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April 20, 2016 - Industry News

Dimmitt Chevrolet Receives Chevrolet Dealership of the Year Award

Founded in 1924, Dimmitt Chevrolet was named the 2015 Chevrolet Dealer of the Year. Out of more than 3,000 Chevrolet dealerships, the dealership was one of 50 to qualify to receive the award.

Tags: Awards, Chevrolet, Dimmitt Chevrolet, Florida

April 20, 2016 - Industry News

Former Larry H. Miller Group CEO Acquires California Dealership

Greg Miller, who stepped down as CEO of the Larry H. Miller Group in March 2015, has acquired Bob Baker Toyota in San Diego, Calif. The dealership will be renamed Greg Miller Toyota and will be operated under his new enterprise, Greg Miller Automotive San Diego.

Tags: Acquisition, California, Dealership

April 19, 2016 - Industry News

FCA Taps Express Lane Dealers for Mopar Fleet Parts Program

Through its 1,000 U.S. dealerships offering the Mopar Express Lane service, Fiat Chrysler Automobiles is rolling out the Mopar fleet parts and service program — a one-stop maintenance solution designed to assist fleets with uptime, driver safety, and competitive pricing,

Tags: FCA, Fiat Chrysler, Mopar Express Lane Service

April 19, 2016 - Industry News

Quakes Shut Down Toyota, Hino Production

Toyota will shut down most of its production of Toyota, Lexus, and Hino vehicles over the coming week, after a pair of deadly earthquakes rocked Japan and caused parts shortages for the automaker.

Tags: Hino, Lexus, Production, Toyota

April 19, 2016 - Industry News

SouthWest Dealer Services Acquires Two Agencies

SouthWest Dealer Services' acquisition of Chicago-based United Insurance Group and Seattle-based Olympic Dealer Marketing will expand its national reach, increase its employee count to 360, and raise its active dealer customer base to 650 across 16 states.

Tags: Acquisition, Olympic Dealer Marketing, Southwest Dealer Services, United Insurance Group

April 19, 2016 - Industry News

J.D. Power Sold to Global Alternative Investments Firm

J.D. Power owner McGraw Hill Financial is expected to finalize the $1.1 billion sale to XIO Group during the third quarter of 2016.

Tags: J.D. Power, McGraw Hill Financial, Transaction, XIO Group

April 13, 2016 - Industry News

Penske Acquires Canadian Truck Dealer Group

Penske's Premier Truck Group subsidiary has completed its acquisition of Harper Truck Centres' five commercial truck dealerships in Toronto. The acquired stores are expected to generate approximately $130 million in annualized revenue for Penske Automotive.

Tags: Acquisition, Canada, Harper Truck Centres, Penske Automotive Group, Premier Truck Group

April 12, 2016 - Industry News

Compliance Summit to Hit Tampa, Las Vegas in 2016

Organizers of Compliance Summit, a series of regional events dedicated to front-end compliance for dealers and dealership management, announced that events will be held in Tampa and Las Vegas this year following stops in Chicago and Austin, Texas, in 2015.

Tags: CFPB, compliance, Compliance Summit, Dealer Summit, ECOA, F&I Think Tank, Federal Trade Commission, Regulation Z, Regulations, TILA

April 12, 2016 - Industry News

Holman to Acquire Kuni Automotive

The acquisition, which is expected to be finalized this summer, will create one of the largest privately owned dealer networks in the country. The bi-coastal network will operate 33 dealerships and bring in more than $3 billion in overall annual revenue.

Tags: Acquisition, Dealer Network, Holman Automotive Group, Kuni Automotive Group

April 12, 2016 - Industry News

Vehicle Depreciation Accelerates in Q1, Black Book Reports

The acceleration in vehicle depreciation during the first quarter points to the market reaching the peak of spring, Black Book said this week. While many segments saw noticeable spikes in depreciation, the firm noted, some segments experienced increases in value during the quarter.

Tags: Black Book, depreciation, used vehicles, Used-Vehicle Value

April 7, 2016 - Industry News

Used-Vehicle Pricing Continues to Ease

Wholesale prices fell for the third straight time in March, but Cox Automotive’s Tom Webb said the softening is no cause for alarm.

Tags: Manheim, Manheim Used Vehicle Report, Tom Webb, used-vehicle values

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