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WASHINGTON, D.C. — On Tuesday, a federal appeals court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional. The appellant court’s main issue is the bureau’s single-director structure, which it found to possess “enormous power over American business, American consumers, and the overall U.S. economy.” The U.S. Court of Appeals for the ... Read More »
Read More →LAKE SUCCESS, N.Y. — The perception that millennials — consumers ages 18-34 — are content with a carless, ride-hailing life may not be true after all, at least according to new data from Dealertrack. In 2015, a record-setting sales year, millennials accounted for 34.6% of all auto loans originated through the Dealertrack platform, according to the ... Read More »
Read More →CHICAGO — This week, DRIVIN, a data-driven service that helps dealers sell, source, acquire, and deliver used vehicles, announced the launch of the DRIVIN Marketplace. Through this marketplace, dealers can list and remarket unwanted invenstory at wholesale prices to their established network of dealers. The service will then match and recommend the listed inventory to ... Read More »
Read More →ATLANTA — Cox Automotive has appointed Joe George as senior vice president of Manheim Vehicle Solutions. He will be responsible for strategy to execution, driving the wholesale and retail solutions long-term plan related to reconditioning, imaging purchase protection and inspections. Effective Oct. 17, George will report to Janet Barnard, president of Cox Automotive Inventory Solutions. ... Read More »
Read More →NEW YORK — On Sept. 29, Governor Andrew Cuomo signed into law a piece of legislation that will increase the surety bond amounts required for used-vehicle dealers to become licensed. The new requirement will take effect on March 28, 2017. “The previous bond amount was insufficient to protect consumers,” said Josh Kayser, CEO of SuretyBonds.com. “There’s ... Read More »
Read More →MCLEAN, Va. — Through September, retention rates for most model-year 2013 vehicles are down across the board compared to last year, according to NADA Used Car Guide. Larry Dixon, the firm’s director of market intelligence, said increased supply and incentives are the reasons. “We estimate that the supply of used vehicles up to five years ... Read More »
Read More →MINNEAPOLIS — Reynolds and Reynolds Co. completed this week its acquisition of Wolters Kluwer’s indirect loan origination solutions for €32 million — around $36 million — in cash. As part of the acquisition, Reynolds adds Wolters Kluwer’s AppOne software, risk mitigation services and bankers systems. Reynolds also gains Wolters Kluwer’s line of preprinted and electronic ... Read More »
Read More →IRVINE, Calif. — AutoGravity has added Mercedes-Benz Financial Services to its auto financing app, which allows car buyers to search for loan and lease options based on the vehicle they want. The partnership gives AutoGravity users access to Mercedes-Benz Financial Services when purchasing a Mercedes-Benz or smart vehicles. The captive is already integrated into the ... Read More »
Read More →WESTERVILLE, OH – Westerville OH-based National Auto Care Corp. announced today that the company has been named to Auto Remarketing Magazine’s Power 300, a list of the most influential companies in the pre-owned automotive industry. The magazine refers to the Power 300 as a “collection of the industry’s heavy hitters,” and it includes companies from ... Read More »
Read More →SALT LAKE CITY, Utah — Alpha Warranty Service Inc. (AWS) announced the release of Alpha Claims Tracker, a tool that allows customers, dealers, and agents to easily track their claims in real time. By using the Alpha Claims Tracker, users can view which step of the process a claim is in, similar to how someone ... Read More »
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