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March 8, 2018 - Industry News

Auto Lands at No. 2 on N.Y. Attorney General’s Complaint List

The regulator who has championed New York’s crackdown on payment packing released his office’s Top 10 list of complaints received in 2017. Auto was 1,965 complaints short of the No. 1 complaint category: the internet.

Tags: auto finance, compliance, Credit Forget It, Eric T Schneiderman, Payment Packing

March 7, 2018 - Industry News

Westlake Launches New Prime Program

Executives say the new program, which is designed for car buyers with a 750 FICO or better, is part of the finance source's push to become a one-stop shop for every dealership.

Tags: auto finance, F&I office, FICO, full-spectrum finance, Westlake Financial Services

March 7, 2018 - Industry News

eLEND Adds Auto Finance Veterans to Sales Team

Automotive finance veterans Joe Peterson and Flory Hunsaker join the tech firm as chief sales officer and regional sales director, respectively. They bring decades of sales success to eLEND as it prepares for the launch of its next-generation finance platform.

Tags: auto finance, digital retailing, Ecommerce, eLend Solutions, Gateway One Lending & Finance, online F&I

March 6, 2018 - Industry News

TD Auto Finance Joins AutoGravity Network

Through the newly forged partnership, indirect financing offers through TD Auto Finance will be made available to qualified buyers using AutoGravity’s digital retail platform.

Tags: auto finance, digital retailing, online F&I, TD Auto Finance

March 6, 2018 - Industry News

Clarivoy Appoints Jessica Ruth to VP Role

Auto industry veteran and former Dominion executive Jessica Ruth has joined Clarivoy as vice president of product.

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

March 5, 2018 - Industry News

Auto Loan Interest Rates Soar to Eight-Year High

Edmunds analysts say the industry is beginning to see the trickle-down effect from the rate increases happening at the federal level. February's annual percentage rate on new finance vehicles was expected to average 5.2%, up from 4.9% in the year-ago period.

Tags: auto finance, Edmunds, Federal Reserve, interest rates

March 5, 2018 - Industry News

Experian Unveils Tri-Bureau Trended Attributes

The new offering is designed to help finance sources better serve consumers across the credit lifecycle, providing insight into historical consumer behavior across all three credit bureaus.

Tags: auto finance, Experian, full-spectrum finance

March 1, 2018 - Industry News

APCO Adds Anne Bélec to Board of Directors

The F&I product provider’s new board member spent 24 years with Ford Motor Co., where she served as director of global marketing for Ford, president and CEO of Volvo Cars of North America, and president of sales operations for Volvo Car Corp. in Sweden.

Tags: APCO, EasyCare, F&I product provider, F&I products, Ford Motor Co. Volvo Cars, GWC Warranty

March 1, 2018 - Industry News

KBB: Average New-Car Prices Rise 2% in February

Transaction prices have remained unaffected so far this year by the expected slowdown in new-vehicle demand. Notable increases were recorded by American Honda, Toyota Motor Co., and Volkswagen.

Tags: average transaction price, Honda, Kelley Blue Book, Toyota, Volkswagen

February 28, 2018 - Industry News

Mitsubishi Names Fred Diaz CEO of North America

Fred Diaz previously served in Nissan’s commercial truck division. He succeeds Ryujiro Kobashi, who served as Mitsubishi North America’s president and CEO for the last four years.

Tags: Fred Diaz, Mitsubishi, Nissan

February 28, 2018 - Industry News

Jumpstart: Shopper Interest in Full-Size Pickups Climbs in February

Shopper interest in the redesigned Ram 1500 climbed 172% in February, according to Jumpstart. (Photo courtesy of FCA USA)

The full-size pickup was the No. 3 most-shopped segment on the media company’s portfolio of automotive websites. The main drivers were luxury-oriented consumers, who were seen cross-shopping full-size pickups in February.

February 27, 2018 - Industry News

NextGear Enhances Account Management Platform

The floorplan financing provider has updated its Account Portal management platform with a new feature that allows dealers to opt into a recurring and automated payment system.

Tags: auto finance, floorplan financing, NextGear Capital, technology

February 27, 2018 - Industry News

LMC, J.D. Power: Mixed Results Expected for February

Average incentive spending in February is poised to fall for the first time since 2013 due to lower spending by Domestic manufacturers on trucks and SUVs. The two firms also project a 400,000-unit decrease in the SAAR and a 3% decline in retail sales.

