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January 22, 2016 - Industry News

F&I Trainer Gould Added to Dealer Summit Roster

Organizers of Dealer Summit announced that Gerry Gould, director of training for United Development Systems Inc. (UDS), will lead a session dedicated to F&I product sales at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, F&I Think Tank, F&I training, Gerry Gould, UDS, United Development Systems

January 21, 2016 - Industry News

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Deceptive Practices, fine, pay-here

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

Hearst Promotes Black Book's Cross to Group Head of Transportation

Tom Cross was named executive vice president and deputy group head of transportation for Hearst Business Media. He will retain his title of president of Black Book and will continue to report to Hearst President Richard P. Malloch.

Tags: Black Book, executive vice president, Promotion

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

January 6, 2016 - Industry News

Goebel, Ziegler to Headline Dealer Summit

Organizers of Dealer Summit announced that Greg Goebel and Jim Ziegler will speak at the 2016 event, which will be held May 3–5 at the Sheraton Tampa Riverwalk Hotel.

Tags: Dealer Summit, dealers, DealerStrong, Greg Goebel, Jim Ziegler, Zieger Supersystems

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 8, 2015 - Industry News

Manheim to Launch New Market Structure in 2016

Manheim revealed on Monday plans to segment its physical operating locations into two divisions: Local & Mobile and National. The firm also revealed the two vice presidents who will oversee the two divisions when the company’s new structure goes into effect on Jan. 1, 2016.

Tags: Manheim, remarketing, Vice President

December 8, 2015 - Industry News

Santander Names Ismail Dawood CFO

Dawood will officially become the finance source's new CFO on Dec. 16. Santander’s interim CFO, Jennifer Davis, will serve as deputy CFO.

Tags: auto finance, Ismail Dawood, Santander Consumer USA

November 5, 2015 - Industry News

FTC Announces Multiagency Crackdown on Abusive Debt Collectors

Operation Collection Protection has resulted in 115 total actions against debt collectors this year, 30 of which were announced during the FTC’s press conference to announce the multiagency initiative.

Tags: CFPB, Debt Collection, Federal Trade Commission, SNAAC, Westlake

October 28, 2015 - Industry News

CFPB Orders SNAAC to Pay $3.28 Million for Illegal Debt Collection Practices

Four months after suing SNAAC for employing illegal debt collection practices, the CFPB has ordered the finance company to pay $3.28 million in refunds and fines to resolve the regulator's claims.

Tags: CFPB, Debt Collection, Servicemembers Civil Relief Act, SNAAC

October 20, 2015 - Industry News

Q3 Auto Originiations Up at Wells Fargo, Chase Auto Finance

Wells Fargo and Chase Auto Finance grew third-quarter auto originations by 10% and 19%, respectively, with a Wells Fargo official noting that new auto sales were at their highest levels in a decade.

Tags: auto loan origination, Auto Loans, JP Morgan Chase, Quarterly Earnings, Wells Fargo

October 19, 2015 - Industry News

New York Dealer Claims Autotrader Inflated Views of Vehicle Listings

The law firm representing dealers in lawsuits filed against TrueCar and Carfax filed suit against Autotrader last week. This time, the firm is representing a New York-based dealer group that claims the site inflated page views its vehicle listings received over a five-year period.

Tags: Autotrader, Bellavia Blatt, Deceptive Practices

October 14, 2015 - Industry News

Westlake Now on RouteOne’s Econtracting Platform

With the new connection, dealers signed up with the auto finance source and for RouteOne’s econtracting solution can receive electronic validation and distribution, as well as a signing process that works on signature pads, tablets and nearly any touchscreen-enabled device.

Tags: RouteOne, Subprime Financing, Westlake Financial Services

October 13, 2015 - Industry News

Depreciation On Pace to Reach 14% by Year-End, Black Book Reports

The vehicle-pricing firm reported today that the pace of depreciation in September remained relatively unchanged from August. It expects average depreciation to approach pre-recession levels by year-end.

Tags: Black Book, used vehicles, vehicle depreciation

October 1, 2015 - Industry News

Westlake Expanding Dallas Servicing Team

This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.

Tags: auto finance, special finance, Subprime Financing, Westlake Financial Services

October 1, 2015 - Industry News

CFPB Takes Action Against Westlake and Its Title-Lending Subsidiary

The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.

Tags: CFPB, Debt Collection, subprime auto finance, Westlake Financial Services

August 31, 2015 - Industry News

Manheim Opens Riverside Facilities to Assist in Used-Vehicle Evaluations

Pictured left to right:  Barry Room, Manheim Regional Vice President, West, Chris Brown, General Manager of Manheim Riverside, Scott Hurst, Market Vice President, Southwest Market, Riverside Mayor  Rusty Bailey, Janet Barnard, Manheim President of North America, Congressman Mark Takano and Mike Sadowski, VP of Operations, General Manager for Kelley Blue Book. Photo: Manheim

Manheim recently unveiled a new indoor vehicle inspection facility and the Kelley Blue Book Resource center at its California Service Center in Riverside, Calif.

Tags: Auto Auctions, Kelley Blue Book, Manheim, Used Cars

August 27, 2015 - Industry News

Payment Gap Between New and Used Hits All-Time High in Q2, Experian Reports

The rise in new-vehicle prices continued in the second quarter, with more consumers turning toward the used market and leasing. Loan terms also continued to stretch.

Tags: Auto Loan Terms, Experian Automotive, leasing, Monthly Payments

August 26, 2015 - Industry News

Depreciation Expected to Accelerate, Black Book/Fitch Report

The two firms reported this week that overall vehicle depreciation is expected to reach between 14% and 14.5% by the end of the year.

August 25, 2015 - Industry News

DealerSocket Report Offers Tips On How to Thrive in Slow-Growth Times

DealerSocket released its annual Dealership Action Report, which emphasized the importance of formal, technology-driven processes to thrive and increase profitability during slow periods.

Tags: data mining, DealerSocket, Online Marketing, parts and service

August 12, 2015 - Industry News

Ohio AG Sues Used-Car Dealer for Title Violations

AMG Auto Connection and its owner are accused of violating Ohio’s Certificate of Motor Vehicle Title Act after the dealership failed to deliver a car title in the time frame required by law.

Tags: Attorney General, compliance, Lawsuit, Mike DeWine, Ohio, Ohio Attorney general, vehicle title

August 11, 2015 - Industry News

Auto Loan and Lease Balances Top $1 Trillion, Equifax Reports

The auto finance industry originated nine million auto loans through the first four months of year, totaling $182.9 billion. Equifax said these were the highest levels for this time of year since it began tracking auto finance data.

Tags: auto finance, Auto Loans, banks, captive finance, Equifax, F&I manager, F&I process

August 5, 2015 - Industry News

Ziegler to Deliver Profit Masters Seminar at Industry Summit 2015

The Alpha Dawg will return to Industry Summit to deliver his two-day training seminar, which will cover topics related to sales, F&I, BDC and Internet department management. The training seminar is included with the purchase of a full conference pass.

Tags: Business Development Center, F&I director, F&I manager, General Manager, General Sales Manager, Industry Summit, internet department, Jim Ziegler, Sales Management