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April 30, 2015 - Industry News

Texas Dealers Could Face Fines Over CarGurus’ Business Practices

Dealers could face fines over CarGurus' advertising practices. At issue is the way the company lists used-car prices on its site, including projected savings below market value and price drops.

Last week, the Texas Department of Motor Vehicles Enforcement Division issued a cease-and-desist letter to CarGurus and the state’s dealer association, threatening dealers with fines up to $10,000 a day if the shopping site does not revise its advertising practices.

Tags: CarGurus, Deceptive Advertising, DMV, fine, Texas

April 4, 2017 - Industry News

AAA: One-In-Three U.S. Drivers Can’t Afford Unexpected Repair

The organization's newest survey backs the need for F&I protections, finding that 64 million U.S. drivers can't afford an unexpected vehicle repair. AAA also found that one-third of drivers skip or delay recommended services or repairs.

Tags: AAA, F&I manager, Prepaid Maintenance, Repairs, Service Contracts, Vehicle Maintenance

April 18, 2017 - Industry News

Dealers Can Now Use Uber as a Shuttle Service

Uber today launched a new business program dealers can use to order rides for service customers. The new offering is the ride-hailing firm’s first one-to-many ride product.

April 10, 2017 - Industry News

Morgan Stanley: Used-Car Values Could Fall by 50%

A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.

Tags: auto finance, Morgan Stanley, Stretching Loan Terms, Subprime Financing, used-vehicle pricing, vehicle depreciation

April 19, 2017 - Industry News

F&I Express Tackles Product Cancelations

A new white paper from F&I Express proposes an automated solution to issues inherent to the F&I product cancelation process.

April 25, 2017 - Industry News

New York AG Announces Settlement With 104 Dealers Over Recalls

New York State Attorney General Eric Schniederman

An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.

Tags: compliance, Eric Schneiderman, New York, used-vehicle sales, vehicle recall

April 18, 2017 - Industry News

CNA National Launches Z2 VSC Program

The new vehicle service contract offering follows a redefinition of CNA’s vehicle classing system preceded by a thorough rate review. The new offering includes coverage for rideshare vehicles titled to private individuals.

Tags: CNA National, F&I products, vehicle service contracts, Z2 Series

April 17, 2017 - Industry News

Black Book: Used Vehicle Retention Index Falls to 113 Heading Into April

Since registering a score of 125.9 in May 2015, the firm’s Used Vehicle Retention Index has fallen steadily. Last year, it dropped by 6.4%. In March, the index fell from February's 113.9 to 113.

Tags: Black Book, depreciation, Used Vehicle Value Index, used-vehicle values

April 19, 2017 - Industry News

KAR to Acquire DRIVIN for $43M

KAR Auction Services will acquire the company that operates as DRIVN for $43 million. The company was founded in 2015 as CarCo Technologies by Groupon cofounders Brad Keywell and Eric Lefkofsky.

Tags: Data, DRIVIN, Kar Auction Services

April 12, 2017 - Industry News

Survey: Dealers Overestimating Customer Trust

The results of a survey of 400 dealers at the NADA convention indicate many dealers are overestimating customer trust, their sales team’s product knowledge, and the need to offer discounts.

April 17, 2017 - Industry News

NADA: New-Car Dealerships Employ Record Numbers in 2016

According to the trade group’s NADA Data 2016 report, dealership employees had one of the highest average salaries of any industry.

Tags: employment, F&I, fixed operations, NADA Data Report, National Automobile Dealers Association, new-vehicle sales, used-vehicle sales

April 11, 2017 - Industry News

EasyCare Names New Head of Agency Experience

The F&I product provider named Sally Freeman vice president of agency experience. She joins the company in the midst of an ongoing campaign to add more agents to its roster.

Tags: EasyCare, F&I products, general agents, Sally Freeman

April 19, 2017 - Industry News

J.D. Power: Consumers Fear Tech Failures With Autonomous Cars

Compared with 2016, 11% more Gen Z consumers and 9% more Pre-Boomers say they “definitely would not” trust automated technology, according to the firm’s 2017 U.S. Tech Choice Study.

Tags: Autonomous Driving, Connected Vehicle, J.D. Power, U.S. Tech Choice Study

April 19, 2017 - Industry News

Black Book: Spring Lift Continues

High demand for pre-owned vehicles resulted in increased values, with 13 out of the 22 vehicle segments registering increases in average value, the firm reported.

Tags: Black Book, used-vehicle values, vehicle depreciation

April 17, 2017 - Industry News

Dealers Lead Nation in Pursuit of Leads

A new study finds dealers as a group are outpacing other U.S. business owners in lead follow-up — despite countless missed opportunities. Photo by Andrew Malone

A new report finds dealerships put other businesses to shame when it comes to lead follow-up, but there is room for improvement.

April 26, 2017 - Industry News

CFPB Fines SNAAC for Violating 2015 Consent Order

Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.

Tags: auto finance, CFPB, compliance, Security National Automotive Acceptance Corporatio, SNAAC

April 18, 2017 - Industry News

Cox Names New Chief Economist, Launches Insights Division

Cox Automotive Chief Economist Jonathan Smoke

Cox Automotive has named Realtor.com’s Jonathan Smoke as chief economist and created an economic industry insights office.

April 19, 2017 - Industry News

Alpha Warranty Managers Honored With National Guard Patriot Award

Employer Support of the Guard and Reserve honored two Alpha Warranty Services managers with the Patriot Award, which recognizes civilian supervisors who support service member employees, their families, and their military commitments.

Tags: Alpha Warranty Services

April 18, 2017 - Industry News

NADAUCG: Used Vehicle Price Index Falls to Lowest Level Since 2010

The 1.6% rebound from February’s unexpected 1.4% drop wasn’t quite as big as the firm anticipated, but the lift was in line with the period’s 2.3% average over the previous three years.

April 7, 2017 - Industry News

AFSA to Congress: The CFPB ‘Needs to Be Reined In’

A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.

Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray

April 18, 2017 - Industry News

N.Y. Jaguar Land Rover Store Is ARCH-Compliant

The new, dual-branded, 35,000-square-foot dealership in Freeport, N.Y., is among the first in the U.S. to adopt the company’s new global ARCH retail standards.

April 24, 2017 - Industry News

TrueCar Set to Launch Trade Valuation Platform

Promising a ‘transparent and real-time’ tool, TrueCar Trade will launch as a six-month pilot program in partnership with R. Hollenshead Auto Sales and Galves Market Data.

April 26, 2017 - Industry News

GWC Releases Fifth ‘Behind the Wheel’ Video

The two former Iraqi refugees who own and operate Garland, Texas-based Safeen Motors are featured in the latest entry in the award-winning series.

April 6, 2017 - Industry News

Simple Recon Adds Amazon Alexa Skill

New integration promises direct inventory updates without the need to log into an app or website.

April 18, 2017 - Industry News

2017 Dealers’ Choice Awards: One Day Left to Vote

Voting for the 13th annual Dealers’ Choice Awards ends tomorrow. Dealers and dealership personnel, including F&I professionals, are encouraged to recognize their favorite third-party service providers and auto finance sources by participating in an online survey.