F&I Magazine

Next Generation Dealer Services Acquires TheNACSP.com

Tue, 10 Nov 2009 12:16:15 PST

Next Generation Dealer Services acquired The Association of Car Sales Professionals, an association of salespersons that provides its members with individual, blog-style Websites.

GMAC Will Fuel Chrysler’s Comeback

Tue, 10 Nov 2009 12:12:59 PST

Chrysler Group officials made it clear last Wednesday that securing the financing needs of its dealers will be key to realizing its $500 million, five-year plan. GMAC responded the following day by saying that it’s quickly ramping up efforts to becoming the preferred financing source of Chrysler dealers and customers.

Chrysler Reveals 5-Year Plan Business Plan

Tue, 10 Nov 2009 10:51:36 PST

Chrysler Group LLC unveiled its five-year business plan on Nov. 4, and said it's working to introduce a test fleet of plug-in hybrid minivans and trucks in 2011 and possibly an all-electric vehicle in 2012.

Assurant Solutions Names Bill Bracken as National Director of Dealer Sales

Tue, 10 Nov 2009 10:37:44 PST

Assurant Solutions’ vehicle service contract business promoted Bill Bracken to national director of dealer sales.

AutoUSA Study Shows Internet Marketing Important to Dealers

Tue, 10 Nov 2009 10:34:13 PST

According to a new AutoUSA study, 85 percent of auto dealers consider Internet marketing their most important marketing activity for new-car sales.

NAE Hires Greg Grimes as Dealer Development Specialist

Tue, 10 Nov 2009 10:20:00 PST

National Automotive Experts (NAE) hired Greg Grimes as its dealer development specialist. He will be responsible for the company’s dealer development and training needs.

Santander Consumer to Acquire HSBC's Auto Business

Tue, 10 Nov 2009 10:05:12 PST

HSBC Finance Corporation announced that Santander Consumer USA Inc. will acquire its auto loan servicing business and $1 billion in auto loan receivables for $904 million.

Sonic Dealerships to Use RouteOne Compliance Products

Tue, 10 Nov 2009 9:09:01 PST

RouteOne announced today that Sonic Automotive Inc. will subscribe all of its dealerships nationwide to RouteOne's identity verification and electronic document storage products.

TARP Program Announces Dates for Regional Conference Series

Mon, 9 Nov 2009 12:04:08 PST

The networking and training program, Together Automotive Retailing Prospers (TARP), announced dates for its regional, six-state seminar series in conjunction with the NIADA, Auttr.com, and partners AutoTrader.com, NAC and Manheim.

Driving Toward Recovery

Fri, 6 Nov 2009 14:37:44 PST

With some signs that the worse may be over, talk of a recovery and the possible roadblocks ahead took center stage at the 2009 F&I Conference and Expo.

Credit Platforms Revisited

Fri, 6 Nov 2009 12:09:45 PST

Credit platforms revolutionized the F&I industry, connecting dealers to more finance sources than ever before. What’s next for these key F&I tools?

Capitalizing on the Used Market

Fri, 6 Nov 2009 11:48:49 PST

If you have the right product lineup and selling prices, pre-owned customers will buy F&I products, too. F&I trainer shows you how.

5 Focus Factors of F&I

Fri, 6 Nov 2009 11:28:20 PST

It's definitely easy to get wrapped up in all of the negatives these days. F&I trainer provides a head-clearing lesson and reveals the five factors every F&I manager should be focused on.

Pulling the Trigger

Fri, 6 Nov 2009 11:15:13 PST

Trigger leads can be an effective and relatively inexpensive way to bring in new customers. But like any other marketing tool, there are rules to follow and pros and cons to consider.

50 Ways to Sell More Vehicles

Fri, 6 Nov 2009 10:47:57 PST

Did you know that having a follow-up plan that stretches out 18 months can help you double your leads conversions? Marketing expert puts you on the path to doing just that.

October Consumer Bankruptcy Filings Surge 28 Percent Over Last Year

Thu, 5 Nov 2009 12:25:17 PST

The 135,913 consumer bankruptcy filings in October represented a 27.9 percent increase over last October's monthly total of 106,266, according to the American Bankruptcy Institute (ABI).

