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November 1, 2016 - Industry News

Vehicle Depreciation Accelerates Heading Into Q4

A steep decline in Crossover/SUV wholesale values, which have been strong all year, may point to more than seasonality as the reason for the accelerated depreciation of two-year-old vehicles, Black Book said this week.

Tags: Black Book, Finance, used-vehicle values, vehicle depreciation, wholesale values

November 1, 2016 - Industry News

MVSC Rolls Out Titling Solution for California, Nevada Credit Unions

Vitu Lending is designed to cut down on what had been a two-week process for Nevada and California credit union clerks to two days. Additional regional solutions are planned for the start of 2017.

Tags: credit unions, ELT, Finance, MVSC

October 12, 2016 - Industry News

SNAAC Celebrates 30 Years in Business

The retail sales finance company, Security National Automotive Acceptance Company, LLC (SNAAC), will be celebrating 30 years in business later this month, according to a company announcement.

Tags: Finance, Retail Sales, SNAAC

June 21, 2016 - Industry News

Confident's Service Financing Product Now in 410 Franchised Dealerships

Confident Financial Solution's auto repair financing program has experience strong growth this year, the company reported this week. It now has 1,000 retailers offering its product, including 410 franchised new-car dealers.

Tags: Confident Financial Solutions, Consumer-Facing, Finance

January 4, 2016 - Industry News

US Equity Advantage Adds Financial Services for AutoPayPlus Customers

US Equity Advantage has made available a new financial planning tool kit for AutoPayPlus customers. According to the company, the new toolkit will assist customers who are looking to automate their bill payments, organize their finances, monitor their credit, and create a budget and savings plan for the future.

Tags: Finance, Millenials, US Equity Advantage

July 9, 2015 - Industry News

Ford Credit Pilots Peer-to-Peer Car Sharing

Mark Fields, Ford president and CEO, discusses the company's Ford Smart Mobility plan at the annual Further with Ford trends conference in June.

Ford Motor Credit is offering peer-to-peer car sharing through a pilot program in six U.S. cities and London. The program will allow Ford Credit customer to rent their vehicle to prescreened drivers for short-term use, offsetting monthly vehicle ownership costs.

Tags: Car-Sharing, Finance, Ford Credit, Ford Motor Co.

June 17, 2015 - Industry News

Eyewitness Surveillance Launches Line of Dealership-Specific Tools

Eyewitness Surveillance announced the launch of a beta program for three products designed specifically for dealerships.

Tags: chat service, Customer Service, Finance, service department

June 9, 2015 - Industry News

Southeast Toyota Finance Adopts RouteOne Platform

Southeast Toyota Finance, a provider of automotive financing to 176 Toyota dealers in the Southeastern United States, is now available on RouteOne's automotive finance platform.

Tags: Credit Applications, Finance, RouteOne, Toyota

March 5, 2015 - Industry News

Consumers Relying on Financing, Experian Reports

In 2014’s fourth quarter, the percentage of new vehicles purchased with financing increased over the previous year to reach 84%, according to Experian Automotive’s latest State of the Automotive Finance Market report.

Tags: auto finance, Experian, Experian Automotive, Finance, Report

December 11, 2014 - Industry News

Lender Trade Group Urges CFPB to Reconsider Larger Participant Rule

In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.

Tags: American Financial Services Association, Auto Lending, Consumer Financial Protection Bureau, Finance

November 20, 2014 - Industry News

Lincoln, VW Captives Rank Highest in Customer Satisfaction, JD Power Reports

The firm's annual study shows that Lincoln Automotive Financial Services ranked highest in the luxury segment, while Volkswagen Credit took top honors in the mass-market segment.

Tags: Finance, J.D. Power and Associates, Lincoln Automotive Financial Services, Volkswagen Credit

November 11, 2014 - Industry News

Kia Adds Dealertrack’s PaymentDriver to Kia.com

Shoppers on Kia.com can now explore finance options side-by-side using PaymentDriver. Those options can include current Kia incentives and interest rates, as well as the trade-in value of the customer’s current vehicle.

Tags: Dealertrack, Finance, Kia, PaymentDriver

September 16, 2014 - Industry News

Santander to Acquire Canadian Auto Finance Company

Banco Santander has reached an agreement with Carfinco to acquire its Canadian business for $298 million Canadian dollars. Under the agreement, a new company will be formed in which Santander will own approximately 95% of the equity, while top management of Carfinco will retain 5%.

