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August 8, 2017 - Industry News

Mind the GAP: Wells Fargo Faces New Charges

Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.

Tags: auto finance, compliance, GAP, Wells Fargo Dealer Services

August 7, 2017 - Industry News

CareGard to Open Offices to Industry Summit Attendees

Agents attending this year’s Industry Summit in Grapevine, Texas, can schedule a time to visit CareGard’s nearby headquarters.

Tags: CareGard, F&I products, general agents, Industry Summit

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

August 8, 2017 - Industry News

F&I Think Tank: Shark Tank Trainers Revealed

Four of the industry’s top F&I trainers will be swimming the aisles during F&I Think Tank’s Shark Tank, a stump the pro-like session that will allow attendees to get answers to their most troublesome customer objections, deal situations and departmental issues.

Tags: American Financial & Automotive Services, Carl Grane, EasyCare, F&I process, F&I Think Tank, F&I training, Industry Summit, Jay Lawrence, John Vecchioni, National Auto Care, Objection Handling, Reahard & Associates, Rick McCormick, Shaka Dyson

August 17, 2017 - Industry News

‘Father of F&I Menu’ to Hold Court at F&I Think Tank

George Angus, referred to as the ‘Father of the F&I Menu,’ will be at Industry Summit’s F&I Think Tank to take attendees down F&I’s memory lane during a special lunchtime address. They will be entertained and enlightened, as this legendary trainer shares the good, the bad, and the ugly of the F&I profession.

Tags: auto finance, compliance, F&I products, George Angus, Team One Group

August 10, 2017 - Industry News

Austin Found: Uber's Loss Was Dealers' Gain

A new study found that 41% of Austin, Texas, residents used their own vehicles when Uber and Lyft left town last year, and 9% bought a vehicle because the ride-hailing services weren’t available.

August 16, 2017 - Industry News

'Total Loss Protection' at Center of NY Dealer's $298K Settlement With State AG

New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,000 in restitution and penalties to settle charges relating to the dealership’s “Total Loss Protection” theft-deterrent program. Photo courtesy New York State Office of the Attorney General

The office of New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,211 in restitution, penalties and fees to settle claims the dealership charged hundreds of car buyers thousands of dollars for an ‘unwanted and bogus’ theft-deterrent product.

Tags: compliance, Eric T Schneiderman, Etch, F&I products, New York, Nissan of New Rochelle, payment packing, Total Loss Protection

August 8, 2017 - Industry News

Top-Flight F&I Directors Join F&I Think Tank Roster

F&I Think Tank’s ‘The Director’s Chair’ will feature the F&I director for the magazine’s 2016 F&I Dealer of the Year in Tom Andrews, as well as former F&I Pacesetters Dan Mason and Justin Gasman. It will also feature His Madness, Marv Eleazer, as moderator.

Tags: Dan Mason, Ethical F&I Managers, F&I 20 Group, F&I director, F&I manager, F&I process, F&I Think Tank, F&I training, Industry Summit, Justin Gasman, Marv Eleazer, Tom Andrews

August 9, 2017 - Industry News

Lithia Adds $1 Billion Downtown Los Angeles Auto Group

Lithia Motors announced the acquisition of the Downtown Los Angeles Auto Group, a move executives say could add $1 billion in revenue and $0.55 in earnings per share.

August 9, 2017 - Industry News

GM’s Protection Coverage Group Selects MaximTrak’s Digital F&I Solutions

Chevrolet-Buick-GMC and Cadillac Protection is now onboarding and training GM’s U.S. dealers on MaximTrak’s Digital F&I Retailing Suite, which consists of interactive F&I menus, electronic contracting tools, dashboard reporting solutions, and a service drive menu.

Tags: Chevrolet-Buick-GMC and Cadillac Protection, dashboard tool, F&I menus, General Motors, MaximTrak Technologies, online F&I, RouteOne

August 15, 2017 - Industry News

F&I Think Tank: Opening Session to Focus on Auto Finance's Cool-Down

In 2017’s opening quarter, auto loan balances registered single-digit growth for the first time in four years. F&I trainers Tony Dupaquier and Shaka Dyson will translate what the trends mean to the F&I office. They'll also offer strategies for uncovering a finance source’s appetite and training the desk on proper deal structure.

Tags: auto finance, Dealer F&I University, F&I manager, F&I office, F&I Think Tank, F&I training, Shaka Dyson, The Academy, Tony Dupaquier

August 3, 2017 - Industry News

Drive Motors Raises $5.2 Million in Seed Funding

The digital retailing solution provider will use its new funding to expand its dealership network and develop more features to streamline the car-ownership experience, officials said.

