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October 24, 2017 - Industry News

ELEAD1ONE Delivers 70% Service Appointment Set Rate for Florida Group

The fixed ops director for Florida’s Gettel Automotive Group credits ELEAD1ONE with effecting a customer experience improvement that drove a 15% increase in fixed ops gross.

October 23, 2017 - Industry News

September’s Lease Approval Rate Falls to Lowest Level in 2017

September’s rate was recorded after August’s 68.3% approval rate. The car leasing marketplace attributed September’s rate to the effects of hurricanes Harvey and Irma.

Tags: credit approval rate, lease, Swapalease.com

October 23, 2017 - Industry News

Scott Painter’s Fair Raises Up to $1 Billion in Debt and Equity Funding

Fair’s latest funding round was led by BMW iVentures and includes investments from Penske Automotive Group and other investors. The startup also raised nearly $1 billion in debt funding from a group of investment banks and a Sherpa Capital-led entity.

Tags: digital retailing, Fair, George Bauer, online F&I, Scott Painter, TrueCar

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 19, 2017 - Industry News

TradeRev Announces Sales Leadership Changes

TradeRev has enhanced the role of Executive Vice President Keith Crerar while promoting Will Farmer to executive director of U.S. dealer sales and hiring Vince McNeal as executive director of commercial sales for the U.S. and Canada.

October 19, 2017 - Industry News

Fastlane Partners With F&I Express

Fastlane has partnered with F&I Express to incorporate VIN-specific vehicle service contract and aftermarket pricing in its dealer-focused online car-buying platform.

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 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 18, 2017 - Industry News

George Nenni Joins T3 Consulting Group

Nenni will use his three decades of auto tech experience with Dealer Specialties and Dominion Dealer Solutions to enhance vendor and dealer operations.

October 18, 2017 - Industry News

Zanan to Release Guide to Digital Success

Automotive retail and compliance expert Max Zanan is set to release ‘Perfect Dealership,’ a new book designed to serve as an auto dealer’s guide to surviving the Digital Age.

October 18, 2017 - Industry News

CarStory Launches Dealer Sales Prediction Leaderboard

CarStory’s new, AI-driven predictive analytics interface was designed to show dealers how their sales will rank in their local markets.

October 17, 2017 - Industry News

Non-Houston Used-Vehicle Values Fall

Depreciation increased for both cars and light trucks, with car segments recording the highest weekly depreciation in seven weeks. Prices in the Houston-area, however, remain elevated, according to the firm.

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

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 17, 2017 - Industry News

AutoGravity Expands Dealer Development Team

The fintech firm named Chuck Schofield vice president of dealer sales. The new executive previously served as a regional senior manager for Mercedes–Benz Financial Services. He now joins AutoGravity cofounder Aleks Bogoeski in expanding the firm's dealer network development program.

Tags: auto finance, AutoGravity, digital retailing, online F&I

October 16, 2017 - Industry News

Cars.com Unveils Improved Search Experience

Cars.com has launched a number of new features and enhanced vehicle inventory pages designed to enable car buyers to quickly and easily find the right car for their needs.

October 16, 2017 - Industry News

CloudOne Inks iHeartMedia Advertising Deal

CloudOne and iHeartMedia have agreed to a new advertising deal that will connect CloudOne’s lead-generation platform with iHeart’s network of radio stations.

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

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 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 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.

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 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 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 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