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January 19, 2017 - Industry News

Compliance Summit Returns to Texas in September

Held alongside Industry Summit for the second consecutive year, Compliance Summit will include one full day of compliance education for dealers, managers, and sales and F&I professionals. An onsite certification courtesy of Automotive Compliance Education (ACE) will be available to all attendees the following day.

Tags: auto finance, Best Training Day Ever, compliance, Compliance Summit, F&I training, Industry Summit

December 21, 2016 - Industry News

Dave Zuchowski Out as Hyundai President, CEO

The automaker’s Chief Legal and Safety Officer, W. Gerald Flannery, takes over as interim president and CEO while the company searches for Zuchowski’s replacement. Flannery has been with the company since 1987.

Tags: employment, Hyundai, Hyundai Genesis

December 21, 2016 - Industry News

VW Reaches $1B Settlement for 3.0L Diesels

Volkswagen has reached an agreement to settle claims relating to its 3.0L V-6 TDI engines, committing to buy back a quarter of those vehicles. The automaker will also set aside $225 million for emissions reduction, and pay $25 million to support the use of zero emission vehicles (ZEVs) in California.

Tags: Diesel, Settlement, Volkswagen

December 14, 2016 - Industry News

Mass Action Lawsuit Against Carfax Dismissed

The $350 million mass action lawsuit against Carfax, which listed nearly 500 dealers and stalled the sale of its parent company R.L. Polk & Co. before its eventual sale to IHS three years ago, has been dismissed.

Tags: Carfax, Lawsuit

December 14, 2016 - Industry News

Ron Tonkin Dealerships Sold to Gee Automotive

With the two groups selling a combined 38,771 vehicles in 2015, the acquisition creates one of the nation’s Top 50 dealer groups and the one of the largest dealer groups on the West Coast. The Tonkin name will remain on all of the group's 21 dealerships, and the brand will continue to grow and expand in the Portland area, officials said.

Tags: Acquisition, Dealer Group, Gee Automotive Co., Ron Tonkin

December 1, 2016 - Industry News

Kerrigan Advisors: Auto Retail Index Up Nearly 12%

Kerrigan Advisors today announced that The Kerrigan Auto Retail Index was up 11.66% in November, significantly outperforming the broader S&P 500 Index by 240.9%. The firm attributed the rise in its index to the election of Donald Trump to the presidency.

Tags: Kerrigan Advisors, Kerrigan Auto Retail Index, Stocks

November 22, 2016 - Industry News

Kerrigan Advisors: Dealership M&A Activity Down in 2016

Buy/Sell activity remains strong, but the firm believes activity could slow in the fourth quarter as sellers hope for a more favorable tax rebate on their sales proceeds in 2017.

Tags: Kerrigan Advisors, Mergers and Acquisitions, Tax Benefits, The Blue Sky Report, Trump

October 13, 2016 - Industry News

Chicago's Mark Scarpelli Elected NADA Chairman

Aside from electing Mark Scarpelli chairman, the National Automobile Dealers Association’s 63-member board of directors selected Michigan's Wes Lutz as the trade group's 2017 vice chairman.

Tags: Chairman, NADA, NADA Convention and Expo

October 11, 2016 - Industry News

New York Increases Surety Bond Amount for the State's Used-Vehicle Dealers

Under the new law, used-car dealers who sold fewer than 50 cars in the previous calendar year will be required to purchase a $20,000 surety bond. Dealers who sold more than 50 cars will be required to purchase a $100,000 bond. Additionally, new dealer license applicants will need to post the $20,000 surety bond.

Tags: Assembly Bill, Law, New York, Surety Bond

September 29, 2016 - Industry News

Dealership Wages Outpacing Private Sector, NADA Study Shows

Employees at new-car dealerships made, on average, $69,718 a year in 2015, a 1% increase compared to the year prior, according to the NADA’s 2016 Dealership Workforce Study. General managers and F&I managers experienced double-digit percentage earnings growth rates, while sales managers and sales consultants increased 4.5% and 2.7%, respectively.

Tags: Dealership, NADA, Study, Wages

September 14, 2016 - Industry News

Lithia Motors Acquires Carbone Auto Group

Lithia Motors Inc. has acquired Carbone Auto Group, a New York- and Vermont-based dealer group that generates an estimated $600 million in annual revenue, according to a company announcement. The purchase adds 13 stores to Lithia's portfolio.

Tags: Acquisition, Carbone Auto Group, Dealer Group, Lithia Motors

September 6, 2016 - Industry News

Five Star Ford of Lewisville Wins F&I Dealer of the Year Award

Texas-based Sam Pack’s Five Star Ford of Lewisville was named F&I and Showroom’s 2016 F&I Dealer of the Year. The award was handed out last Wednesday during the magazine’s annual Industry Summit.