Tags: digital retailing, Drive Motors, Ecommerce, online F&I

August 21, 2017 - Industry News

N.J. Dealer Agrees to Pay $136,000 to Resolve Consumer Fraud Investigation

Three days after the New York attorney general's office reached settlement with a dealer for tacking on etch after customers agreed to prices for vehicles and often without their knowledge, New Jersey Attorney General Christopher Porrino reached an agreement with Sansone Hyundai to settle similar charges.

Tags: Christopher S. Porrino, compliance, Etch, New Jersey Attorney General, payment packing, Sansone Hyundai, vehicle service contracts

August 10, 2017 - Industry News

Toyota, Lexus Captives Add Key Replacement

The new protection is being offered as an added enhancement to the captives’ tire-and-wheel program and will be offered as a standalone product later this year. The product is being administered by Safe-Guard Products International.

Tags: auto finance, F&I products, Key Replacement, Lexus Financial Services, Safe-Guard, Toyota Financial Services

August 8, 2017 - Industry News

Integrated Lending Technologies Certified to Offer RouteOne Econtracting

RouteOne announced the addition of Integrated Lending Technologies (ILT) to its roster of econtracting certified loan origination systems (LOS). Finance sources utilizing either of ILT’s systems will now benefit from a streamlined econtracting implementation process, officials said.

Tags: auto finance, econtracting, Integrated Lending Technologies, RouteOne

August 10, 2017 - Industry News

Fusion Auto Finance Acquires GrooveCar Family of Brands

The GrooveCar Family of Brands includes CU Xpress Lease, an auto lease program for credit unions with a portfolio exceeding $5 billion and more than 100,000 vehicles, and GrooveCar Direct, an online auto buying platform exclusively for credit union members. The acquisition also includes CU Xpress Lease CA, CUAutoCoupon, and GrooveCar Inc.

Tags: CU Xpress Lease, Fusion Auto Finance, GrooveCar

August 10, 2017 - Industry News

AFC Enhances Dealer Portal With Inventory Dashboard Tool

Available on the AFCDealer website and AFC On the Go mobile app, the new offering provides dealers with instant access to current and historical account information, as well as detailed insights into vehicles floored with the finance source.

Tags: Automotive Finance Corporation, Floorplan Financing, inventory financing

August 9, 2017 - Industry News

N.J.’s Top Kia Dealer Acquires Additional Store in Toms River

Motivated by the success of his Kia dealership in New Jersey's Egg Harbor Township, Roy Greenblatt has acquired a second location in the state, the former Toms River Kia. The store has been renamed Matt Blatt Kia of Toms River.

Tags: Dealership, Kia, Matt Blatt Kia, merger and acquisition

August 22, 2017 - Industry News

Roadster Adds Southern California’s Longo Toyota

Roadster is on the move. The startup has secured 7.25 million in additional funding and added the largest Toyota dealership in the world to its digital retailing platform.

Tags: digital retailing, online F&I, Roadster, showroom, technology

August 14, 2017 - Industry News

J.D. Power: Credit Desk Seen as Satisfaction Driver for Finance Sources

The report’s main finding is that great relationships trump low interest rates and product mix when it comes to dealer satisfaction. Earning top rankings in this year’s study were the captives for Mercedes-Benz and Mini, and TD Auto Finance.

August 8, 2017 - Industry News

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).

Tags: Arbitration, auto finance, CFPB, compliance, Jeb Hensarling

August 14, 2017 - Industry News

Industry Summit Extends Early Bird Deadline

Attendees who register by midnight this Friday, Aug. 18, will enjoy a $100 discount on a full-conference pass. Industry Summit is co-located with The Best Training Day Ever and includes F&I Think Tank, the Special Finance Conference, Compliance Summit, and Automotive Compliance Specialist certification by Automotive Compliance Education.

Tags: Automotive Compliance Education, Compliance Summit, F&I Think Tank, F&I training, Industry Summit, Special Finance Conference, The Best Training Day Ever

August 15, 2017 - Industry News

Dent Wizard Named Top Workplace

For the first time, the St. Louis Post-Dispatch included Dent Wizard in its list of “Top Workplaces” for 2017. The F&I product provider joins other honorees such as Edward Jones, Monsanto and Safelite Auto Glass.

Tags: Dent Wizard, F&I products, paintless dent removal, Service

August 17, 2017 - Industry News

Swapalease: Lease Credit Approvals Fall in July

The car lease marketplace attributed the dip in approvals to a combination of factors, including a higher volume of credit-challenged lease applicants and a higher number of applicants looking for vehicles in higher-priced categories.

August 7, 2017 - Industry News

Manheim Used Vehicle Value Index Posts Third Consecutive Record

The index’s July reading shows that demand is absorbing the high supply of newer used vehicles. The good news on the new side is that inventories fell below four million and are at their lowest level of the year.

Tags: CPO, Manheim, Manheim Index, new-vehicle sales, used-vehicle values