December 10, 2013 - Industry News
Advantage Warranty announced this week it plans to use F&I Admin’s SCS Auto platform to manage its VSC business
Tags: F&I Administration Solutions, SCS Auto, software, VSC
Safe-Guard announced this week it will administer tire-and-wheel protection plans for Toyota Financial Services and Lexus Financial Service.
Tags: F&I Products, Safe-Guard, tire and wheel, Toyota Financial Services
Old Republic announced the return of Larry Graves. He will serve as senior vice president of sales and marketing for the F&I product provider.
Tags: aftermarket products, hiring, Old Republic Insured Automotive Services
GrooveCar Direct has partnered with MIDFLORIDA Credit Union and Tuscaloosa Teachers Credit Union. The two credit unions will take advantage of the buying resource's suite of products to grow auto originations.
Tags: auto loans, credit unions, inventory management, partnership
For the second year in a year, BMW Group Financial Services was recognized as one of the best places to work in Central Ohio. The company’s best practices approach led to honoring more than 800 BMW Group associates.
Tags: Best Places to Work, BMW Financial Services, Ohio
Group 1 Automotive Inc. has completed the acquisition of Jay Automotive Group, which operates six franchises in Columbus, Ga.
Tags: acquisition, Earl J. Hesterberg, Group 1 Automotive, Jay Automotive Group
Mary Barra was elected as GM’s new CEO by the company’s board of directors. She will replace Dan Akerson, who will retire on Jan. 15, 2014.
Tags: Alan Batey, board of directors, CEO, Dan Akerson, Dan Ammann, General Motors, hiring, Mary Barra, retirement
Auto/Mate’s dealership management system is now integrated with Innovative Aftermarket System's suite of SmartDealerProducts.
Tags: Auto/Mate, DMS Integration, IAS, Innovative Aftermarket Systems
December 5, 2013 - Industry News
Despite opposition from state dealers, the Iowa Department of Transportation has proposed a hike in registration fees from 5 to 6 percent. The state dealer association claims the increase will hurt sales.
Tags: Bruce Anderson, car dealer, dealership, fee, Iowa, Iowa Automobile Dealers Association, new vehicle registrations, U.S. Department of Transportation
According to Autodata Corp., total light vehicle sales increased 8.9 percent form a year ago, while the SAAR reached its highest point this year.
XPEL ULTIMATE Paint Protection Film features a clear coat and special elastomeric polymers that ‘heal’ overtime, eliminating swirl marks and fine scratches, the company claims.
Tags: ancillary products, Paint Protection
The Los Angeles Business Journal released its annual ‘Top 100 Fastest Growing Private Companies’ list. On it was Westlake Financial Services, which came in at No. 54.
Tags: franchised dealerships, independent dealerships, revenue, Westlake Financial Services
The Columbus Dispatch reports that Ohio legislators dropped an amendment that would ban Tesla from owning an auto dealership in the state.
Tags: legislation, Ohio, Tesla Motors
A Michigan dealer was arrested Dec. 3 after authorities checked several vehicles on his lot and discovered mileage discrepancies. Police said it appeared the dealer had installed used, low-mileage odometers in high-mileage cars.
Tags: Carfax Report, felony, fraud, Michigan, odometer fraud
According to the latest report from Experian Automotive, interest rates for auto loans fell to an all-time low in the third quarter, while the average amount financed reached its highest level since 2008.
Tags: auto finance, auto loans, Experian Automotive, interest rates
General Motors is said to be set to sell its stake in Ally Financial, which is majority owned by U.S. taxpayers, Bloomberg reports.
Tags: Ally Financial, Bloomberg, General Motors, The Wall Street Journal
The integration will allows Auto/Mate’s DMS to share information across AutoLoop’s full suite of services, allowing for real-time, bi-directional data delivery
Tags: Auto/Mate, data, DMS Integration
December 3, 2013 - Industry News
According to TransUnion, the auto loan delinquency rate increased to 1.04 percent in the third quarter. However, the delinquency rate is still well below the third quarter average observed between 2007 and 2013.
Tags: Auto Loan Delinquency Rate, delinquencies, TransUnion
A consumer advocacy group has filed a new ballot initiative with the California attorney general’s office. Part of the initiative aims to eliminate dealer markups, something California New Car Dealer Association President Brian Maas says would harm consumers.
Tags: Brian Maas, Brittany-Marie Swanson, California New Car Dealers Association, Consumer Financial Protection Bureau, discrimination, legislation
CarFinance Capital finalized its $304 million asset-backed securitization in a transaction that closed in late October.
Tags: CarFinance Capital, securitizations, Standard and Poor's
New-vehicle cash incentives reduce the price of used vehicles significantly more than finance and lease incentives, the NADA finds.
Tags: incentives, NADA Used Car Guide, National Automobile Dealers Association, used vehicles
At the FTC’s request, a Canadian telemarketer was ordered by the court to pay more than $5.1 million to victims of a car-buying scam committed on sites like eBay and Craigslist.
Tags: claims payments, Federal Trade Commission, fraud, telemarketing
Longtime California dealer Joe Boccalero passed away on Nov. 27 at the age of 92. He served as the former president of Domenich Basso Inc. and operated a Chrysler Jeep dealership in Los Angeles for 40 years.
Tags: Domenich Basso Inc., Joe Boccalero
Dataium reports that shoppers spend nearly twice as long on a dealer’s website, are five times more likely to submit a lead, and are twice as likely to look at a vehicle when the dealer provides a Carfax Vehicle History Report.
November 27, 2013 - Industry News
Universal Lenders' Zero Plan joins more than 50 F&I product and service providers currently on the F&I Express network.
Tags: F&I Express, Intersection Technologies, Universal Lenders, Zero Plan
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