Auction Academy held its first ever “joint session” early last month as the two current class groups — the Managers Group and the Next Generation/Sons and Daughters Group — traveled with the Auction Academy staff to the Baltimore and Washington D.C. areas for a series of training programs. Organizers recapped that the session began with […] [Read More]

WASHINGTON, D.C. — The Federal Trade Commission issued revised guidance designed to help businesses such as dealerships comply with the requirements of the Red Flags Rule, which protects consumers by requiring businesses to watch for and respond to warning signs or "red flags" of identity theft. Regulators explained that the guidance outlines which businesses — […] [Read More]

DAVENPORT, Iowa — Triggered by new solution capabilities, ProMax Unlimited, a Web-based subprime financing software provider, highlighted the growth trajectory it is enjoying this year. Company officials contend they are on track to have more than 2,000 dealers using their tool by the close of the year. They attributed the growth because of expansion of […] [Read More]

DAYTON, Ohio — Reynolds and Reynolds announced the availability of the LAW West Virginia F&I Library that is designed to offer West Virginia automobile and truck dealers a comprehensive catalog of standardized, legally reviewed finance and insurance (F&I) documents. Officials indicated the Reynolds LAW brand West Virginia F&I Library of forms was developed jointly through […] [Read More]

SOUTHFIELD, Mich. — Provider Exchange Network, a division of Open Dealer Exchange, recently completed integration with the F&I mobile menu, iTapMenu. Officials explained the iTapMenu will now feature electronic rating via PEN. "We couldn't be more excited about the partnership with Provider Exchange Network," said Ozan Selcuk, vice president of iTap Menu. "Easy and accurate […] [Read More]

KAR Auction Services has purchased PWI Holding, Inc. and its wholly owned subsidiaries — which include Preferred Warranties (PWI) — from Harbert Private Equity Fund II, LLC. The announcement was made by HPEF II. “We are very pleased with the performance of PWI and would like to thank the entire team for their efforts. Without […] [Read More]

There appears to be a rather significant divide in the auction lanes between older and newer vehicles this year when it comes to their supply and pricing behaviors. How so? According to the latest Guidelines report from NADA Used Car Guide, there has been a 17.7-percent year-over-year decline in AuctionNet auction supply for cars between […] [Read More]

The more a dealership asks a sales consultant to work on the weekends, the more likely that these individuals are to pursue other opportunities and leave stores with significant staff turnover. That’s one of the conclusions from the 2012 NADA Dealership Workforce Study, launched last year by NADA University, the education and training arm of […] [Read More]

Loan Portfolio Servicing and Caprock Auto Remarketing appointed an industry veteran who has held posts at Manheim, Triad Financial and Honda Financial Services to be director of business development for the two sister companies. Taking on the role is Greg Harris, who brings nearly 30 years of experience in subprime auto finance, auction sales and […] [Read More]

Two separate recall campaigns by Chrysler Group and another from American Honda encompass more than 55,000 units. The largest single recall in this latest batch is from Chrysler, which intends to recall approximately 30,000 trucks to restore tail-lamp warning function. The campaign involves approximately 17,400 model-year 2013 Ram 1500, 2500 and 3500 pickups in the […] [Read More]