VINtek Offers Electronic Lien and Title Processing in Texas

Thu, 5 Nov 2009 12:22:43 PST

Texas Department of Motor Vehicles (TxDMV) expanded its pilot electronic lien and title (ELT) program statewide on Nov. 2, and VINtek, a provider of auto finance services and solutions for lenders, has begun processing ELT titles in the state for several financial institutions.

Lawmaker, McEleney to GMAC: Floorplanning at Crossroads

Thu, 5 Nov 2009 11:37:00 PST

U.S. Congresswoman Candice Miller (R-Mich.) and National Automobile Dealers Association (NADA) chairman John McEleney have undertaken separate campaigns to extend a program designed to provide floorplanning credit to Chrysler dealerships.

GMAC Reports 3Q Loss of $767 Million

Wed, 4 Nov 2009 13:44:01 PST

GMAC Financial Services reported a third quarter 2009 net loss of $767 million, an improvement from the net loss of $2.5 billion in the year-ago period.

Chrysler Offers Incentives Through Credit Union Program

Wed, 4 Nov 2009 10:43:38 PST

Chrysler Group LLC is offering credit union members preferred pricing on all 2009 Chrysler, Jeep, Dodge and Ram Truck vehicles and a select number of 2010 vehicles through the“ Invest in America” program.

Hudson Cook LLP Partner Buiteweg Elected to ALI

Wed, 4 Nov 2009 10:11:56 PST

Hudson Cook LLP, a nationwide provider of legal compliance services for the financial services industry, announced that Thomas J. Buiteweg, a partner at the firm’s Ann Arbor, Mich., office, has been elected to The American Law Institute (ALI).

OPENLANE Launches Third Party Inspection Service

Wed, 4 Nov 2009 10:04:10 PST

Online auction company OPENLANE Inc. launched its nationwide third party inspection (TPI) service, which will allow sellers to order during the listing process on OPENLANE’s auction site, www.OPENLANE.com.

Incentives Decline in October, Says Edmunds.com

Wed, 4 Nov 2009 9:27:57 PST

Edmunds.com estimated today that the average automotive manufacturer incentive in the United States was $2,468 per vehicle sold in October 2009, down $329, or 11.8 percent, from September 2009, and down $209, or 7.8 percent, from October 2008.

Key Credit Index Shows Expansion

Tue, 3 Nov 2009 12:23:22 PST

While saying the credit markets and the economy still face hurdles, the National Association of Credit Management (NACM) reported that its October Credit Managers Index (CMI) broke into expansion territory for the first time in over a year.

Ford Credit Earns $427 Million in 3Q

Tue, 3 Nov 2009 12:13:27 PST

Ford Credit reported net income of $427 million in the third quarter, an increase of $332 million from earnings of $95 million a year earlier.

Class Action Suit Filed in Tires for Life Debacle

Tue, 3 Nov 2009 11:43:56 PST

When Millennium Protection Group Inc. founder Wilbur “Tray” Harrison Jr. launched the Tires for Life tire replacement program in 2005, few dealers who signed up to sell the policies could have guessed that claims would be paid from a Texas checking account and the company would land in bankruptcy court.

AIS Launches Digital Rebate Alert System

Tue, 3 Nov 2009 11:00:03 PST

Automotive Information Systems Inc. (AIS) introduced its Digital Rebate Alert (DRA) system, which provides dealers and consumers with automatic incentive updates via any digital communication channel.

NADA Chief Economist Counters Edmunds.com Analysis of C4C Program

Tue, 3 Nov 2009 10:40:33 PST

After a thorough review of the Cash for Clunkers program, the chief economist of the National Automobile Dealers Association (NADA), Paul Taylor, determined that the cost of each incremental vehicle sold was around $4,587.

NADA Used Car Guide Hires Jonathan Banks as Senior Director

Tue, 3 Nov 2009 10:29:35 PST

The NADA Used Car Guide (NADA) named Jonathan Banks as its senior director of editorial and data services.

Indirect Lending Important for Growth, Say Banks and Credit Unions

Tue, 3 Nov 2009 10:15:12 PST

Indirect lending will be critical to the overall growth of U.S. banks and credit unions during the next two years, according to a survey by Wolters Kluwer Financial Services.

