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Insider Tip of the Week

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February 2, 2016 - Industry News

F&I Think Tank Adds Top Compliance Experts

Six of the industry’s top compliance experts will be at the Sheraton Tampa Riverwalk Hotel to lead a 20 Group-like session on compliance. Aside from fielding questions from attendees, the group will tackle some pervasive regulatory myths surrounding the F&I office.

Tags: CFPB, compliance, David Robertson, FTC, Jim Ganther, Karen Klees, Michael Tuno, NADA, Randy Henrick, Robert Harkins

February 2, 2016 - Industry News

Auto/Mate Announces Integration With Scan123

Scan123’s electronic document management system is now integrated with Auto/Mate’s Automotive Productivity Management Suite DMS, allowing Scan123 users to store and access documents through Auto/Mate’s DMS.

Tags: Auto/Mate, electronic document storage, F&I office, Scan123

February 2, 2016 - Industry News

J.D. Power/LMC: Snow Storm Slows But Doesn’t Stop Car Sales in January

The two firms expect January total light-vehicle sales to total 1.1 million units, while the January SAAR is expected to have reached 16.8 million units. LMC Automotive said its sales forecast for 2016 remains at 17.8 million units.

Tags: fleet sales, J.D. Power, January sales, LMC Automotive, Retail Sales, SAAR

January 28, 2016 - Industry News

GM, Jim Koons and Lithia Settle FTC’s Complaints Regarding CPO Claims

The regulator said the three companies agreed to settle its charges that they failed to disclose that some certified pre-owned vehicles were subject to open and unrepaired safety recalls despite claims of rigorous inspections in advertisements.

Tags: Deceptive Advertising, Federal Trade Commission, FTC, General Motors, Jim Koons Automotive, Lithia Motors

January 28, 2016 - Industry News

Cox Automotive Enters F&I Product Business

Cox Automotive announced today it has acquired a minority interest in F&I product provider SilverRock Holdings LLC. Officials said the products will be sold through dealers affiliated with Go Financial and NextGear Capital.

Tags: Cox Automotive, GAP, GO Financial, NextGear Capital, Oreno Holdings, SilverRock Holdings, vehicle service contracts, Vehicle-Recovery Device

January 28, 2016 - Industry News

New York AG Charges Multi-Store Group With Payment Packing

Attorney General Eric Schneiderman filed suit last week against Koeppel Auto Group as part of its two-year crackdown on payment packing and the sale of credit repair and identify theft protection services.

Tags: Credit Forget It, Damien Bullard, Eric Schneiderman, IDDG, NY Attorney General, payment packing

January 26, 2016 - Industry News

Goebel to Pull Triple Duty at Dealer Summit

Organizers of Dealer Summit have announced that Greg Goebel will lead three of the eight sessions dedicated to special finance at Dealer Summit, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, DealerStrong, F&I Think Tank, Greg Goebel, special finance

January 20, 2016 - Industry News

UDS's Romani Joins Dealer Summit Roster

Organizers of Dealer Summit announced that United Development Systems Inc. (UDS)’s Fernando Romani has agreed to speak at the event, which is scheduled for May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I Think Tank, F&I trainer, Fernando Romani

January 19, 2016 - Industry News

Vehicle Reliability a Growing a Concern for Car Buyers, J.D. Power Finds

The J.D.Power 2016 U.S. Auto Avoider Study examined the reasons consumers purchased, rejected and avoided models in the marketplace during 2015. According to the survey, vehicle reliability has become a top consideration.

Tags: Car Buyers, car buying, J.D. Power, Study, Survey

January 19, 2016 - Industry News

Wash. Dealer Ordered to Pay $74,000 for Deceptive Advertising

Rairdon’s Dodge Chrysler Jeep of Kirkland agreed to pay $35,125 in civil penalties and $39,210 in costs and fees. The dealership was charged with violating the state's Consumer Protection Act for sending out 7,025 promotional mailers that mimicked official NHTSA recall notices.

Tags: Chrysler, consumer protection, Dodge, Jeep, mailers, National Highway Traffic Safety Administration

January 19, 2016 - Industry News

Priority One Offers New F&I Products for RV, Marine Dealers

The F&I outsource company for the recreational vehicle industry announced new F&I products for RV and marine dealers through a joint partnership with Protective APD. The new offerings are available in 11 states.

January 15, 2016 - Industry News

Dealer Summit 2016 to Host F&I Think Tank

The one-day preshow event was created in partnership with Ethical F&I Managers, a more than 5,000-member Facebook group created by F&I and Showroom’s ‘Mad’ Marv Eleazer. It’s scheduled for Tuesday, May 3, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I manager, F&I process, F&I products, F&I Think Tank, Mad Marv, objection handling

January 14, 2016 - Industry News

GM to Launch Online Shopping Portal for Low-Mileage Used Cars

General Motors' decision to open up its remarketing channel to consumers through an online car-buying portal may give dealers pause, but officials said the move is designed to help GM dealers compete with third-party sites that are disrupting the used-car market.