Tags: incentives, J.D. Power, LMC Automotive, new-vehicle sales, SAAR

February 22, 2018 - Industry News

TransUnion: Auto Loan Growth Slowing

Originations continued to fall at a faster rate than previous years, as finance sources continued to tighten underwriting standards during 2017’s end-of-year quarter. TransUnion officials, however, say the sector is performing well as the economy remains relatively strong.

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

February 22, 2018 - Industry News

Military Lending Act's December Update More Harmful Than First Thought

Robert Wilkie, Under Secretary of Defense for Personnel and Readiness.

A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.

Tags: auto finance, compliance, credit insurance, Department of Defense, GAP, Hudson Cook, Military Lending Act

February 22, 2018 - Industry News

Volvo to Add V60 Wagon to Subscription Service

Photo Courtesy of Volvo Cars

Volvo Cars said this week it will add its V60 to its Care by Volvo subscription program when the redesigned station wagon makes its U.S. arrival in 2019.

Tags: Care by Volvo, station wagon, Subscription Service, V60, Volvo

February 20, 2018 - Industry News

Blinker Adds Ally’s F&I Protections, Expands Into Florida and California

Blinker was founded in 2016 by a team of industry veterans from US Bank, CarMax, GM Financial, and Cox Automotive. With this week’s announcements, the startup is quickly gearing up to take on private-party marketplaces like Craigslist, Letgo, Autotrader, Cars.com and Facebook Marketplace.

Tags: auto finance, Blinker, digital retailing, Fintech, online F&I, private-party sales

February 15, 2018 - Industry News

New York Fed: Credit Scores Rise as Household Debt Reaches New Peak

Credit scores in the fourth quarter of 2017 were only a half a point higher than the median score recorded during the first quarter of 2009. And according to the Federal Reserve Bank of New York, 2017 auto loan origination volume reached the highest level it has ever observed.

Tags: auto finance, delinquencies, Federal Reserve Bank of New York, Great Recession, origination volume

February 13, 2018 - Industry News

BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement

BB&T Tower in Atlanta (Wikimedia Commons and seniorliving.org)

BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.

Tags: auto finance, BB&T, CFPB, compliance, dealer participation, Mick Mulvaney

February 12, 2018 - Industry News

Hyundai, Acura Take Top Honors in KBB’s ‘5-Year Cost to Own’ Awards

The firm named Hyundai as the brand with the lowest cost to own and Acura as the lowest cost luxury brand. Top vehicles were selected in 22 categories.

Tags: Acura, Cost to Own, General Motors, Hyundai, Kelley Blue Book, Toyota

February 8, 2018 - Industry News

Manheim: Wholesale Prices Decline for Third Straight Month

Despite a 4.9% increase from a year ago, the Manheim Used Vehicle Value Index’s January reading was the lowest since last July.

February 8, 2018 - Industry News

Carvoy Launches New Leasing Platform

Photo courtesy of CarVoy 

Carvoy Ignite was designed to benefit dealers and customers by facilitating the sale of new-vehicle leases online.

Tags: Carvoy, Online Marketplace, Online Shopping

February 7, 2018 - Industry News

Black Book: Index Falls 1.2% to 113.1 in January

The firm had expected a steeper decline due to replacement activity linked to last year’s hurricanes. Instead, Black Book saw fairly typical depreciation.

Tags: Black Book, Hurricane Harvey, Hurricane Irma, used-vehicle values, vehicle depreciation

February 7, 2018 - Industry News

Black Book: Start of Tax Seasons Brings Low Depreciation, Strong Auction Sales

The beginning of tax season saw stronger sales at auction, especially for mainstream car segments. Mid-size cars led the way in terms of value retention in the car segment, while minivans, full-size vans and small pickups saw no change last week.

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

February 1, 2018 - Industry News

White Clark Founder Earns Technology Hall of Fame Award

Dr. Ed White, who co-founded White Clark Group in 1992, was awarded the International Auto Finance Network’s Technology Hall of Fame award for his contributions to the industry.

Tags: auto finance, Fintech, technology, White Clarke Group