Zurich Appoints Bob Tschippert to Head Automotive Center of Excellence

Tue, 3 Nov 2009 9:59:51 PST

Zurich, a commercial property and casualty insurance provider, announced that effective immediately Bob Tschippert will lead Zurich Financial Services Group’s newly created Automotive Center of Excellence in North America.

Protective Life Selects Dylan Doran as Western Division VP

Tue, 3 Nov 2009 9:36:40 PST

Dylan Doran has joined the Asset Protection Division of Protective Life Corporation as a divisional vice president. He will be responsible for the Western division.

Southfield Capital to Sell Dealers’ Financial Services

Tue, 3 Nov 2009 9:19:40 PST

Southfield Capital Advisors, a private investment firm focused on the lower middle-market, agreed to sell Dealers’ Financial Services (DFS) LLC to Dollar Financial Corp. for approximately $118 million in cash.

Red Flags Rule Delayed Again

Mon, 2 Nov 2009 9:50:56 PST

The Federal Trade Commission (FTC) announced Friday it is delaying enforcement of the Red Flags Rule until June 1, 2010.

Lithia Motors Posts 3Q Profit

Fri, 30 Oct 2009 16:33:24 PST

Lithia Motors Inc. posted a third-quarter profit of $7 million from continuing operations, an increase from the $2.5 million recorded in the year-ago period.

AFG Partners With Fort Financial Credit Union

Fri, 30 Oct 2009 14:45:19 PST

Fort Financial Credit Union (FFCU) will now offer Auto Financial Group (AFG)’s Driving Sense as a direct and indirect lending option as part of a recent agreement with the provider of residual-based financing products for credit unions.

Used-Car Prices Up 16 Percent, Domestics Hold Better Value, Says Edmunds.com

Fri, 30 Oct 2009 14:13:22 PST

Three-year-old used cars currently sell for about 16 percent more than they did this time last year, according to Edmunds.com. Typically, used-car prices rise 4.6 percent from year to year.

Edmunds.com Forecasts October Auto Sales, Predicts 10.35 Million SAAR

Fri, 30 Oct 2009 11:49:15 PST

This month's new vehicle sales (including fleet sales) are expected to be 830,000 units, a 0.6 percent decrease from October 2008 but an 11.4 percent increase from September 2009, according to Edmunds.com, the premier online resource for automotive information.

Economy Sees 3Q Growth; Consumers Remain Skittish

Thu, 29 Oct 2009 11:49:29 PST

After declining in five of the preceding quarters, the economy grew at a 3.5 percent rate in the third quarter, the U.S. Department of Commerce reported today. The news was tempered by a report from the Conference Board that showed further deterioration of consumer confidence.

Sonic Posts 3Q Profit

Thu, 29 Oct 2009 11:41:09 PST

Sonic Automotive Inc. reported a third quarter profit of $18.4 million from continuing operations, up from a loss of $15.1 million in the year-ago period.

NADA Lobbies for Changes to SBA Floorplan Financing Program

Thu, 29 Oct 2009 11:36:54 PST

The National Automobile Dealers Association has urged the U.S. Small Business Administration to expand loan amounts and guaranties under the Dealer Floor Plan Pilot Initiative, which launched in July and will continue through September 2010.

AutoNation Posts 3Q Profit; YOY F&I Revenue Down 31 Percent

Thu, 29 Oct 2009 10:59:22 PST

AutoNation Inc. reported a profit of $65 million from continuing operations for the third quarter 2009, compared to a net loss of $1.40 billion in the year-ago period.

Copart and Dealer Services Corp. Integrate Systems

Thu, 29 Oct 2009 10:13:32 PST

Copart Inc., an online vehicle auction company, has integrated Dealer Services Corporation (DSC), an independent used-car financing company, into its Website, www.copart.com, allowing Copart members to select and pay for vehicles by accessing their DSC account.

Mint Leasing Renews Credit Line of $29.2 Million

Thu, 29 Oct 2009 9:52:29 PST

The Mint Leasing Inc., a provider of leasing services to franchised automobile dealers, announced today that it renewed a credit line worth $29.2 million with Sterling Bank of Houston.

