In the second update since the development first came to light, Cox Automotive and Dealertrack Technologies said on Friday that they have each received a request for additional information and documentary material from the U.S. Department of Justice in connection with the DOJ’s review of Cox Automotive’s pending acquisition of Dealertrack. Company officials insisted that […] [Read More]

Mazda North American Operations (MNAO) announced last week that a recent donation of an exclusive 2016 MX-5 Launch Edition donated by Mazda Drive for Good to the St. Jude Children’s Research Hospital raised $50,000 for the charity. The fundraiser was held during the inaugural St. Jude Hope in the Hamptons event held on July 11. […] [Read More]

June’s auto loan metrics bucked the trends seen in other credit markets to register a new historical low, according to the latest S&P/Experian Consumer Credit Default Indices. Analysts from S&P Dow Jones Indices and Experian noticed the auto loan default rate in June dropped 1 basis point on a sequential basis and 11 basis points […] [Read More]

As the Consumer Financial Protection Bureau made temporary adjustments to fill the role of its deputy director who resigned last week, a pair of Texas lawmakers introduced a proposal to eliminate the CFPB altogether. With deputy director Steve Antonakes departing the agency at the end of July, stepping in to serve as the acting deputy director […] [Read More]

TrueCar held a preliminary second quarter results conference call last week for investors in light of expected losses. During the call, management made a point to explain it’s important to discuss what is contributing to these predicted losses, but also “what did not happen.” Scott Painter, TrueCar’s chief executive officer and founder, shared with listeners […] [Read More]

F&I Express recently launched what’s being dubbed CompliPrice, a cloud-based tool aimed to help stores ensure profits on aftermarket insurance products are compliant with dealer and finance companies compliance policies, and potential guidelines from the Consumer Financial Protection Bureau. The company highlighted that CompliPrice, when combined with F&I Express’ eContracting platform, is geared to provide […] [Read More]

Another 22 organizations from a wide swath of the industry — auctions, automakers, online marketing as well as finance companies — are now serving as sponsors for a part of Used Car Week. The latest contingent to join the festivities that run from Nov. 16-20 at the Phoenician in Scottsdale, Ariz., includes: CPO Forum Cars.com […] [Read More]

LeasePlan Corp. — the European parent company of LeasePlan USA — announced on Thursday that it’s being acquired by a consortium of long-term investors. Officials said the total value of the transaction amounts to about 3.7 billion Euros. They added the consortium plans to maintain LeasePlan’s diversified funding strategy going forward, supported by its investment grade […] [Read More]

General Motors said in a filing with the Securities and Exchange Commission on Thursday that the automaker received notice of an investigation by the Federal Trade Commission concerning certified pre-owned vehicle advertising. The notice — which came on June 3 according to the OEM’s document — stems from where dealers certified vehicles that allegedly still […] [Read More]

Especially in these times of intensive regulator oversite, Automotive Compliance Consultants president Terry Dortch insisted that how your buy-here, pay-here dealership responds to customer complaints often determines whether the store’s good name gets blemished or a lawsuit results. Viewed proactively, Dortch explained complaints can help BHPH dealers identify process and personnel weaknesses to be corrected. […] [Read More]