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September 6, 2018 - Industry News

Pa. Dealer Agrees to Pay $2.1 Million to End Prosecution Into Bank Fraud

According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for purported down payments over a six-year period beginning in 2009. The dealer, David Hallman, accepted responsibility for the scheme and agreed to pay a $1.4 million fine and more than $737,000 in restitution to end federal prosecution.

Tags: bank fraud, compliance, down payment, Hallman Chevrolet, U.S. Attorney's Office

September 6, 2018 - Industry News

Two NY Dealers to Cease ‘Bogus’ Etch Sales

New York Attorney General Barbara Underwood announced that new-car dealerships in the Bronx and Westchester have agreed to end ‘fraudulent, deceptive, and illegal’ sales of a ‘bogus’ anti-theft product and offer restitution to at least 1,100 car buyers.

September 5, 2018 - Industry News

Calif. Dealers Score Partial Victory With Passage of Dealer Protection Bill

While the bill further strengthens dealer protections and updates others, several protections aimed at future services and opportunities for automakers to serve customers directly were stripped out of the bill prior to last Thursday’s unanimous vote by the California Legislature.

Tags: California New Car Dealers Association, dealer protection, facility upgrades, Franchise Laws

September 5, 2018 - Industry News

Manheim Texas Hobby Completes $6 Million Improvement Project

Manheim Texas Hobby has completed a three-part, two-year, $6 million-plus initiative designed to enhance sustainability and security for the Houston auction’s clients and community.

September 5, 2018 - Industry News

Jumpstart Partners With iSeeCars

A new partnership between Jumpstart Automotive Media and iSeeCars was designed to promote a data-driven approach to car shopping.

September 5, 2018 - Industry News

AG Coalition: CFPB Has 'No Authority to Overrule' High Court’s ECOA Interpretation

A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.

Tags: attorneys general, auto finance, CFPB, compliance

September 4, 2018 - Industry News

Edmunds: Zero Percent Finance Deals Evaporate in August

Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.

Tags: auto finance, Auto Loans, Edmunds, incentives, zero percent financing

September 4, 2018 - Industry News

IHS Markit Launches New Solution for Automotive Aftermarket

The newest feature in IHS’s WorldView online aftermarket solutions provides auto dealers and other users a view of what’s happening at the counter in near-real time.

September 3, 2018 - Industry News

Report: Trump Tax Cuts Affect Reinsurance Profits

A new report from Portfolio details the effects of the Tax Cuts and Jobs Act on the six most common reinsurance program types and explains why at least one is now no longer advisable for most dealers.

August 31, 2018 - Industry News

David Lewis to Keynote Industry Summit 2018

The event designed to ‘Protect the Future of F&I’ will feature a keynote address by trainer David Lewis, who will teach dealers and F&I professionals how to improve their production by $350 per copy.

August 30, 2018 - Industry News

Experian: Finance Amounts, Monthly Payments Reach New Highs in Q2

Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem unfazed, with outstanding balances climbing to a new record high.

Tags: auto finance, average finance amount, delinquencies, Experian Automotive, Monthly Payments

August 29, 2018 - Industry News

MBTN Solutions Launches Game Plan App

Manage by the Numbers Solutions announced the official launch of Game Plan, the company’s new suite of management reporting tools.

August 29, 2018 - Industry News

Kerrigan: Auto Dealership Buy/Sell Market Picks Up Steam

New tax law and economies of scale help publics and consolidators buck trends to grow earnings and fuel the buy/sell market to 92% growth in the second quarter. According to the firm, the market is on track for a fifth consecutive year of more than 200 acquisitions.

Tags: dealer principal, Kerrigan Advisors, M&A, Mergers and Acquisitions

August 29, 2018 - Industry News

PayLink Direct Wins Top Honor in 2018 DCAs

PayLink Direct won the first-place Diamond award for F&I Financing, a new category in this year’s Dealers’ Choice Awards.

August 29, 2018 - Industry News

LotLinx Adds Product Expert to Leadership Team

Former factory executive Eric Turner has been named vice president of product management by LotLinx.

August 28, 2018 - Industry News

J.D. Power: Dealers, Affordability Behind Overall Strength of Used Market

Through July, J.D. Power’s Adjusted Used Vehicle Price Index stood at 119.3, which is 4.7 percentage points higher than the year-ago period. The firm said used-vehicle prices began showing strength in the middle half of 2017, a trend that continued deep into this year’s summer selling season.

Tags: Asbury, Group 1, J.D. Power Valuation Services, Lithia, Penske, Sonic, Used Vehicle Price, Used Vehicle Price Index

August 28, 2018 - Industry News

CNCDA: Calif. New-Vehicle Registrations Fall for the Fifth Straight Quarter

Despite the decline, the trade group expects the California market will end the year with around 2 million new-vehicle registrations. That would be a slight decline from the 2.05 million registrations the market recorded in 2017, providing further proof the market has plateaued after several years of big increases.

Tags: California New Car Dealers Association, light passenger cars, light trucks, new-vehicle sales

August 28, 2018 - Industry News

Dealertrack Set to Unveil New Utah Office

Dealertrack DMS’s new headquarters will house more than 500 employees in a 112,000-square-foot building in the ‘Silicon Slopes’ area of Northern Utah.

August 28, 2018 - Industry News

VisionMenu Integrates With Dominion DMS

VisionMenu today announced integration with Dominion DMS, allowing Dominion dealers to pull information into the F&I menu maker’s suite of software selling solutions.

Tags: DMS, DMS integration, Dominion Dealer Solutions, F&I menu, software, VisionMenu

August 27, 2018 - Industry News

‘Ask Frenchy’ to Win a Free Trip to Industry Summit

Dealers and F&I professionals are invited to submit their most challenging customer objections to IAS’s Eric ‘Frenchy’ Mélon for a chance to win free registration, hotel room, and recognition at this year’s Industry Summit, which heads to Orlando, Fla., in October.

August 27, 2018 - Industry News

Calif. Board: GM Violated State Law in Attempting to Cancel Dealer's Franchise

In an Aug. 13 ruling, the California New Motor Vehicle Board sided with Folsom Chevrolet in a case that calls into question the way General Motors and other automakers measure and enforce sales expectations.

Tags: compliance, disenfranchisement, Folsom Chevrolet, Franchise Laws, General Motors

August 27, 2018 - Industry News

OptionSoft Partners With GoGoCar

OptionSoft Technologies and GoGoCar have partnered to help dealers sell vehicles to home shoppers.

August 27, 2018 - Industry News

Auto/Mate Integrates DMS with ProMax

A new partnership between Auto/Mate and ProMax was designed to help dealers streamline lead generation and the sales process.

August 27, 2018 - Industry News

Ferrari 250 GTO Breaks Auction Record

An extremely rare Ferrari became the most valuable car ever sold at auction, going for $48.4 million at RM Sotheby’s Monterey.

August 27, 2018 - Industry News

Najar Joins Portfolio Sales Team

Retail expert and industry veteran Joseph Najar brings 25 years of technology and retail automotive experience to his new role as a reinsurance specialist at Portfolio.