GMAC Shoring Up Capital Position Ahead of Regulatory Deadline

Wed, 28 Oct 2009 17:43:22 PST

An insider confirmed on Wednesday reports that GMAC Financial Services Inc. is in discussions with the U.S. Treasury Department for a third-round of taxpayer-backed funding – one of two moves the auto finance company made this week to shore up its capital position ahead of an impending regulatory deadline.

VinSolutions Certified as Honda Approved Vendor

Wed, 28 Oct 2009 10:38:09 PST

VinSolutions is now a certified American Honda Motor Co. approved vendor, and will provide electronic data systems to receive and report on lead activity to Honda and Acura dealers.

NADA Study Shows Decrease in Satisfaction With Dealer System Providers

Wed, 28 Oct 2009 10:20:58 PST

New research from the National Automobile Dealers Association (NADA)’s Information Technology Committee shows that dealership satisfaction with dealer system provider (DSP) vendors declined significantly from the 2007 survey.

GSFSGroup Offers Web-Based Maintenance Program

Tue, 27 Oct 2009 15:02:54 PST

GSFSGroup is offering SecureNet Maintenance Care, a customized, Web-based and dealer-labeled maintenance program that provides auto dealers with a way to retain claim reserves and focus customer service.

Fitch Sees Better-Than-Expected Performance of Auto Loans

Tue, 27 Oct 2009 11:48:43 PST

The ratings for prime senior tranches of asset-backed securities (ABS) auto loan and credit card transactions have remained stable in the first nine months of the year, despite concerns by Fitch Ratings about growing problems in consumer credit and unemployment.

Capital One Sees 3Q Profit Increase; Reports Decline in Auto Loans

Tue, 27 Oct 2009 11:42:34 PST

Attributing its third-quarter decline in auto loans to a retrenchment and repositioning of its auto finance business, Capital One reported a 3.3 percent decline in auto loans last Thursday — the same day the McLean, Va.-based company reported a 14 percent increase in third-quarter profits.

Wells Fargo Reports Record Earnings; C4C Pushes Up Auto Revenues

Tue, 27 Oct 2009 10:35:27 PST

Fueled by double-digit revenue growth in seven of its business segments, including auto financing, Wells Fargo & Co. reported its third straight quarter of record earnings last week despite mounting loan losses and decreases in its mortgage originations.

myEZ Car Care Discounts Available at 5,000 Service Providers Nationwide

Tue, 27 Oct 2009 10:31:50 PST

MyEZ Car Care LLC, a loyalty, vehicle care and records maintenance company, now offers its members discounts and VIP status at over 5,000 trusted national and local automotive service providers from oil changes to preventive maintenance and more.

Chrysler Financial to End Business in 2011

Mon, 26 Oct 2009 16:14:21 PST

Chrysler Financial, the former captive lender of Chrysler LLC, will liquidate and cease business in Dec. 31, 2011, according to a letter from the U.S. Treasury Department.

DealerTrack Integrates DMS With KIA Motors

Mon, 26 Oct 2009 10:53:21 PST

DealerTrack Systems Inc., a subsidiary of DealerTrack Holdings Inc., announced it has completed the integration of the DealerTrack Dealer Management System (DMS) with Kia Motors America’s Web-based dealer communications system.

AmeriCredit Posts 1Q Profit, Activates Approximately 3,000 Dealers

Thu, 22 Oct 2009 11:58:47 PST

AmeriCredit Corp. reported net income of $26 million for its fiscal first quarter, a higher profit than analysts predicted and an improvement from a net loss of $5 million in the year-ago period.

SNAAC Adds New Director of Business Development

Thu, 22 Oct 2009 11:50:04 PST

Security National Automotive Acceptance Corporation (SNAAC) hired Ben Hensley as director of business development. He will lead the newly formed business development group, which is part of the SNAAC sales and marketing department.

Lawmakers Pass Amendment to Exclude Auto Dealers from New Federal Agency

Thu, 22 Oct 2009 11:41:35 PST

The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective state and federal laws which govern vehicle financing.

