Using descriptive words such as unsubstantiated, puzzlingly and unworkable, it didn’t take long for industry associations to question again the methodology of the Consumer Financial Protection Bureau, which on Thursday finalized its policy involving its public-facing consumer complaint database. Now that consumers have the option to share details of their complaint to the CFPB, the […] [Read More]

In what could be a wake-up call for dealerships and F&I managers when explaining how warranties work according to federal mandates, BMW of North America agreed to settle Federal Trade Commission charges this week that its Mini division violated the Magnuson-Moss Warranty Act by telling consumers that BMW would void their warranty unless they used […] [Read More]

This week, GWC Warranty, a national provider of vehicle service contracts and related finance and insurance products sold through dealers, began to celebrate its 20th year in business. Since opening in 1995, GWC Warranty has partnered with more than 20,000 dealers and helped to protect more than 1.5 million drivers by providing what the company […] [Read More]

It was announced this afternoon that Black Book has completed the purchase of William Ward Publishing — the exclusive distributor of Canadian Black Book vehicle values. CBB is utilized as a valuation guide by financial institutions and dealers across Canada. The announcement was made by Richard P. Malloch, president of Hearst Business Media, the group […] [Read More]

In the past, Consumer Financial Protection Bureau director Richard Cordray called complaints the agency’s compass. And earlier today, the CFPB finalized its policy about how those complaints are gathered and posted — and more importantly for finance company leaders — how institutions can respond to those complaints. CFPB officials explained that when consumers submit a […] [Read More]

Executives representing community banks and credit unions want federal lawmakers to study the impact financial agencies are having on them considering that these smaller operations believe they are being hit with the same regulatory zeal as what’s being unleashed on much larger institutions with more resources. During a U.S. House Financial Services Committee focused on preserving […] [Read More]

Auction and industry award announcements continued Thursday at the NAAA/IARA/CAR Conference in Las Vegas, with more businesses being honored for their performances. Starting off with Avis Budget Group, the 2014 Avis Budget Group Auction Performance Award Winners are below: Overall Volume Leader: Manheim Dallas Best New Auction Performance: Manheim San Francisco Bay Best Performance Retention […] [Read More]

Coming off a year during which growth and acquisitions were a top priority, AutoCanada is continuing to expand with the announcement it will build an open-point Kia dealership in Winnipeg, Manitoba. The dealer group announced this week it has signed a letter of intent with Kia Canada Inc., which will award the new open-point store, […] [Read More]

We are still in the first quarter, but waves are already being made on the dealership acquisition front. It was recently announced that AutoPlanet Automotive Group has bought the largest automotive group in Niagara. Brampton-based AutoPlanet announced this month is has acquired Performance Auto Group. AutoPlanet — owned and operated by second-generation dealers Glen and […] [Read More]

Nineteen independent auctions were honored Tuesday night by Manheim during the OVE.com Awards Ceremony at the CAR Conference in Las Vegas. Manheim’s vice president of digital services, Jenifer Eggert, said: “Manheim wants to thank all these independent auctions for setting a great example for the industry. Congratulations to all of the winners.”  Those winners were […] [Read More]