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Insider Tip of the Week

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June 25, 2015 - Industry News

KBB Raises 2015 Sales Forecast to 17.1 Million Units

Kelley Blue Book said today that it expects June sales to total 1.5 million units, which would push first-half and second-quarter sales totals to their highest levels since 2005. The firm also raised its 2015 sales forecast from 16.9 million to 17.1 million.

Tags: auto dealers, Auto Industry, Kelley Blue Book, new-vehicle sales

June 17, 2015 - Industry News

N.Y. Dealers Targeted for Payment Packing and Other Deceptive Practices

Attorney General Eric Schneiderman, which announced on Wednesday a $14 million settlement with three Paragon dealerships, says he intends to file suit against 11 additional dealerships for the unlawful sale of credit repair and identity theft-prevention products.

Tags: Attorney General, credit repair, Eric Schneiderman, F&I office, F&I products, identify theft, payment packing

June 11, 2015 - Industry News

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance

June 4, 2015 - Industry News

Severe Delinquencies Fall to 10-Year Low, Equifax Reports

Despite new auto loan originations reaching a record high, the auto finance industry saw severe delinquency rates fall to their lowest level in nearly a decade.

June 2, 2015 - Industry News

Ally Premier Protection Now Available Nationwide

The company rolled out its new Ally Premiere Protection after completing a three-month pilot. Test dealers gave Ally high marks for training and product transition.

Tags: Ally, Ally Premiere Protection, vehicle service contracts

May 13, 2015 - Industry News

Autosoft Certifies MaximTrak F&I Platform

MaximTrack Technologies’ F&I suite has completed Autosoft’s certification process and now integrates with the tech firm’s FLEX DMS.

Tags: dealership management system, F&I manager, F&I menu, F&I office, F&I products, F&I tools

April 28, 2015 - Industry News

Annual Cost to Own a Vehicle Falls 2%, AAA Finds

Decreases in gas prices and finance charges related to auto loans fueled the decline, but rises in maintenance and tire replacement costs make F&I protections an important consideration for vehicle owners.

Tags: AAA, Cost to Own, F&I manager, F&I products, Road Hazard Protection, Tire and Wheel, vehicle service contract

April 2, 2015 - Industry News

Buffett Won’t Steer F&I, Defends Franchise Model

The Billionaire investor weighs in on a host of topics, from Tesla and the franchise system to his acquisition of the Van Tuyl Group and the opportunities that lie in F&I.

Tags: Automotive Forum, Berkshire Hathaway Automotive, J.D. Power and Associates, NADA, Van Tuyl Group, Warren Buffet

March 19, 2015 - Industry News

Recalls Driving Up Service Satisfaction, J.D. Power Reports

Service satisfaction is on the rise despite the three-year increase in vehicle recalls, according to J.D. Power. The firm also reported that customer satisfaction was significantly higher at dealerships offering service express lanes.

Tags: Buick, Customer Service Index, Jaguar, JD Power and Associates, service department

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office

November 12, 2014 - Industry News

October Wholesale Prices Reveal Market Softness

ADESA’s chief economist says off-rental program vehicles kept wholesale prices artificially high in October. They also masked softness in a market that is facing high incoming supply.

Tags: ADESA Analytical Services, Tom Kontos, used-vehicle sales, Wholesale Pricing

October 22, 2014 - Industry News

Exeter’s Floyd Stepping Down from CEO Post

Mark Floyd will join Exeter's board of directors and will work with his replacement, Thomas Anderson, to ensure a smooth transition, the company said late yesterday.

Tags: Exeter Finance Corp., Mark Floyd, Subprime Auto ABS, subprime auto finance, Thomas Anderson

October 22, 2014 - Industry News

Mich. Governor Signs ‘Anti-Tesla’ Bill

Governor Rick Snyder signed into law yesterday tighter restrictions on selling vehicles directly to consumers. The new law now effectively bans Tesla Motors from selling vehicles in the state.

