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Insider Tip of the Week

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April 7, 2016 - Industry News

2014 F&I Dealer of the Year Added to F&I Think Tank Roster

Vaden Automotive Group's Jane Vaden Thacher will be at next month's F&I Think Tank in Tampa, Fla., to explain how the group's sales and F&I process makes $1,400 per copy a reasonable expectation for F&I producers.

Tags: F&I process, F&I Think Tank, F&I Turnover, Jane Vaden Thacher, Vaden Automotive Group

March 29, 2016 - Industry News

Moore to Take On Millennial Workforce at Dealer Summit

Protective Asset Protection’s Rich Moore will present a session dedicated to hiring and training Millennial workers at the upcoming Dealer Summit, organizers announced Monday.

Tags: Dealer Summit, Hiring, Millenials, Protective Asset Protection Division, Rich Moore

March 24, 2016 - Industry News

Only 30% of Customers Return to Selling Dealer for Service, Study Reveals

Customers aren't coming back to their dealerships for their repairs, according to Cox Automotive's 2016 Maintenance and Repair Study. It shows that more vehicle owners are choosing to go elsewhere because they feel they'll get a better price.

Tags: Cox Automotive, Customer Service, Maintenance, Repairs

March 23, 2016 - Industry News

ACA, Westlake Agree to Pay $7.4 Million in Relief to Mass. Consumers

American Credit Acceptance and Westlake Financial Services have agreed to pay $7.4 million to Massachusetts consumers to settle the state regulator's charges that they charged excessive interest rates on subprime loans.

Tags: American Credit Acceptance, GAP, interest rates, Relief, Subprime Loans, Westlake Services

March 23, 2016 - Industry News

Ally to Expand Econtracting to All 50 States

Dealers in Arizona, Hawaii, Michigan, Mississippi, Montana, New Jersey, New Mexico and Wisconsin will soon be able to econtract with Ally through Dealertrack. Ally currently offers econtracting in 42 states, and hopes to complete the expansion over the next several weeks.

Tags: Ally Financial, econtracting, Financing

March 23, 2016 - Industry News

Black Book, Fitch Predict Vehicle Depreciation Will Reach 15% in 2016

In a joint report issued this week, the two firms said increased supply and incentives will drive higher depreciation in 2016. Auto ABS performance will face pressure, but no material concerns, the firms say.

Tags: Black Book, new-vehicle sales, used-vehicle sales, vehicle depreciation

March 16, 2016 - Industry News

Recalls Spur Drop in Service Satisfaction, J.D. Power Reports

The firm’s 2016 U.S. Customer Service Index (CSI) Study shows that last year’s record number of recalls is having an effect on customer satisfaction with dealer service, which declined for the first time in six years.

Tags: Customer Service, J.D. Power, service department, vehicle recall

March 15, 2016 - Industry News

'Pump Up Your Volume' Manheim Campaign Begins

Manheim kicked off its month-long “Pump Up Your Volume” campaign on Monday, It's designed to promote inventory from key consignors as well as Manheim's large selection of sought-after luxury and non-luxury certified pre-owned vehicles.

Tags: Campaign, Certified Pre-Owned, Email Campaign, Manheim

March 15, 2016 - Industry News

Black Book Becomes Exclusive Partner to DRIVIN

By leveraging Black Book’s pricing information, DRIVIN will create used-car trends and analysis to educate and help dealers make smarter buying decisions.

Tags: Black Book, DRIVIN, software, Vehicle Valuation

March 10, 2016 - Industry News

'U.S. News & World Report' Issues 'Best Cars for Families' List

"U.S. News & World Report" released this week its 2016 list of 'Best Cars for Families.' The organization evaluated safety and reliability ratings, reviews, high-tech features, and cargo space of 256 vehicles and named winners in 21 different categories.

Tags: Best of, Family, MY-2016, U.S. News

March 8, 2016 - Industry News

SouthwestRe Introduces Powertrain Wrap Program

SouthwestRe's new Automotive Powertrain Wrap is a vehicle service contract designed to be sold together with the F&I product provider's First Automotive Lifetime Powertrain Limited Warranty program.

Tags: Powertrain Coverage, Service Contracts, SouthwestRe

March 2, 2016 - Industry News

Tom Hudson Joins Dealer Summit Roster

Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.

Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, Subprime Financing, Tom Hudson

February 25, 2016 - Industry News

APCO Acquires Automotive Development Group

The acquisition brings together two firms that have been connected since 1992, with ADG serving as APCO’s largest independent agency for seven of those years, including the last two.

Tags: APCO, Automobile Development Group, EasyCare, F&I product provier, F&I products, general agents

February 24, 2016 - Industry News

Ford Motor Credit Piloting Ride-Sharing Lease Program

The captive is piloting a new program in Austin, Texas, that will allow a group of three to six people to lease a Ford Vehicle. The program includes a mobile app that allows participants to schedule drive times, make payments and keep up with vehicle maintenance.

Tags: Austin, Ford, leasing

February 18, 2016 - Industry News

Pothole-Related Damage Costs U.S. Drivers $3 Billion Annually, AAA Finds

Photo courtesy of AAA. 

Potholes on U.S. roadway have become a $3 billion annual problem for vehicle owners, according to a new study from AAA. The findings make for great evidence manual material for F&I offices selling tire-and-wheel protection.

Tags: AAA, Repair, Vehicle Damage

February 16, 2016 - Industry News

Charlie Robinson to Keynote F&I Think Tank at Dealer Summit

Organizers of Dealer Summit announced that Charlie Robinson, president and COO of the Resource Automotive division at The Warranty Group, will deliver the keynote address for F&I Think Tank.

Tags: Charlie Robinson, Dealer Summit, F&I managers, F&I products, F&I Think Tank, F&I training, Resource Automotive, The Warranty Group

February 16, 2016 - Industry News

CNA National's Participation Programs Return $40 Million to Dealers in 2015

CNA National Warranty Corp. (CNAN) announced this week it returned more than $40 million to dealers through its various participation plans in 2015, bringing the total amount of money the firm has returned to dealers since its founding to more than $370 million

Tags: CNA National, Controlled Foreign Corp., distribution, Noncontrolled Foreign Corp.

February 11, 2016 - Industry News

Asbury: ‘Favorable Lending Environment” Spurs 9% Gain in Q4 F&I Revenue

Asbury Automotive Group reported this week that it’s F&I operations realized a $55 per-copy increase in the fourth quarter, with the group averaging $1,426 in gross profit per vehicle retailed during the end-of-year quarter.

Tags: Asbury Automotive, Fourth Quarter, PVR, Quarterly Earnings, Vehicle Sales

February 9, 2016 - Industry News

New EasyCare App Allows Dealers to ‘Own’ the ODBII Port

EasyCare is getting set to launch a new mobile app that will allow dealers to own the ODBII port in their customers’ vehicles. The connection will allow dealers to tailor service offers and alerts, as well as allow customers to perform a full health scan of their vehicle on their mobile device.

Tags: EasyCare, F&I manager, F&I products, mobile app, Mobile Marketing, service department

February 9, 2016 - Industry News

GWC Warranty Releases New Website Design

GWC Warranty's newly redesigned website is now live. It features simple-to-navigate content designed for dealers and customers alike. It also provides owners of GWC products with a dealer locator, and allows them to easily look up coverage, among other features.

Tags: GWC Warranty Corporation, Redesign, Website

February 9, 2016 - Industry News

Q4 2015 Outstanding Loan Balances Reach Highest Level on Record, Experian Reports

Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.

Tags: 30-day delinquency rate, 60-Day Delinquency Rate, auto finance, Auto Loans, banks, captive finance, credit unions, Experian Automotive, finance companies, Oustanding Auto Loan Balances

February 9, 2016 - Industry News

Ally Financial Increasing Carvana's Floorplan Credit Line

Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.

Tags: Ally Financial, Carvana, credit lines, Floorplan Financing

February 8, 2016 - Industry News

Fighter Pilot Bruce Bright to Keynote Dealer Summit

Organizers of Dealer Summit have announced that Lt. Col. Bruce Bright, USMC (Ret.) will deliver a motivational keynote address at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, Randy Crisorio, United Development Systems

February 3, 2016 - Industry News

Toyota Ends Scion Experiment

The automaker announced on Wednesday it plans to transition the youth-geared brand back into the Toyota brand, with several model-year 2017 vehicles expected to be rebadged as Toyota beginning in August.

Tags: Jim Lentz, Scion, Toyota

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp