The Consumer Financial Protection Bureau addressed a crucial element of financial services thrown into a tailspin because of the COVID-19 pandemic. On Wednesday, the CFPB released a policy statement outlining the responsibility of credit reporting companies and furnishers during the crisis. In response to the pandemic, the bureau acknowledged many lenders and finance companies are […] [Read More]

As the auto-finance industry adjusted annual percentage rates (APR) on both used- and new-vehicle paper originated in March, the possibility your portfolio contains contract holders who no longer have their job jumped significantly, based on the newest data released by the U.S Department of Labor on Thursday morning. Labor Department officials said that during the […] [Read More]

Sure, consumers are not going to dealership showrooms very much, if at all, right now. But it doesn’t mean they’ve stopped shopping or looking at vehicle inventory. Far from it. According to data from Cars.com, “tens of millions” of shoppers are still involved in the car-buying process — they’re just doing it online and looking […] [Read More]

Pushed in part by the coronavirus crisis, Facedrive, a Canadian ridesharing platform that allows passengers to request rides in electric, hybrid or gas-powered vehicles, has expanded to Ottawa. The company says it is a peer-to-peer, eco-friendly and socially responsible ridesharing network that is newly licensed in Canada's capital. In accordance with its national and global […] [Read More]

Buying and selling apps OfferUp and letgo, which feature marketplaces of products that include cars, said on March 25 that they intend to combine their U.S. businesses. The companies say the deal will create a mobile marketplace that supports more than 20 million monthly active users. Through the deal, users could benefit from nationwide shipping […] [Read More]

Editor's note: More days and times for online testing have been added.  The International Automotive Remarketers Alliance (IARA) is taking steps to ensure members still can complete testing for its Certified Automotive Remarketer (CAR) program via online proctoring. IARA scheduled online testing times for Wednesday, Thursday and Friday. First, individuals must complete the IARA Online Proctoring […] [Read More]

Special incentives such as zero percent financing for 84 months and no payments for 90 days on select FCA 2019 and 2020 models are just one part of FCA’s new “Drive Forward” initiative. The initiative also features what the automaker is calling a “new online retail experience,” which allows consumers to purchase vehicles from home via […] [Read More]

The coronavirus pandemic has made it difficult to impossible for dealers to perform certain contractual obligations. Especially where shelter-in-place orders are in effect and auto dealer sales operations are considered to be non-essential businesses, a dealer forced to close its sales business may be unable to make payments due on floorplan loans or meet franchise […] [Read More]

Financial-services providers want to reach their customers to inform them about products and programs that can be beneficial during the coronavirus pandemic, and they’re asking for help from the Federal Communications Commission (FCC) to clear a regulatory path. This week, seven industry trade associations compiled a 23-page petition to the FCC requesting an immediate ruling, […] [Read More]

Lightico conducted a customer survey this past weekend and found an overwhelming majority of its auto-finance users — 90.1%, to be exact — currently prefer digital or remote interaction with their provider stemming from the ongoing coronavirus pandemic. Meanwhile, Lightico also discovered that 40% of respondents either already have or are seeking modifications to their installment […] [Read More]