How the Consumer Financial Protection Bureau is conducting its business continues to be questioned by leaders on Capitol Hill. On Tuesday, Sen. Mike Crapo requested that the Government Accountability Office (GAO) investigate what he called the "big data" collection effort being undertaken by the CFPB on consumer spending habits. [Read More]

The annual report from the National Automobile Dealers Association showed sales figures generated at franchised dealerships’ service and parts departments as well as body shops in 2012 exceeded $80 billion for the second year in a row. The exact figure according to NADA Data 2013 came in at $81.35 billion, representing a 0.1-percent dip from […] [Read More]

Ever since the Consumer Financial Protection Bureau released its fair lending guidance to indirect auto lenders on March 21, dealers and lenders have questioned the basis for the guidance — and now Washington lawmakers are, as well.   The foundation for the CFPB’s guidance wholly rests on a disputed theory of liability called “disparate impact.” […] [Read More]

Auto Data Direct pointed out that tow, storage and recovery businesses in Florida should now be encountering changes in requirements for the good faith letter process and certificate of destruction procedures based on a new law passed by the Florida Legislature. As a result, ADD is offering what it believes is an affordable and effective […] [Read More]

After a year of multiple acquisitions, restructuring and rebranding, Primeritus Financial Services celebrated the company’s 500,000th repossession assignment on Monday.  Primeritus Financial Services chief executive officer Chuck Tapp reflected on the accomplishment and shared when he hopes the company will hit its next milestone in connection with its recovery management, skip-tracing and remarketing services. “It’s […] [Read More]

More than three-fifths of all used vehicles retailed by franchised dealers last year were acquired via trade-in, up from 57 percent in 2011, according to the NADA Data 2013. Breaking that figure down, the annual report from the National Automobile Dealers Association indicated that franchised dealers got 39 percent of the used cars they sold […] [Read More]

This past February, I raised a cautionary yellow flag about dealers making speculative bets with their used-vehicle inventory decisions. I was concerned that dealers would have trouble resisting the urge to “stock up” in anticipation of a strong spring selling season — especially amid signs that incoming supplies of wholesale vehicles and other market variables […] [Read More]

As the last weekend in June just passed, dealers are busy assessing the  month's performance. Which brands were hot on the lots this past month? Dataium’s Automotive Shopper Index for June indicates  that Japanese brands proved to be particularly popular with consumers, with the Honda Accord coming in as No. 1 in the ASI new-vehicle […] [Read More]

Compliance experts from Reynolds and Reynolds and Dealertrack Technologies explained how the first enforcement action against the vehicle financing industry by the Consumer Financial Protection Bureau might give more detail about the agency's regulatory agenda. To begin his assessment of what the CFPB ordered U.S. Bank and Dealers' Financial Services to do, Terry O'Loughlin, the […] [Read More]

The first significant penalty from the Consumer Financial Protection Bureau in connection with vehicle financing came Thursday — a development associated with approximately $6.5 million in revenue for two companies. The CFPB ordered U.S. Bank and one of its nonbank partner companies, Dealers’ Financial Services, to end what it called deceptive marketing and lending practices […] [Read More]