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August 2, 2018 - Industry News

FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.

Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto

August 6, 2018 - Industry News

Industry Summit to Focus on the Future of F&I

Online F&I will be a key focus at Industry Summit 2018, which will allow dealers to learn about the challenges and opportunities ahead for the F&I product side of the business while their F&I teams get compliance certified and trained by the best in the business.

Tags: Ask Frenchy, Automotive Compliance Education, Compliance Summit, F&I training, Industry Summit, objection handling, PALS

August 9, 2018 - Industry News

New Vehicle Hack Threat Exposed

Security experts at Zingbox demonstrated a cybersecurity weakness intrinsic to vehicles with tablet-style driver console displays.

August 9, 2018 - Industry News

Equifax: Subprime Pullback Continued in Q1

Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.

Tags: auto finance, Auto Leases, Equifax, loan originations

August 13, 2018 - Industry News

J.D. Power: Lender Availability, Responsiveness Drive Satisfaction

Big winners in the firm’s 2018 U.S Dealer Financing Satisfaction Study include Mercedes-Benz Financial Services in the Captive Luxury Segment, Volkswagen Credit in the Captive Mass Market segment, Citizens One Auto Finance in the Noncaptive category, and TD Auto Finance in Floorplan.

Tags: auto finance, Citizens One Auto Finance, J.D. Power, Mercedes-Benz Financial Services, TD Auto Finance, U.S. Dealer Financing Satisfaction Study, Volkswagen Credit

August 8, 2018 - Industry News

Moxy Solutions Joins F&I Express Platform

F&I Express today announced the integration of MOXY Solutions to its platform and the addition of Red Shield to the technology company's network of more than 160 providers.

August 16, 2018 - Industry News

Nine Hudco Attorneys Listed Among America’s Best

Nine associates and partners with the law firm of Hudson Cook are listed in the 2019 edition of 'The Best Lawyers in America,' including one partner who is being recognized for his 25th year.

August 9, 2018 - Industry News

Dealertrack: Vehicle Title Doubles Chances of Sale

Dealertrack has released Accelerated Title, a new solution designed to capitalize on a widely recognized auto retail trend.

August 16, 2018 - Industry News

Alert: Phishing Scam Targets Agents

Jeff Wanning of the Central States Family of Companies is warning F&I agents and their staffs to be on the lookout for fraudulent emails amidst a rash of agency hacks.

August 13, 2018 - Industry News

Upstream Remarketing Keeping Used-Vehicle Values Strong

Depreciation through the first half of 2018 stood at 13.7%, much lower than the 16.3% rate recorded in the year-ago period. Analysts say upstream remarketing has kept values strong despite the tidal wave of off-lease vehicles that returned to market during the period.

Tags: Black Book, Kar Auction Services, Tom Kontos, used-vehicle values

August 7, 2018 - Industry News

TFS President and CEO Mike Goff to Retire; Successor Named

Mike Groff, Toyota Motor Credit Corp.'s president and CEO, will retire on Aug. 31.

Mike Goff was employee No. 7 when he joined a fledgling Toyota Motor Credit Corp in 1983. The captive’s president and CEO will retire on Aug. 31. Replacing him is Mark Templin, who has served as chairman of Toyota Motor Credit Corp.’s board of directors since May 2016.

July 12, 2018 - Industry News

FTC, 12 Partner Agencies Conduct Used Car Rule Compliance Sweep

The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed to comply could face penalties of up to $41,484 per violation.

Tags: compliance, Federal Trade Commission, Used Car Guide, used cars

August 16, 2018 - Industry News

Study: Autonomous Vehicle Awareness Rising, Acceptance Declining

A new study from Cox Automotive shows that consumers now have a deeper understanding of the complexities involved when creating a self-driving car, which is causing them to reconsider their comfort level when it comes to handing over control.

Tags: Autonomous Driving, consumer confidence, mobility, Self Driving, technology

August 7, 2018 - Industry News

Hot Lots: Used Vehicle Values Up in July

Black Book’s Used Vehicle Retention Index continued to rise last month, registering a 0.5% uptick from June and an 0.7% increase from July 2017.

August 2, 2018 - Industry News

KAR Names New Leader for Preferred Warranties

Edmund Field, who joined KAR earlier this year as director of new product development, now serves as president of the company's Preferred Warranties business unit.

Tags: Auto Auctions, Edmund Field, Kar Auction Services, Preferred Warranties, remarketing

August 8, 2018 - Industry News

Jumpstart: Jeep, Ford, Acura Drive Summer Traffic

Jumpstart Automotive Media analysts say Jeep, Ford, and Acura led all brands in generating interest among car buyers in early summer.

August 6, 2018 - Industry News

Morgan Auto Group Acquires First Hyundai Store, Third Mitsubishi Dealership

The acquisitions bring the dealer group’s rooftop count to 32. In the Tampa, Fla., area alone, Morgan Auto Group now represents 10 brands across 10 stores.

Tags: Mergers and Acquisitions, Morgan Auto Group

July 30, 2018 - Industry News

National Auto Care Acquired by Private Equity Firm

National Auto Care Corp. has been acquired by Lovell Minnick Partners, a Philadelphia-based private equity firm.

August 9, 2018 - Industry News

Providence Completes KPA Majority Investment

Providence Equity Partners has completed its majority investment in KPA, which offers F&I SaaS and onsite audit solutions to auto dealers.

August 6, 2018 - Industry News

Dyer to Lead Florida Sales for Auto/Mate

Shayne Dyer has joined Auto/Mate Dealership Systems as regional manager for the state of Florida.

August 2, 2018 - Industry News

IHS Markit: SUV Shift Not Prominent Among All Groups

According to the research firm’s analysis, more than 35% of U.S. households with a sedan in the garage that returned to market for a new vehicle between April 2017 and March 2018 acquired an SUV. That's up from just 24% five years ago.

Tags: advertising, defection rates, IHS Markit, Loyalty Rates, marketing, sedan, SUV

August 14, 2018 - Industry News

F&I Dealer of the Year Nomination Period Extended to Aug. 24

Dealership employees, general agents, vendors, finance sources, and F&I product providers are encouraged to nominate their stores and dealer clients for F&I and Showroom's F&I Dealer of the Year award, sponsored by American Financial & Automotive Services Inc.

Tags: DOY Pacesetters, DOY Winners, F&I director, F&I manager

August 13, 2018 - Industry News

Cox Establishes Mobility Solutions Group

Cox Automotive announced the launch of its Mobility Solutions Group, coinciding with and accelerated by the acquisition of Clutch Technologies.

July 26, 2018 - Industry News

Wells Fargo to Begin Growing Auto Loan Portfolio by Mid-2019

Photo by Laimerpramer via Wikimedia Commons

Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.

Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo

August 13, 2018 - Industry News

Manheim Used Vehicle Value Index Up 5.1% in July

June’s ‘abnormal bounce” in used-vehicle values continued in July, resulting in the Manheim Used Vehicle Value Index rising to 136.9.