Chase Auto Finance Names San Diego Business Center Manager

Thu, 22 Oct 2009 10:02:18 PST

Chase Auto Finance named industry veteran Cesar Martinez as manager of its custom finance business center in San Diego, which serves the subprime financing needs of the area’s auto dealers and their customers.

Protective Acquires the Prizm Group’s Service Contract Business

Wed, 21 Oct 2009 11:43:28 PST

Protective Life Insurance Company acquired the service contract business of the Denver-based Prizm Group Inc.

F&I Wants to Hear Your Story

Wed, 21 Oct 2009 11:28:34 PST

Are you with a dealership or do you know of one that implemented a strategy that helped it do more than survive in 2009? If so, then F&I magazine wants to hear from you.

Lawsuit Points to Roadblock Ahead for Taking F&I Online

Tue, 20 Oct 2009 17:03:22 PST

A small Rhode Island dealership’s fight to retain the right to sell Honda-backed extended service contracts over the Internet represents more than a dispute between a dealer and a manufacturer; it also symbolizes the roadblocks ahead for getting F&I online.

Finance Express Partners With National Auto Care Corp.

Tue, 20 Oct 2009 13:21:06 PST

Through a new partnership, National Auto Care (NAC) Corp., a service contract sales and administration company, will incorporate its products and services into the Finance Express dealer management platform.

Loan Approvals Backsliding, Says CNW

Tue, 20 Oct 2009 13:15:20 PST

After months of improvement, the share of auto loans being approved has begun to backslide, according to CNW Marketing Research.

VINtek Participates in Drafting ELT Legislation in California

Mon, 19 Oct 2009 15:52:17 PST

After seven years of providing electronic lien and titling in that state, VINtek said it has assisted California lawmakers with the drafting of the state’s ELT legislation, which was signed into law by Gov. Arnold Schwarzenegger on Oct. 11.

SmartAuction Partners With CenterOne Financial Services

Mon, 19 Oct 2009 14:36:04 PST

SmartAuction, the remarketing industry’s upstream wholesale auction Website, signed a deal with CenterOne Financial Services LLC to begin listing its off-lease vehicles for sale.

NAF Association Coins New Term to Describe Industry

Mon, 19 Oct 2009 14:17:57 PST

The National Automotive Finance (NAF) Association coined the term “below-prime” to describe the levels of funding in which its members are engaged.

Clicking Outside the Box

Fri, 16 Oct 2009 14:37:01 PST

Changes to the economic landscape and media consumption habits have altered the rules of marketing and promotion. Learn how dealers are adjusting.

Driving Clicks Into F&I

Fri, 16 Oct 2009 14:29:49 PST

Expert in search engine optimization says it’s time for F&I to enter the brave new world of Internet marketing, and offers his advice on what a workable strategy entails.

Delinquencies Keeping Auto Finance in Slow Lane

Fri, 16 Oct 2009 14:19:46 PST

The economic downturn has put more than $25.5 billion in auto loans at risk, but there were some signs of improvement. Experian Automotive’s director of automotive credit gives her take on what continues to be an unpredictable market.

Steering Subprime Leads

Fri, 16 Oct 2009 12:16:20 PST

F&I goes one-on-one with the founder of DealerLink to find out how the company can guarantee financeable subprime leads.

Better Deals Through Technology

Fri, 16 Oct 2009 11:44:08 PST

One dealer explains how technology can streamline sales and help you create effective marketing programs.

Better Collections Through Technology

Fri, 16 Oct 2009 11:38:07 PST

Repossessing a vehicle is never a good thing, but technology has certainly come a long way in helping dealers do just that. The Special Finance Coach discusses how to keep customers on time with their payments, as well as how social-networking sites like Facebook can help when they’re not.

Social Media an Important Tool in Automotive Marketing

Fri, 16 Oct 2009 11:00:16 PST

Investment in high-quality digital and social media content is key to changing customer perceptions of a brand, as well as in raising brand awareness and consideration levels, according to industry experts at the 2009 J.D. Power and Associates Automotive Internet Roundtable.

GE Money to Off Direct-to-Consumer Financing for Auto Repairs

Thu, 15 Oct 2009 11:44:14 PST

GE Money, the consumer lending unit of General Electric Company, and Carsmetics announced an agreement to offer a consumer financing program for auto repairs.