Tags: General Motors, mileage, Online Buying, used vehicles

January 12, 2016 - Industry News

RoadVantage Announces New F&I Bundle

RoadVantage has announced a new addition to its Preferred customizable bundles. The new offering adds environment interior and exterior coverage to a package that already includes tire-and-wheel protection, cosmetic/alloy wheel repair, windshield repair, dent and ding, key replacement and emergency roadside service.

Tags: dent-and-ding, environmental protection, key replacement, RoadVantage, windshield protection

January 8, 2016 - Industry News

Registration Open for Dealer Summit 2016

Organizers of Dealer Summit announced that registration is now open for the event, which is scheduled for May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: compliance, Dealer Summit, DealerStrong, digital marketing, Greg Goebel, Jim Ziegler, lead conversion, reinsurance, sales, special finance

January 7, 2016 - Industry News

Cox Automotive Canada Acquires Manheim Source Edmonton

Cox Automotive Canada, through its Manheim Canada operation, has acquired complete ownership of Manheim Source Edmonton. The auction will now operate as Manheim Edmonton.

Tags: Acquisition, Canada, Cox Automotive, Manheim

December 29, 2015 - Industry News

Hyundai Hires Former Lamborghini Exec to Lead Genesis Brand

Hyundai Motor announced Monday it has hired Manfred Fitzgerald as senior vice president of its Genesis luxury brand. The former director of brand and design for Lamborghini will be based in the South Korean automaker's headquarters in Seoul. He will play a key role in brand strategy, marketing and other business operations within the Genesis brand.

Tags: Executive Panel, Hynudai, Hyundai Genesis

December 23, 2015 - Industry News

GE Selling Hyundai Capital Shares to Hyundai, Kia

GE announced today that it has signed an agreement to sell its 23.3% stake in Hyundai Capital Services to Hyundai Motor Co. and Kia Motors. The announcement comes less than a month after it unloaded its transportation business unit to BMO Financial Group.

Tags: BMO Harris Bank, GE Capital Services, Hyundai, Kia Motors America

December 22, 2015 - Industry News

Provision in New Tax Bill May Benefit Dealers

A provision in the act will grant dealers an additional $8,000 in first year-depreciation for certain business vehicles purchased in 2015. However, to use the provision in 2015, dealers must purchase qualifying vehicles before Dec. 31, 2015. The additional $8,000 continues into 2016 and 2017 but will be gradually phased out starting in 2018, according to the NADA.

Tags: ATD, Congress, legislation, NADA

December 17, 2015 - Industry News

Chrysler Dealers to Get Econtracting

RouteOne and Chrysler Capital/Santander Consumer USA announced today that they will begin rolling out econtracting to Chrysler dealers toward the end of the first quarter 2016.

November 24, 2015 - Industry News

Wise F&I's Rob Berger Elected President of GAPA

Rob Berger, executive vice president at Wise F&I, was elected as president of the Guaranteed Asset Protection Alliance (GAPA).

Tags: GAP, GAPA, Rob Berger, Wise F&I

November 19, 2015 - Industry News

Ontario Teachers’ Pension Plan to Acquire Majority Stake of APCO

The transaction is expected to close this December. Officials said APCO’s management team will remain in place once it does.

Tags: APCO, EasyCare, GWC Warranty Corporation, Larry Dorfman, Stone Point Capital, vehicle service contracts

November 16, 2015 - Industry News

Larry H. Miller Management Corp. Announces Board of Directors

The appointment of the new board follows the company’s March 2015 announcement of a new corporate structure and a nationwide search for board members with executive experience outside the Miller organization.

Tags: Greg Miller, Larry H. Miller Dealerships

November 4, 2015 - Industry News

Hyundai Turns Genesis Into Standalone Luxury Division

Photo of Euisun Chung, vice chairman, announcing the Genesis luxury brand courtesy of Hyundai.

Hyundai plans to launch six new models by 2020 under its Genesis nameplate, which will operate as a standalone global luxury brand.

Tags: Hyundai, Hyundai Genesis, Luxury Vehicles

November 4, 2015 - Industry News

GWC Warranty Earns Two 2015 Automotive Communication Awards

The F&I product provider’s Accelerate blog and ‘Behind the Wheel’ dealer story series took top honors in the best business-to-business blog and best ‘Business Use of a YouTube Video’ categories, respectively.

Tags: Automotive Communications Awards, F&I product provider, F&I products, GWC Warranty Corporation, Used-Vehicle Service Contracts