Tags: Awards, Dealership, F&I Dealer of the Year, F&I Pacesetters, Sam Pack's Five Star Ford of Lewisville

September 6, 2016 - Industry News

Alpha Warranty Release Limited Lifetime Warranty and New Wrap Protection

Alpha Warranty announced the release of its DriveEasy Limited Lifetime Powertrain Warranty and its DriveEasy Wrap Protection vehicle service contract. The later provides up to five years and 100,000 miles of additional coverage, and is designed to complement the limited lifetime powertrain warranty,

Tags: Alpha Warranty Corp., Vehicle Service Contract, Warranty

July 28, 2016 - Industry News

ORIAS Offers Prize to Industry Summit Attendees

Organizers of the upcoming Industry Summit have announced that Old Republic Insured Automotive Services (ORIAS) will award two $500 American Express gift cards in a random drawing of attendees who register by this Friday, July 29.

Tags: Compliance Summit, F&I manager, F&I trainer, Industry Summit, ORIAS

July 14, 2016 - Industry News

Consulting Group Offers Advice on Preventing Employee Theft

While unfortunate, employee crimes against dealers do happen. This week, Automotive Compliance Consultants released a list of tactics dealers can employ to prevent employee theft at their store.

Tags: Compliant, Dealership, Security, Theft

July 8, 2016 - Industry News

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

July 5, 2016 - Industry News

Jumpstart: 60% of Millennials Buy a New Vehicle Every Three Years

A study from Jumpstart and Ipsos Connect found that 74% of Millennials now take four weeks or less when shopping for a car. It also found that women continue influence a majority of all vehicle transactions.

July 5, 2016 - Industry News

KBB: Average Transaction Price Rises in June

Fueled by domestic brands and the sale of trucks and SUVs, the average price for a new vehicle in June increased 2% from a year to $33,652, according to Kelley Blue Book.

Tags: Fiat Chrysler, Ford, General Motors, KBB, Transaction Prices

June 28, 2016 - Industry News

96.7% of Jeeps Are U.S.-Built, Experian Reports

An Experian analysis found that out of all auto brands that sell in the United States, Jeep had the highest percentage of vehicles built domestically. According to the analysis, 96.7% of Jeeps on U.S. roads were assembled in the country.

Tags: American, Analysis, Experian, Experian Automotive, Jeep

June 27, 2016 - Industry News

KBB Predicts Record Sales in June

Kelley Blue Book expects June new-vehicle sales to increase 5% from a year ago to 1.55 million units. This predicted increase should result in an estimated 17.1 million seasonally adjusted annual rate (SAAR).

Tags: Compact Segment, CUV, June Sales, KBB, Kelley Blue Book, Mid-Size Segment

June 23, 2016 - Industry News

ADESA Promotes Two to Dealer Services Leadership Roles

The business unit of KAR Auction Services has promoted C.J. Lopez to director of major dealer accounts, and Kjersta Loyd to regional dealer sales manager for the Mideast and Midwest regions.

Tags: ADESA, Auto Auctions, Used Vehicles

June 22, 2016 - Industry News

Black Book: Depreciation Rates Showing Consistency

Over the last four weeks, depreciation rates for both cars and trucks have begun to show some consistency, according to Black Book, with truck depreciation picking up from the spring season.

Tags: Black Book, Used-Car Values, vehicle depreciation

June 21, 2016 - Industry News

F&I Dealer of the Year: Nomination Deadline Extended

David-Moore Automotive's Sean Tarbell accepts the 2015 award from The Warranty Group's Ash Bauer and F&I and Showroom's Gregory Arroyo.

F&I and Showroom has extended the nomination deadline for its F&I Dealer of the Year award to Wednesday, July 13.

Tags: F&I Dealer of the Year, F&I department, F&I manager, F&I Pacesetters, F&I process

June 21, 2016 - Industry News

NIADA's New President Begins Term

The National Independent Automobile Dealers Association (NIADA) presented Billy Threadgill with its President’s Ring and officially opened his term as president during the National Leadership Awards Banquet at the association's 70th annual convention and expo.

Tags: Independent Automobile Dealers Association, NIADA, President

June 8, 2016 - Industry News

Wholesale Prices Rise Again in May, Manheim Reports

Wholesale used-vehicle prices increased again in May, suggesting dealers have continued to achieve efficiency gains that allow them to bid-up auction prices even as gross margins narrow, according to Manheim’s Used Vehicle Value Index.

Tags: Manheim, Manheim Used Vehicle Report, used-vehicle values, Wholesale Pricing

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