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DULUTH, Ga. — Asbury Automotive executives were confident during a quarterly earnings call Tuesday that the group’s internal cap on dealer markups, as well as its fixed F&I product prices, will keep it out of trouble with regulators like the Consumer Financial Protection Bureau (CFPB). Craig Monaghan, Asbury’s president and CEO, said he didn’t know ... Read More »
Read More →WESTLAKE VILLAGE, Calif. — In the highly competitive auto lending environment, the level of service provided — including technology and a collaborative and consultative staff — is more important than price, according to the J.D. Power 2015 U.S. Dealer Financing Satisfaction Study, which found that dealers are willing to pay a premium for high-quality service. ... Read More »
Read More →WASHINGTON, D.C. — On Wednesday, a U.S. House committee passed H.R. 1737, a bipartisan bill to repeal the Consumer Financial Protection Bureau (CFPB)’s 2013 guidance, which warned finance sources that they would be held liable for discrimination that was the result of policies allowing dealers to mark up the interest rate on retail installment sales contracts. ... Read More »
Read More →FT WAYNE, Ind. – VisionMenu has integrated Perma Plate, VAS (Vehicle Admin Services), ArmorAll, and TWS (Total Warranty Services) to vRate for its electronic menu. vRate is a feature of VisionMenu which allows the user to rate multiple providers and multiple products simultaneously. vRate is a “direct to the provider” electronic rating tool that will ... Read More »
Read More →LAS VEGAS – Early-bird pricing for the P&A Leadership Summit ends one week from tomorrow, organizers said Thursday. Attendees who register on or before Aug. 7 will enjoy a $100 discount at registration for the event, which is scheduled for Sept. 9–10, 2015, at Paris Las Vegas. “For the third consecutive year, our agenda is ... Read More »
Read More →SCOTTSDALE, Ariz. – Vero Products, a leader in vehicle after-market solutions and services to the retail automotive industry, and a division of CU Direct, has acquired Fidelis PPM. As a result of the acquisition, Vero and Fidelis PPM have formed DRIV Technologies, LLC to provide the automotive dealer community a dynamic pre-paid maintenance (PPM) technology ... Read More »
Read More →LAKE FOREST, Calif. – Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has named Pam Hamilton Executive Vice-President & Treasurer and appointed Robert Dickey Executive Vice-President & Chief Financial Officer. Both positions report directly to the Chief Executive Officer. CEO Brent Griggs explains, “Because of our rapid and substantial growth, it has ... Read More »
Read More →AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the addition of three industry veterans to its sales team, as well as new regional offices. Dave Bouchat comes to RoadVantage from DCH Auto Group. A 30-year industry veteran who was with AutoNation prior to DCH, Bouchat has joined RoadVantage as vice president of business ... Read More »
Read More →WASHINGTON, D.C. — The National Automobile Dealers Association (NADA) is urging dealers to review their telephone and text marketing practices to ensure that they are in line with the Federal Communications Commission’s omnibus ruling and order regarding the Telephone Consumer Protection Act. Issued on Friday, the ruling will affect a number of areas related to ... Read More »
Read More →MCCLEAN, Va. — Used-vehicle depreciation slowed modestly in June compared to May’s more rapid pace, according to the NADA Used Car Guide, with prices for vehicles up to eight years in age falling 2.5% on a monthly basis in June, or more than a half a percentage point less than the 3.2% drop recorded a ... Read More »
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