-Vehicle Sales Expected to Exceed 2 Million in 2018

With the car market having plateaued after several years of increases, the California New Car Dealers Association said it continues to see increasing demand for larger, more family-friendly vehicles. But with gas prices continuing to increase, that trend could shift in the quarters ahead.

Tags: California, California New Car Dealers Association, new-vehicle sales, SUV

May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.

Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups

May 17, 2018 - Industry News

Freed From CFPB Order, Toyota Financial to Raise Markup Caps

Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.

May 17, 2018 - Industry News

Alpha’s Rosenvall Named Executive of the Year

Steve Rosenvall, CEO of Alpha Warranty Services, earned Executive of the Year honors in the 16th annual American Business Awards.

May 17, 2018 - Industry News

Luckett Joins Portfolio as Managing Director

Thirty-three-year industry veteran and former Warranty Group exec John Luckett has joined Portfolio as a managing director for sales and agent development.

May 16, 2018 - Industry News

Black Book: Car Values Down for First Time in Two Months

With the spring selling season now in the rearview mirror, the car segment broke its two-month streak last week of rising wholesale values. Only full-size and sporty cars realized higher wholesale values through the week.

Tags: Black Book, car segment, depreciation, wholesale values

May 15, 2018 - Industry News

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.

Tags: attorneys general, compliance, dealer participation, Federal Trade Commission, regulation

May 14, 2018 - Industry News

TransUnion: Auto Finance Registers Lowest Growth Rate Since Q1 2012

The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.

Tags: auto finance, Auto Loan Balances, delinquencies, TransUnion

May 10, 2018 - Industry News

Group 1 Hits Record PRU in Q1

Group 1 Automotive’s 117 U.S. dealerships averaged $1,718 in F&I gross profit per retail unit, a 4.9% increase from a year ago and a new company record.

May 8, 2018 - Industry News

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA

May 8, 2018 - Industry News

NIADA: Cost of Doing Business Up, Finance Availability Down

The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.

Tags: auto finance, compliance, Nation Independent Dealers Association, tax season

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.