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April 26, 2018

ProMax Sold to Private Equity Firm

SNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.

April 18, 2018

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

April 17, 2018

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

April 12, 2018

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

April 11, 2018

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

April 10, 2018

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

April 9, 2018

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

April 2, 2018

Lincoln Adds Pre-Owned Vehicles to Subscription Program

The automaker is adding a slate of pre-owned 2017 Lincoln models to its subscription program in West Los Angeles. The program was originally launched there and in San Francisco in 2015.

March 28, 2018

Lexus to Offer ‘Subscription-Type Plan’ With New Compact SUV

The all-new UX crossover SUV will be Lexus' first vehicle to be offered through a subscription plan when it arrives in dealership showrooms this December.

March 15, 2018

RouteOne, MaximTrak Streamline F&I Process With New Functionality

The new functionality allows product documents from the 110-plus F&I product providers connected to MaximTrak’s sales and F&I solution to be included in RouteOne’s econtracting package for a single, electronic consumer signing ceremony,