Tags: Electric Vehicles, Franchised Dealerships, Governor Rick Snyder, Michigan, Tesla, Tesla Motors

October 21, 2014 - Industry News

Used-Vehicle Price Adjustments Keep Retail Markets on Track, Manheim Reports

The 1.1% third-quarter decrease in the Manheim Used Vehicle Value Index didn’t set off alarms despite it being the fifth straight decline in used-vehicle prices. The firm’s chief economist noted that the drop helped dealers increase vehicle turns as the market continues to inch toward more normal levels.

October 21, 2014 - Industry News

Facebook Playing Bigger Role in Dealer Selection, Study Shows

A survey of 2,000 consumers revealed that Facebook is now among the Top 5 dealer reviews sites used by car shoppers, with 75% of respondents indicating they trust reviews posted by friends on the social media site vs. reviews posted on other sites by people they don't know.

October 16, 2014 - Industry News

Inaugural Compliance Summit Set for Nov. 10-11

The new event is designed to offer actionable compliance solutions to dealers and their partners. It will be held at the Seminole Hard Rock Hotel & Casino in Hollywood, Fla.

Tags: compliance, Compliance Summit

October 7, 2014 - Industry News

Minnesota AG Sues EFG Over Service-Contract Refunds

John Pappanastos, CEO of EFG Companies

Attorney General Lori Swanson is suing EFG Companies for deceptive practices because it failed to deliver on its promise of full refunds for VSCs canceled within 30 days. The company’s CEO tells F&I and Showroom his company will be exonerated once all the facts are presented.

Tags: EFG Companies, extended car warranty, extended warranties, John Pappanastos, Lori Swanson, Minnesota AG, Minnesota Attorney General, Robocalls, telemarketing

September 30, 2014 - Industry News

Auto/Mate Integrates DMS With MaximTrak F&I Suite

The integration now provides users of both systems with a real-time, bi-directional exchange of information, eliminating redundancies and errors caused by incomplete information transfers.

Tags: Auto/Mate, F&I menu, MaximTrak

September 25, 2014 - Industry News

NADA Responds to Op-Ed Critical of Dealer Franchise Laws

The NADA’s Peter Welch responded to an op-ed piece published in The New York Times that was critical of dealer franchise laws, saying such protections ‘level the playing field between dealers and manufacturers.’

September 23, 2014 - Industry News

Help F&I and Showroom Select the 2014 F&Idol Winner

The magazine made available this week the voting page for the final round of the IAS-sponsored F&Idol competition. Review the five video entries and vote for the overall winner of the 2014 contest.

Tags: F&Idol, IAS

September 16, 2014 - Industry News

Bill to Rescind CFPB Auto 'Guidance' Gains Support in Congress

More than 400 dealers traveled to the nation’s capital in support of a new bill that could nullify the CFPB’s guidance on auto lending.

Tags: CFPB, HR 4811, NADA

September 2, 2014 - Industry News

Ziegler to Kick off Industry Summit With All-Day Profit Masters Seminar

The preconference seminar is designed for general managers, sales managers, BDC and Internet department directors, and F&I directors. The all-day seminar is being offered as a value-add for registrants of Industry Summit.

August 21, 2014 - Industry News

F&I and Showroom Extends Deadline to Enter F&Idol Contest

The deadline to enter F&I and Showroom's F&Idol contest has been extended to Monday, Aug. 25. At stake is up to $3,500 in prize money and a trip to Industry Summit 2014.

Tags: F&Idol, IAS, key replacement, lease, Service Contracts, Tire and Wheel

July 22, 2014 - Industry News

Gould to Address Cash, Lease Deals

Gerry Gould returns to the magazine’s annual conference to lead a workshop on maximizing cash and lease deals in the F&I office. He’ll offer product recommendations, break down ideal menu configurations and will cover key word-tracks and responses to common customer objections.

Tags: Cash Conversion, F&I Conference & Expo, Industry Summit 2014, Lease Penetration

June 3, 2014 - Industry News

F&I Tip of the Week: Selling Road Hazard Protection

Getting customers to say “Yes” to your road hazard tire-and-wheel program may be as easy as asking them how they feel. United Development Systems’ Gerry Gould explains in F&I’s Tip of the Week.