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]

Car prices in the lanes have experienced long-awaited declines this spring, making it easier for dealers to secure inventory as pre-owned supply continues to increase. But many dealers and buyers remain cautious, as prices have fluctuated over the past few years. That said, NADA’s Jonathan Banks provided some good news for dealers this week, noting […] [Read More]

SmartAuction, Ally Financial’s online used-vehicle auction, launched a mobile app designed utilizing dealer input. Users can now search for vehicles, communicate with sellers, negotiate pricing and make bids over Android and Apple-based smartphones. “By including dealers as part of the development team we were able to build an intuitive tool that enhances the SmartAuction online […] [Read More]

Dominion Dealer Solutions this week announced a new vice president of customer services for Dominion DMS.  With a resume that includes stints at ADP and Reynolds & Reynolds, Susan Moll will now take the lead role in customer service and support for Dominion DMS, which offers both Dominion ACCESS and DominionDMX dealer management systems.  Moll […] [Read More]

It has been a busy week of news coming out of the National Independent Automobile Association Convention in Las Vegas. In addition to the inaugural NIADA Lifetime Achievement Award and the newest NIADA Ring of Honor member being named, NIADA and the National Auto Auction Association announced that their print media are merging. [Read More]

The Rusnak Automotive Group announced its new president and chief executive officer this week, naming former chief operating officer Victoria Rusnak to the role. Paul Rusnak, founder of the group, will continue with the company as chairman of the board. Victoria Rusnak, a licensed attorney who holds a business degree from the University of Southern […] [Read More]

MINNEAPOLIS — Now that the Consumer Financial Protection Bureau is beginning to levy penalties in association with vehicle lending, results from the newest Regulatory & Risk Management Indicator conducted by Wolters Kluwer Financial Services might carry even more validity. When asking top American bank and credit union executives about what "keeps them up at night," […] [Read More]

SALT LAKE CITY — Integrated Lending Technologies and Advanced Business Computers of America recently completed the integration of ILT's DILLS system with ABCoA's Deal Pack Dealer Management System. The company highlighted all data regarding loans funded by lenders using DILLS now can be exported to the lender's Deal Pack system with a few mouse clicks […] [Read More]

WASHINGTON, D.C. and MINNEAPOLIS — 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 […] [Read More]

CARY, N.C. — 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, […] [Read More]