Another online report has surfaced indicating the Consumer Financial Protection Bureau is urging a large auto finance company to modify its practices regarding dealer participation as part of negotiations to settle alleged discriminatory practices. The Wall Street Journal cited what the report described as people familiar with the matter who indicated the CFPB is asking […] [Read More]

As the prices for oil continue to drop dramatically, this larger economic trend may begin to affect lenders in the auto space and beyond. A recent study from TransUnion asserted consumers and lenders should expect “sharp increases” in credit and loan product delinquencies in the near future, especially in the oil-heavy regions of Alberta and […] [Read More]

The Ontario Motor Vehicle Industry Council reported recently it has caught another curbsider, or business acting as a motor vehicle dealer without registration. This is a violation of the Motor Vehicle Dealers Act, and Zhijun Wang of Toronto was recently fined $11,000 after pleading guilty to curbsiding charges. He also plead guilty to breaching the […] [Read More]

If it’s not on your radar already, one industry trend will be soon as the stats become increasingly hard to ignore. That is, electric vehicles’ alarming depreciation rates. According to new data and insight from Black Book, EVs continue to face much heavier depreciation rates than their gas counterparts. In some instances, consumers can shell […] [Read More]

Today’s installment of the Q&A series from the recent Power 300 issue of Auto Remarketing features Jared Rowe, the president of Autotrader. In this story, Rowe covers everything from certified pre-owned opportunities to facilitating quicker F&I processes and the consumer experience. Auto Remarketing: You’ve said in the past that although good work is being made […] [Read More]

Identifix announced on Wednesday the enhancements it has made to Direct-Hit, the company’s online automotive service tool. These changes include improvements to the tool’s information database as well as visual improvements, including fully interactive color wiring diagrams. Aiming at being a one-stop tool for vehicle repair professionals, the Direct-Hit tool is now integrated with vintage […] [Read More]

Lithia Motors announced Wednesday its acquisition of Bitterroot Ford. The store, located in Missoula, Mont., will be renamed Lithia Ford of Missoula. Lithia expects the store to add $50 million in annual revenues to the group’s portfolio. Bryan DeBoer, Lithia’s president and chief executive officer, noted the importance of the acquisition. “This addition marks our […] [Read More]

Along with taking their usual look at activity during the past three months, Federal Reserve officials also asked participants in the latest Senior Loan Officer Opinion Survey on Bank Lending Practices to examine trends going back 10 years. Specifically, the Fed wanted a description of the current level of lending standards at banks relative to […] [Read More]

Global wholesale floor planning software provider Sword Apak recently announced it will implement its new dealer floor planning and loan solution, WFSv6, with Wells Fargo Dealer Services. Officials explained the agreement creates a new portal that is designed to address the evolving business needs of Wells Fargo and its dealer customers. They also mentioned the […] [Read More]

GrooveCar Direct — a vehicle buying resource for the nation’s credit union industry — is expanding through new partnerships with a pair of institutions in the Southeast. Recently coming aboard the program are Insight Credit Union, which is based in Orlando, Fla., and Michoud Credit Union, which operates in New Orleans. Insight Credit Union is a […] [Read More]