Gregory Arroyo
Editorial Director
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SEARCHMENUSEARCHEditorial Director
General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealer trade groups believe the OEM’s stated goal of enhanced ‘safety and transparency’ is not the real reason for the new policy.
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Black Book issued its estimate days after Cox Automotive Chief Economist Jonathan Smoke said the number of damaged vehicles could reach half a million. With Harvey coming ashore near the Texas-Louisiana border on Wednesday, forecasts remain fluid.
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General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealers who don’t comply face possible termination of their franchise agreement.
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The editor opens up about his time in the car audio industry and how that experience shaped his thoughts about the internet, telematics, and the connected car.
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Two major players in the aftermarket telematics space are attempting to do what others have failed to achieve: carve out a profit opportunity for dealers in today’s connected-car evolution.
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In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).
Read More →The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.
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The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..
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With second quarter originations plunging 45% from a year ago on tightening underwriting standards, bank execs said they expect originations to continue falling for the rest of the year before stabilizing in the first half of 2018.
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The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of the three laws passed — the most recent state to adopt its model act being Maine.
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