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October 18, 2017 - Industry News

Assurant to Buy The Warranty Group in $2.5 Billion Deal

Under the transaction agreement, Assurant Inc. will become a wholly owned subsidiary of TWG Holdings Limited, whose name will be changed to Assurant Ltd. Assurant shareholders will own approximately 77% of the combined company, while TPG and its affiliates will own the remaining 23%. The transaction is expected to close in the first half of 2018.

Tags: Assurant Solutions, F&I products, The Warranty Group, vehicle service contracts, warranty

October 11, 2017 - Industry News

Ally Takes Control of GAP Refunds

The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.

Tags: Ally, auto finance, Consumer Financial Protection Bureau, GAP, Regulators

October 18, 2017 - Industry News

New York AG Reaches Two New Settlements in Payment Packing Crackdown

The attorney general's two-year crackdown on payment packing and the unlawful sale of credit repair services has resulted in 13 dealership settlements and more than $19 million in total restitution and penalties.

Tags: Credit Forget It, credit repair services, Eric T Schneiderman, F&I manager, jamming, payment packing

October 10, 2017 - Industry News

Hyundai Aims to Modernize Customer Experience

Hyundai is looking to modernize the car-shopping experience with this week's launch of Shopper Assurance in Miami, Orlando, Fla., Dallas, and Houston. The program, which will be rolled out nationally in 2018, is designed to make purchasing a vehicle easier, faster, and worry-free, officials said.

October 4, 2017 - Industry News

AutoBuy Adds Locations, Auction Partnerships

New Florida locations open inside Adesa Auction in Sanford and Manheim in Orlando are expected to increase buy/sell volume by more than 40% and create a unique remarketing model.

October 10, 2017 - Industry News

Business Leaders Cautiously Optimistic About Trump, Economy, Auto Sales

Despite a few political and economic setbacks, 2017 is expected to be one of the highest performing years on record in terms of auto sales. They key going forward is the Trump Administration’s ability to turn its pro-business campaign rhetoric into reality.

Tags: auto finance, Donald Trump, Hurricane Harvey, Hurricane Irma, new-vehicle sales, used-vehicle sales, White Clarke Group

October 5, 2017 - Industry News

CFPB Finalizes Small-Dollar Lending Rule

In announcing the rule, the bureau used wording the American Financial Services Association said makes an important distinction between traditional installment lending and payday and title lending.

October 4, 2017 - Industry News

Wes Lutz Elected 2018 NADA Chairman

Michigan auto dealer Wes Lutz has been elected as the National Automobile Dealers Association’s chairman for the 2018 term, for which Texas dealer Charlie Gilchrist will serve as vice chair.

October 19, 2017 - Industry News

Honcker Raises $3.6 Million, Expands to Eight States

Honcker announced the closing of a seed financing round led by Evolution Corporate Advisors and the expansion of its car leasing marketplace into a total of eight states.

October 12, 2017 - Industry News

NIADA Selects Wheel’s Auto as Exclusive CPO Supplier

The National Independent Automobile Dealers Association has named Wheel’s Automotive Dealer Supplies as its exclusive supplier of point-of-sale materials for the association’s certified pre-owned vehicles program.

October 11, 2017 - Industry News

Fastlane Chooses Market Scan as Data Partner

Fastlane offers dealers an Amazon-like checkout process for consumers who want to buy their car online. It has chosen Market Scan to provide its ecommerce platform with real-time payment and rebate information from every car manufacturer, bank and credit union in the country.

Tags: auto finance, digital retailing, F&I products, Fastlane, Market Scan, online F&I

October 6, 2017 - Industry News

DealerStrong Releases 2017 Special Finance Benchmark Report

Developed in partnership with ProMax Unlimited, DealerStrong’s 2017 Special Finance Benchmark Report includes metrics derived from more than 300,000 new- and used-car dealership transactions.

October 11, 2017 - Industry News

Some Holiday: Dealer Traffic Down on Columbus Day

New data from Cox Automotive reveals that dealership visits and dealer website visits fell by 5% and 3%, respectively, during the holiday weekend compared with the six prior weekends.

October 17, 2017 - Industry News

vAuto Founder Dale Pollak Publishes Fourth Book For Retail Automotive

‘Like I See It’ has already achieved best-seller status based on preorder sales. The book devotes chapters to margin compression, increased OEM control and financial reliance of their dealer partners, technology disruption and consumer preferences for digital retailing.

Tags: Customer Experience, Dale Pollak, digital retailing, Inventory Management, online F&I

October 12, 2017 - Industry News

Manheim Index Reaches Record High for Fifth Consecutive Month

The Manheim Used Vehicle Value Index reached a record high in September for the fifth consecutive month, while the SAAR rose to its highest September reading in three decades. The main driver was replacement demand caused by hurricanes Harvey and Irma.

Tags: Manheim Index, new-vehicle sales, SAAR, showroom, used-vehicle sales, used-vehicle values

October 11, 2017 - Industry News

CU Direct Partners With Inventory Command Center

ICC’s Command Center software enables CU Direct to more easily manage the 2.5 million vehicles in dealer partner inventory on the AutoSMART platform and shopping site.

Tags: credit unions, CU Direct, digital marketing, digital retailing, Inventory Command Center, inventory merchandising

October 12, 2017 - Industry News

Alpha Warranty Named to MountainWest Capital’s Utah 100

This was the first time the F&I product company entered the contest, ranking No. 51 out of 100 companies that made the business networking group’s annual list.

October 10, 2017 - Industry News

Maserati Selects Affinitiv to Power Retention Program

Maserati North America has selected Affinitiv as its exclusive aftersales marketing provider for the OEM’s LUX owner retention program.

October 10, 2017 - Industry News

Cox Names Patrick Brennan to SVP Post

Cox Automotive has promoted Patrick Brennan to the role of senior vice president of marketplace for the company’s Inventory Solutions Group.

October 16, 2017 - Industry News

Autotrader Lists All-Time Top 10 Vehicles

Autotrader has listed the 10 most-searched vehicles in the site’s 20-year history, which includes more than 2 billion car shoppers and 350 million vehicle listings.

October 12, 2017 - Industry News

JD Power CEO Finbarr O’Neill Announces Retirement

Finbarr O’Neill will retire as J.D. Power’s president and CEO in March 2018, after a decade of leading the company’s successful forays into the B2C and ‘big data’ segments.

September 27, 2017 - Industry News

Mass. AG Sues JD Byrider for Predatory Sales and F&I Practices

Massachusetts Attorney General Maura Healey has filed a lawsuit accusing JD Byrider of selling poorly reconditioned vehicles under unaffordable terms with unwanted F&I products.

October 3, 2017 - Industry News

CUDL: Credit Unions Capitalizing on Bank Retreat

Credit unions and captives continued to take advantage of the pullback by banks in the second quarter. The message coming out of CU Direct (CUDL)’s Sept. 28 webcast is that credit unions need to act fast before banks reconfigure their strategies.

Tags: auto finance, banks, Captive, credit unions, CU Direct

September 29, 2017 - Industry News

Volkswagen Extends Powertrain Warranty to Six Years/72,000 Miles

The new warranty doubles the automaker's current three-year, 36,000-mile warranty. Called the People First Warranty, the coverage can be transferred to subsequent owners for up to six years or 72,000 miles from the date it was first sold new.

Tags: Powertrain Coverage, vehicle service contracts, Volkswagen