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April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

April 17, 2018 - Industry News

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo

April 16, 2018 - Industry News

Survey: F&I Represents Second Largest Opportunity for Margin Growth

According to a survey of 1,573 dealership owners and professionals, claims adjudication control and product branding are the two leading concerns when it comes to F&I products. Inadequate coverage, price, and 'customers not seeing the value' viewed as the three barriers to selling VSCs.

Tags: F&I products, Protective Asset Protection, vehicle service contract

April 10, 2018 - Industry News

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo

April 19, 2018 - Industry News

Ally Announces Sweeping Leadership Changes

Ally Financial announced a number of promotions and the departure of former President of Auto Finance Tim Russi.

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

April 20, 2018 - Industry News

It’s Official: Wells Fargo to Pay $1 Billion Fine

Wells Fargo has consented to pay federal regulators $1 billion to settle charges pertaining to sales of automotive collateral protection insurance and mortgage interest rate-lock extensions.

April 2, 2018 - Industry News

Hendrick to Install Reynolds docuPAD in All 96 Locations

When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.

Tags: compliance, docuPAD, econtracting, F&I menu, F&I products, F&I technology, Hendrick Automotive Group

April 12, 2018 - Industry News

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

Tags: auto finance, Brett Roberts, Credit Acceptance Corp., special finance, Steve Jones, Subprime Financing

April 12, 2018 - Industry News

No. 1 With a Bullet: Toyota Dealer Has Hit Song

A Spanish-language music video is being credited with a record month for internet sales at Miami’s Headquarter Toyota.

April 13, 2018 - Industry News

AutoWeb Names Industry Veteran Jared Rowe President and CEO

The announcement marks Rowe's return to the company where he started his digital marketing career nearly 20 years ago. It also marks his return to the car business.

Tags: Autobytel, AutoWeb, Cox Automotive, digital marketing, digital retailing, technology

April 19, 2018 - Industry News

Calif. Dealers Seek New Protections Under State's Franchise Laws

New legislation aimed at strengthening dealer protections under California’s franchise laws will have its first committee hearing on Monday. One of its provisions specifically addresses the disclosure policy General Motors issued last summer regarding the sale of non-GM service contracts.

Tags: California New Car Dealers Association, dealer protection, F&I products, Franchise Laws

April 12, 2018 - Industry News

SUV/CUV Loyalty Reaches Record Levels

IHS Markit analysts say more than two-thirds of SUV and crossover buyers remain loyal to the segment, far outpacing the industry average with no signs of slowing.

April 9, 2018 - Industry News

SouthwestRe, Reahard Partner to Offer F&I and Compliance Training

SouthwestRe has partnered with Reahard & Associates to offer F&I training and compliance certification to agents and dealers.

Tags: F&I products, F&I training, Reahard & Associates, reinsurance, Ron Reahard, SouthwestRe

April 11, 2018 - Industry News

Grossinger to AutoCanada in Record Cross-Border Sale

Chicago’s Grossinger Auto Group has sold 15 stores to AutoCanada in an acquisition billed as the largest ever to cross international lines.

April 11, 2018 - Industry News

Ally and Fair Announce Strategic Alliance

Fair is set to remarket vehicles on SmartAuction and offer flexible financing powered by Ally’s Clearlane program.

April 9, 2018 - Industry News

Shift Using Manheim Facilities and Services to Support Digital Business

The San Francisco startup announced its partnership with Cox Automotive last week. According to officials, the relationship will help Shift expand operations with reduced capital investment and drive efficient launches in markets where Manheim has a presence.

Tags: Cox Automotive, digital retailing, Manheim, online F&I, Shift

March 29, 2018 - Industry News

Vero Partners with Allied Solutions on New VSC Program for Independents

The Dealership Advantage Program is a vehicle merchandising and protection package designed to help dealers present fresher, more appealing inventory and deliver a better customer experience.

Tags: Allied Solutions, certified pre-owned vehicles, Fidelis PPM, paint protection, vehicle service contracts, Vero

April 9, 2018 - Industry News

Dent Wizard Promotes Mike Black to CEO

Black served as the F&I product provider's COO for the last seven-plus years. He succeeds Terry Koebbe, whose title was elevated to chairman. Both moves took effect on April 1.

Tags: Dent Wizard, F&I products, Mike Black, paintless dent removal, reconditioning, Terry Koebbe

April 12, 2018 - Industry News

Toyota, Honda Dealers Top Temkin’s 2018 Customer Experience Ratings

Auto dealers tied for 12th out of 20 industries ranked in the eighth edition of Temkin Group’s Customer Experience Ratings. Ford and Mercedes-Benz dealers also earned top rankings.

Tags: Customer Experience, customer satisfaction, Ford, Honda, Mercedes-Benz, Tempkin Group, Toyota

April 10, 2018 - Industry News

AUL Corp. Completes SOC 2 Certification

The third-party audit confirms AUL’s internal controls are in accordance with the selected Institute of Certified Public Accountants’ trust services principles and criteria. For the company’s customers and partners, SOC 2 compliance demonstrates that AUL has industry leading controls in its data systems, technologies, and processes.

Tags: AUL Corp., used vehicles, vehicle service contracts

March 23, 2018 - Industry News

NADA Economist: U.S. Light-Vehicle Sales Down 20,000 Units Through February

Patrick Manzi met with the automotive press to discuss the trends affecting auto dealers and industry suppliers in attendance at NADA Show 2018.

April 2, 2018 - Industry News

Darwin to Power ELEAD1ONE’s DealBuilder

A new partnership between Darwin and ELEAD1ONE promises to help protect F&I production in an increasingly digitized car-buying process.

April 16, 2018 - Industry News

Zurich Now Available on Darwin

Zurich North America’s F&I product lineup is now featured on Darwin Automotive’s fintech platform.

April 9, 2018 - Industry News

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

Tags: auto finance, floorplan financing, NextGear Capital