Tags: Acquisition, Banco Santander, Canada, Finance

July 15, 2014 - Industry News

Ron Reahard Returns to Industry Summit

Voted a 2013 Best in Class trainer, Ron Reahard will lead a session at this year’s Industry Summit on converting customers to dealership financing. He will also outline a front-end process designed to keep the F&I office in the financing game.

Tags: Finance, Industry Summit, Ron Reahard, training

June 17, 2014 - Industry News

SunTrust’s Dealer Financial Services Expands to Three Markets

SunTrust Banks Inc. is expanding its wholesale automobile dealer financial services to Dallas, Chicago and Boston as part of its national expansion strategy.

Tags: banks, Finance, SunTrust, wholesale financing

May 27, 2014 - Industry News

The Next Up Adds Capabilities for Finance and Service Departments

The firm has expanded its Web-based system to include applications for a dealership’s finance and service departments. These new applications allow management to view real-time stats and track the time managers spend with customers.

Tags: CRM, Finance, Service

May 13, 2014 - Industry News

Hudson Cook Partner Receives Lifetime Achievement Award

Anne P. Fortney, a partner in the firm’s Washington, D.C., office, was recognized by the American College of Consumer Financial Services Lawyers with the prestigious Senator William Proxmire Lifetime Achievement Award.

Tags: Awards, Fair Credit Reporting Act, Finance, Hudson Cook LLP

April 24, 2014 - Industry News

Bank Eliminates Dealer Markup, Cites CFPB Guidance

Photo via Flickr. 

Chicago-based BMO Harris Bank issued a notice to its dealer customers this week, stating that it has eliminated dealer markups on indirect auto loans. The policy went into effect Thursday.

Tags: Auto Loans, BMO Harris Bank, CFPB, compliance, Consumer Financial Protection Bureau, Finance, flats

April 10, 2014 - Industry News

Dealertrack Launches Finance Portal for Hyundai’s Canadian Dealers

The new portal will be directly integrated into Hyundai’s systems in Canada. It will allow dealers there to electronically submit credit applications and receive real-time data updates.

Tags: Dealertrack, Finance, Hyundai

January 27, 2014 - Industry News

NADA Defends In-Dealership Financing

Outgoing NADA Chairman Dave Westcott

David Westcott, 2013 NADA Chairman, told attendees of the NADA Convention and Expo that the CFPB’s effort to coerce the industry into adopting flat fees will harm competition and the car buying public.

Tags: David Westcott, Finance, NADA, NADA Convention & Expo, National Automobile Dealers Association

November 14, 2013 - Industry News

Chicago Dealer Accused of Hiring Hit Man to Kill Fraud Witness

A Chicago car dealer allegedly schemed to have his uncle, who was a witness in a federal fraud case, killed. The dealer offered $10,000 to an undercover agent posing as a hit man, according to the Chicago Sun-Times.

Tags: auto dealer, bank fraud, Finance, fraud

October 10, 2013 - Industry News

DealerCenter Integrates DMS With RouteOne Credit Platform

DealerCenter has integrated RouteOne's credit application management platform into its DMS offering, allowing users to send a deal to any of RouteOne's more than 1,000 finance sources directly from its system.

Tags: DealerCenter, DMS integration, Finance, RouteOne

October 10, 2013 - Industry News

Equifax Introducing New Decisioning System for Finance Sources

Equifax’s Advanced Decisioning Attributes is a set of analytical building blocks intended to make predictive underwriting decisions for finance sources.

Tags: Equifax, Finance, underwriting and collections

May 21, 2013 - Industry News

CNW: May Deliveries Expected to Climb 6 Percent

CNW Research expects May deliveries to rise 6 percent vs. the same period last year, but says there are some worrisome trends to watch.

Tags: Art Spinella, CNW, CNW Research, delivery rate, Finance, subprime credit

May 21, 2013 - Industry News

MBFS Customers Can Now Manage Accounts With In-Vehicle App

The captive becomes the first finance source to launch an in-vehicle app that allows vehicle owners to manage their account. The app will be available on model-year 2013 and newer Mercedes-Benz vehicles equipped with the COMAND Navigation system.

Tags: app, application, automotive, COMAND navigation, Credit, Finance, MBFS, Mercedes, Mercedes-Benz Financial Services, technology, vehicle

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