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General Motors is recalling 73,424 Chevrolet Cobalts for misrouted wiring that can prevent a driver’s side airbag from deploying during a crash, reports Automotive News. The recall covers 2010 Cobalts — 59,474 in the U.S. and 13,950 in Canada. Affected vehicles were built with improper side impact sensor wire routing in the driver’s side front ... Read More »
Read More →SCHAUMBURG, Ill. — The total dollar volume for outstanding automotive loan balances grew by $92 million from the second quarter of 2014 to the second quarter of 2015, according to Experian Automotive’s latest State of the Automotive Finance Market report. It was the largest dollar volume growth since 2006. Findings from the report showed that ... Read More »
Read More →ATLANTA — Equifax reported this week that the total amount of outstanding balances on automotive loans and leases has crossed the $1 trillion mark, with finance companies leading the way. As of June 2015, total outstanding balances on auto loans and leases reached $1.021 trillion, a year-over-year increase of 10.5%. Additionally, the number of outstanding ... Read More »
Read More →DETROIT — Fiat Chrysler Automobiles said on Wednesday that profits at its American subsidiary fell 3 percent in the second quarter, primarily because of a record civil penalty against the company for violating federal safety laws, reports the New York Times. The subsidiary, which encompasses operations of the former Detroit automaker Chrysler, reported net income of ... Read More »
Read More →HOUSTON — Effective September 1, Senate Bill 1093 will change the laws governing reinsurance, allowing Texas-based companies to compete on par with insurers nationwide. GSFSGroup officials said the company was instrumental in supporting the bill, working closely with Senator Brandon Creighton who authored the bill and its House of Representatives sponsor, Representative Kenneth Sheets. Identifying ... Read More »
Read More →DETROIT — Fiat Chrysler Automobiles on Thursday reported a big gain in second-quarter profits and assured investors that its recent record-setting penalty for safety violations would not slow its earnings momentum, reports the New York Times. The Italian-American automaker said that its net income climbed 69 percent in the quarter to 333 million euros — about $363 million — ... Read More »
Read More →MINEOLA, N.Y. — Bellavia Blatt & Crossett filed a second mass action lawsuit against TrueCar on July 30, this time representing 100 dealerships that are currently affiliated with the car-shopping site. In March, the law firm filed a mass action lawsuit on behalf of 117 — now over 200 — non-affiliated dealerships, alleging that TrueCar’s ... Read More »
Read More →CINCINNATI — On Aug. 11, Ohio Attorney General Mike DeWine announced a lawsuit against a used-car dealership accused of violating state title law. The lawsuit accuses AMG Auto Connection Inc. and its owner Eric Davis of violating Ohio’s Certificate of Motor Vehicle Title Act. It also seeks $3,000 in reimbursement to the Title Defect Rescission ... Read More »
Read More →AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the successful completion of its SSAE 16 (SOC 1) Type II audit. After successfully completing the SSAE 16 Type I audit in December, RoadVantage sought the Type II audit to emphasize its dedication to best practices as the company continues its ... Read More »
Read More →LEE’S SUMMIT, Mo. – Mechanical Breakdown Protection, Inc. (MBPI), an extended vehicle service contract administrator, has released a new mobile application for Apple and Android devices. The introduction of this free app will improve customer service while also enhancing agent and dealer communication. Customers and agents will be able to download the MBPI app in ... Read More »
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