Chase Reports Strong 3Q Earnings; Auto Originations Up 82 Percent

Thu, 15 Oct 2009 11:16:24 PST

Driven mainly by its investment banking division, which offset losses on credit cards and consumer loans, JP Morgan Chase reported strong earnings for the third quarter 2009. As for its auto finance segment, originations were up 82 percent.

Rebound in Used Vehicle Values Benefits U.S. Auto Lease ABS, Says Fitch

Thu, 15 Oct 2009 11:07:45 PST

The resurgence of the United States wholesale vehicle market in 2009 has reversed the trend of heavy residual value (RV) losses on leased vehicles in late 2008, and steadied the performance of U.S. auto lease ABS transactions, according to Fitch Ratings.

AmeriCredit to Finance GM’s Subprime Customers

Thu, 15 Oct 2009 10:41:26 PST

Through a recent partnership, AmeriCredit will provide auto financing to General Motors Co.’s subprime customers.

ALG Adds Monthly Residual Value Data to Risk Analysis Tool

Thu, 15 Oct 2009 9:45:18 PST

Automotive Lease Guide (ALG), a subsidiary of DealerTrack Holdings Inc., added monthly residual value updates to its Residual Risk Analysis tool, which is used by vehicle lessors to analyze their automotive lease portfolio risk.

CDMdata and DealerTrack Partner to Offer Dealers Market Data

Wed, 14 Oct 2009 17:01:10 PST

CDMdata Inc., a Kelley Blue Book company, and DealerTrack Inc., a subsidiary of DealerTrack Holdings Inc., have forged a partnership to leverage DealerTrack's vehicle inventory data and analytics, while integrating CDMdata's Internet marketing experience and Kelley Blue Book's marketing and valuation expertise.

NADA Opposes Proposed Financial Protection Agency

Tue, 13 Oct 2009 12:34:43 PST

Rep. Barney Frank’s attempt to exclude auto dealers from regulation by a proposed consumer-financial protection agency isn’t good enough, the National Automobile Dealers Association (NADA) said.

ActivEngage Offers Free eBook on Social Media for Dealers

Tue, 13 Oct 2009 9:51:03 PST

ActivEngage, a provider of live chat for dealer Websites, released a new eBook, “Facebook for Auto Dealers,” to help dealers understand the business applications of social media and determine whether using Facebook is right for their dealership.

VW Credit Selects MVTRAC for Auto Location and Recovery Services

Tue, 13 Oct 2009 9:14:50 PST

MVTRAC struck an exclusive agreement with VW Credit Inc. (VCI), a subsidiary of Volkswagen Group of America, to provide location and recovery services for the lender's defaulted automobile collateral.

Appeals Court Affirms Trigger Leads Decision

Mon, 12 Oct 2009 15:10:17 PST

Last week, the United States Court of Appeals for the Second Circuit upheld a lower-court ruling that the sale and use of trigger leads is allowed under the terms of the Fair Credit Reporting Act (FCRA).

Compact Car Values on the Rise, Says KBB

Mon, 12 Oct 2009 11:34:42 PST

The “Cash for Clunkers” program temporarily boosted new-vehicle sales, while compact car values rebounded in late August and continued to climb in September, according to the latest Kelley Blue Book (KBB) Monthly Market Report.

Cash for Clunkers Impact Seen in Federal Reserve Report

Thu, 8 Oct 2009 11:26:36 PST

Evidence of the Cash for Clunkers (C4C) program’s impact on consumer credit were revealed in the Federal Reserve’s August report, which showed marked declines in loan-to-value ratios and the amount financed.

TARP Program Expands Into Regional Conference Series

Thu, 8 Oct 2009 10:00:45 PST

The networking and training program, Together Automotive Retailing Prospers (TARP), has expanded into a regional, six-state seminar series in conjunction with the NIADA, OIADA, Auttr.com, Columbus Auto Fair Auction and partners AutoTrader.com, NAC and Manheim.

eCarList and Carfax Partner to Enhance Online Listings

Thu, 8 Oct 2009 9:17:32 PST

Carfax and eCarList have teamed up to help dealers more effectively market their online inventory. Dealers using eCarList's inventory management software can obtain Carfax information and make it available with their vehicles listed online.

