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August 4, 2015 - Industry News

Wells Fargo Dealer Services Opens Second Office in New Jersey

The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.

Tags: auto finance, F&I manager, F&I process, Indirect Lending, Wells Fargo Dealer Services

July 23, 2015 - Industry News

GM Financial's Penetration of GM Retail Sales Grows Globally in Q2

GM Financial's transformation from subprime finance source to GM's captive finance company continued in the second quarter, with GM new-vehicle loans and leases accounting for 83.5% of total originations during the period.

Tags: Auto Lending, General Motors, GM Financial, leasing, Quarterly Earnings, subprime lending

July 16, 2015 - Industry News

Win a Trip to Industry Summit 2015

IAS and F&I and Showroom magazine have launched a new contest that will send five F&I managers to Industry Summit 2015. The competition will be used to tee up a special F&I manager- and agent-only workshop session at the magazine’s annual conference.

Tags: Ask Joe, F&I director, F&I manager, F&I products, F&I training, IAS, Industry Summit, Innovative Aftermarket Systems, Joe St. John

July 14, 2015 - Industry News

NADA Files Request to Make CFPB Memo Public

The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, Dodd-Frank Act, markups, NADA, National Automobile Dealers Association, Richard Cordray

July 7, 2015 - Industry News

Nomination Deadline for F&I Dealer of the Year Announced

Pictured are F&I and Showroom's Gregory Arroyo, 2014 F&I Dealer of the Year Jane Vaden Thacher, and The Warranty Group's Ash Bauer.

F&I and Showroom is now accepting nominations for the 2015 F&I Dealer of the Year award. Nominations must be received by July 31, 2015.

Tags: F&I Dealer of the Year

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.

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

May 13, 2015 - Industry News

Western Funding Launches New Program for Dealers

Western Funding has announced its Triple Pay program, which allows dealers to build a bankable portfolio and receive three different types of payments on the same deal — upfront checks, near portfolio closing and back-end payment streams.

Tags: subprime, Western Funding Inc.

May 6, 2015 - Industry News

AppOne Update Eases Compliance Burden for BHPH Dealers

Wolters Kluwer’s new update allows its AppOne platform to accommodate multiple payment frequencies, helping to further streamline the loan origination process for buy-here, pay-here dealers.

April 9, 2015 - Industry News

Full-Size Vans Record Strongest Retention Value, Black Book Reports

Depreciation patterns are on a different trajectory than 2014, according to Black Book. The firm reported a 0.7% decrease in value for 2009-2013 model-year vehicles.

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

February 26, 2015 - Industry News

Santander Agrees to $9.35 Million DOJ Settlement

Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.

Tags: Debt Collection, Department of Justice, Santander, subprime

February 24, 2015 - Industry News

ADESA Pulls Out of Proposed Multi-Platform System

ADESA will not participate in the automotive remarketing industry's initiative to establish a platform that would allow simultaneous bidding on vehicles listed on multiple online auction sites.

Tags: ADESA, Auto Auctions, Manheim, remarketing

February 24, 2015 - Industry News

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), Debt Collection, Department of Justice, Federal Trade Commission, FTC, Settlement

February 17, 2015 - Industry News

N.C. Dealerships Reach $225K Settlement in Predatory Loan Case

Two used-car dealerships and their owner reached a settlement this month with the Department of Justice and the state attorney general. The settlement resolves a lawsuit that alleged the dealerships charged African American buyers more for loans and repossessed vehicles without reasonable notice.

Tags: Attorney General, Department of Justice, discrimination, fair lending, GPS devices, Lawsuit, North Carolina, Repossessions

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: Attorney General, Auto Lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime

December 16, 2014 - Industry News

Credit Acceptance Subpoenaed by DOJ

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena

December 10, 2014 - Industry News

Bob & Chuck Eddy Expand MOTOR TREND Certification Program

The dealer group has added two more stores to the MOTOR TREND certified program. They’re located on Grove City, Pa.

Tags: Bob & Chuck Eddy, EasyCare, Motor Trend

December 4, 2014 - Industry News

November a Turnaround Month for Independents, CNW Reports

After taking it on the chin for most of the year, independent dealerships realized a slight increase in used-vehicle sales in November. They also experienced an increase in transaction prices.

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

November 10, 2014 - Industry News

Police Catch Kidnapper Using Dealership’s GPS Device

Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.

Tags: buy-here, GPS devices, GPS Tracking, pay-here, subprime

November 4, 2014 - Industry News

Automotive Credit Corp. Joins AppOne Platform

Automotive Credit Corp. is now on Wolters Kluwer Financial Services’ AppOne platform, allowing it to automate credit approval and compliance processes.

Tags: AppOne loan platform, Automotive Credit Corporation, Wolters Kluwer Financial Services

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 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.