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December 8, 2017 - Industry News

Affinitiv Launches Analytics-Powered Marketing Platform

Connectiv1 is a new end-to-end marketing platform that includes a predictive analytics engine designed to allow dealers to leverage their data and conduct multichannel campaigns that increase customer retention.

December 7, 2017 - Industry News

Subprime Originations Hit Record Low in Q3

Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.

Tags: auto finance, Experian Automotive, prime financing, Subprime Financing

December 7, 2017 - Industry News

Three FinCos Stung for $300K by NYDCA

Credit Acceptance, Clover Commercial and Westlake Financial have agreed to pay more than $300,000 to settle charges of predatory lending leveled by New York’s Department of Consumer Affairs on behalf of 50 Brooklyn car buyers.

December 6, 2017 - Industry News

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

Tags: auto finance, CFPB, compliance, dealer markups, dealer participation

December 6, 2017 - Industry News

December to Remember: Premium Brands Poised for Big Month

New data from Jumpstart Automotive Media shows car buyers’ interest in luxury cars tends to swell in December as factories ramp up their holiday campaigns.

December 5, 2017 - Industry News

EFG Companies Launches Mobile App

Born out of the F&I product provider’s 2015 and 2016 F&I Innovator of the Year competitions at Northwood University, EFG Companies’ Driver’s Advocate mobile app features a host of service-retention tools, including a loyalty rewards tracker, and doubles as an inventory-management tool.

Tags: Customer Loyalty, EFG Companies, F&I products, Mobile Applications, Service

December 5, 2017 - Industry News

Used Vehicle Index Rises for Third Straight Month

Black Book’s monthly analysis shows used-vehicle values are closing out the final quarter of 2017 with continued strength.

December 5, 2017 - Industry News

Alpha Warranty Rolls Out Online Claims Submission Tool

The new online tool allows service departments to enter multiple claims and multiple jobs at once without having to call in the claim. Company officials said claims can be submitted through the portal in about two to three minutes.

Tags: Alpha Warranty Services, claims, F&I products

December 5, 2017 - Industry News

AutoGravity Names Wang as CTO

AutoGravity’s Sheng Wang has been appointed to chief technology officer after serving as the fintech provider’s first product director.

December 5, 2017 - Industry News

CNA National Welcomes New VP of Reinsurance

The F&I product provider named Rob Hehr to the newly created position of vice president of reinsurance. For the past seven years, the more than 25-year industry veteran served in an executive role with Gulf States Financial Services/GSFSGroup.

Tags: CNA National, F&I products, reinsurance

December 5, 2017 - Industry News

Huntington Bank Promotes Rich Porrello to President

Rich Porrello has served as managing director of the bank’s auto finance organization since 2010, overseeing 180 associates serving nearly 4,500 dealerships across 23 states in the Midwest and New England. He retains those duties while assuming oversight of the business unit’s business strategy.

Tags: auto finance, Huntington Bank

December 5, 2017 - Industry News

Fastlane Plans 2018 Launch for Ecommerce Solution

Fastlane has announced plans to offer its online car-buying platform to independent and pre-owned dealers starting in January.

December 4, 2017 - Industry News

RouteOne Adds Exeter to Econtracting Platform

RouteOne officials said the availability of finance sources like Exeter has led to notable growth in the tech firm’s noncaptive econtracting share, which has more than doubled every year since 2014.

Tags: auto finance, econtracting, RouteOne, software, technology

December 4, 2017 - Industry News

Alpha Warranty Named ‘2017 Top Workplace in Utah’ by Salt Lake Tribune

The honor adds to a host of other recognitions the company earned in 2017, including being named to the Utah Fast 50 and Utah 100 lists, having executives honored with the CXO of the Year award and winning the When Work Works workplace flexibility award.

Tags: Alpha Warranty Services, F&I product provider, top workplace

December 4, 2017 - Industry News

KBB: Average Transaction Price Reaches Record High in November

New-vehicle transaction prices are being driven higher by the shifting sales mix away from cars. Ford’s strong mix of F-Series Super Duty sales for the month helped drive up the automaker’s average transaction price by nearly 3%.

Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales

December 4, 2017 - Industry News

Dealertrack and DealerCenter Announce Strategic Partnership

Dealertrack and DealerCenter announced a new partnership designed to deliver a more connected F&I workflow for independent dealerships.

December 4, 2017 - Industry News

International Brands Gain Ground in November

U.S. sales of international vehicles were up in November, outperforming a plateauing market, according to the latest report from the American International Automobile Dealers Association.

December 4, 2017 - Industry News

NAE/NWAN Earns Weatherhead 100 Award

National Automotive Experts was named to the Weatherhead School of Management’s Weatherhead 100 award winners for 2017.

December 1, 2017 - Industry News

Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

Tags: auto finance, CFPB, compliance, Dodd-Frank Act, Donald Trump

November 30, 2017 - Industry News

Volvo Announces Subscription Service for 2019 XC40

Volvo Cars used this week’s AutoMobility LA and the Los Angeles Auto Show to debut its 2019 XC40 and a new subscription service for its new compact SUV.

Tags: AutoMobility LA, Care by Volvo, mobility, Subscription Service, Volvo, XC40

November 30, 2017 - Industry News

Dealership Transaction Values Hit Record Levels

The latest Blue Sky report from Kerrigan Advisors finds the dealership buy/sell market remains highly active as concerns about disruptive technology drive dealers to sell.

November 29, 2017 - Industry News

Judge Sides With Trump in Battle for Control of CFPB

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

A federal judge refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, but the Trump administration’s victory may only be temporary.

November 29, 2017 - Industry News

Land Rover Named Best Luxury Brand by ALG

Land Rover notched category wins for the Discovery, Discovery Sport, Range Rover Sport and Range Rover and ‘Best Premium Brand’ honors in the 2018 ALG Residual Value Awards.

November 29, 2017 - Industry News

Warranty Expert Joins AUL as Business Development Manager

Paul Leary, a 25-year veteran of the warranty business, will be responsible for working with agents and dealers in the company’s Central region.

Tags: AUL Corp., F&I products, vehicle service contracts

November 29, 2017 - Industry News

Alpha’s Robinson Earns Young Exec Honors

Jeff Robinson, vice president of risk and operations for Alpha Warranty, was named to Utah Business’ list of top ’20 in their 20s’ executives.