Internet Ad Revenues Reach $10.9 Billion In First Half of Year

Tue, 6 Oct 2009 11:28:40 PST

U.S. Internet advertising revenues reached 10.9 billion in the first half of 2009, a 5.3 percent decline from the year-ago period, according to the IAB Internet Advertising Revenue Report by The Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers LLP (PwC).

Westlake Remarketing Unveils “Buy With Confidence Gold Program”

Tue, 6 Oct 2009 11:18:30 PST

Westlake Financial Services’ remarketing department launches its new “Buy With Confidence Gold” program. The program will spotlight the company’s best inventory, featuring late-model vehicles with less than 80,000 miles and no frame damage.

Chase Honors Best U.S. Auto Auctions

Tue, 6 Oct 2009 11:15:08 PST

A Motor City auto auction claimed three awards – including the top overall prize – when Chase, the nation’s largest auto lender, announced its 2009 Chase Cup for Auction Excellence winners.

Polk Sees Sales Reaching 11.2 Million Units in 2010

Tue, 6 Oct 2009 11:10:49 PST

R. L. Polk & Co. estimates new light vehicle sales in 2010 will reach 11.2 million units, up 9.6 percent over 2009, with third quarter 2010 sales estimated to be the strongest at an anticipated 28 percent of the annual total.

Bankruptcy Filings Surge Past One Million in First Nine Months of Year

Tue, 6 Oct 2009 10:58:53 PST

Consumer bankruptcies totaled 1,046,449 filings through the first nine months of 2009, making it the first time since the 2005 bankruptcy overhaul that filings have surged past the 1 million mark during the first three quarters of a year, according to the American Bankruptcy Institute (ABI).

OEM and Third-Party Websites Serve Different Needs, Study Says

Tue, 6 Oct 2009 10:42:27 PST

Although new-vehicle buyers visit automotive manufacturer Websites and third-party automotive Websites at the same rate during the shopping process, buyers rely on each type of Website for different types of information, according to the 2009 Website Performance Tools Report — Wave 1.

DealerTrack Adds Red Flags Reporting to Its Compliance Solution

Tue, 6 Oct 2009 10:33:16 PST

DealerTrack Inc., a provider of on-demand software and data solutions, added red flags reporting to its DealerTrack Compliance Solution to help dealers better track their identity theft prevention programs and to more effectively monitor dealership activity.

AutoUSA Reports 500-Percent Increase in Leads

Tue, 6 Oct 2009 10:12:01 PST

Leads provider AutoUSA reported a 500-percent increase in e-mail and phone leads for dealers since April 2009 from its pay-per-lead inventory listing network, powered by Vast.com.

Meritrust Credit Union Joins Wolters Kluwer Loan Platform

Tue, 6 Oct 2009 9:57:33 PST

Meritrust Credit Union, the largest Kansas-based credit union, is expanding its relationship with Wolters Kluwer Financial Services by joining the company’s AppOne platform.

FICO Forms Licensing Agreement with MicroBilt

Tue, 6 Oct 2009 9:48:14 PST

FICO struck a licensing agreement with MicroBilt Corporation, giving the provider of risk management information and services rights to use FICO’s scoring model to calculate and sell FICO Expansion scores to lenders and businesses that grant credit.

Auto Financial Group Partners With United Federal Credit Union

Fri, 2 Oct 2009 11:09:10 PST

United Federal Credit Union (UFCU) will now offer Auto Financial Group (AFG)’s DrivingSense as an indirect lending option as part of a recent agreement with the provider of residual-based financing products for credit unions.

Incentives on the Rise Through Year-End, Says Edmunds.com

Fri, 2 Oct 2009 10:42:48 PST

Edmunds.com estimated today that the average automotive manufacturer incentive in the U.S. was $2,557 per vehicle sold in September 2009, up $83, or 3.4 percent, from August 2009, and down $344, or 11.9 percent, from September 2008.

GM to Close Saturn After Penske Deal Collapses

Thu, 1 Oct 2009 12:18:50 PST

After its deal with Penske Automotive Group Inc. collapsed, General Motors announced late Wednesday that it will begin winding down the Saturn brand and its dealership network.