Industry News
Supply Stronger in BHPH Market, but Challenges Remain for Dealers
-- May 24, 2013
CARY, N.C. — For buy-here, pay-here dealers trying to secure
used-car supply in the wholesale market, it certainly has been a challenging
few years. But based on analyses coming from several different vantage
points, it appears times are getting ...
[ Full Story ]
ITURAN and Finance Express Form Partnership to Benefit BHPH Dealers
-- May 24, 2013
FORT LAUDERDALE, Fla. — ITURAN recently announced that its
asset protection tools to buy-here, pay-here dealers and independent stores
that work with a large subprime customer base now are fully integrated into
Finance Express' dealer management system (FEXDMS). ITURAN's line of ...
[ Full Story ]
To Celebrate 30 Years, ABCoA Launches 2 New Solutions For Dealers and Finance Companies
-- May 24, 2013
JACKSONVILLE, Fla. — Advanced Business Computers of America
rolled out a a new lineup of management systems for dealerships and finance
companies this week. Coinciding with its 30-year anniversary, ABCoA added two new [ Full Story ]
Ally Financial Donates to American Red Cross to Help Tornado Victims
-- May 24, 2013
DETROIT — Along with an industry honor based on the amount of
finance contracts and leases outstanding each year, Ally Financial announced
that it's following the lead of some of its Oklahoma City dealer customers,
making a ...
[ Full Story ]
Compliance Recommendations Highlight Opening of NABD National Conference
-- May 22, 2013
LAS VEGAS — Dealers feverishly took notes in a packed
conference room on Tuesday as a quartet of legal experts shared compliance
procedures these owners and managers can immediately put into place upon
returning to their stores after the National Alliance of Buy-Here, Pay-Here
Dealers National Conference. In a regulatory world intensifying thanks to ...
[ Full Story ]
Spireon Introduces Goldstar GPS Mobile to Aid Dealers and Lenders
-- May 22, 2013
LAS VEGAS — For dealers who want to use their smartphones to
see where a vehicle might be that's attached to a delinquent customer, Spireon
is about to give them that capability. Today, Spireon is offering a sneak peak of its new enhanced
mobile platform for its GoldStar GPS solution, a tool the company says ...
[ Full Story ]
Primeritus Financial Services Rebrands 3 Business Segments
-- May 22, 2013
NASHVILLE, Tenn. — After a year of multiple acquisitions, Primeritus Financial
Services rebranded several of its business service segments. Explaining the methodology behind the decisions, Primeritus
Financial Services chief executive officer Chuck Tapp said ...
[ Full Story ]
Nicholas Financial's Net Earnings Soften to End Q4 & Fiscal Year
-- May 22, 2013
CLEARWATER, Fla. — Publicly traded specialty consumer
finance company Nicholas Financial watched its net earnings soften by 20
percent during the fourth quarter, pushing its year-end figure lower by double
digits. For its fiscal year that ended March 31, the company
reported that its net earnings decreased ...
[ Full Story ]
Experian Automotive Taps New President
-- May 20, 2013
SCHAUMBURG, Ill. — Experian appointed a new president of its
automotive business unit today to assume responsibility for the strategic
direction, leadership and overall growth of the business. Tapped for this role is ...
[ Full Story ]
PRNDL.com Introduces Streamlined Financing for Online Shoppers
-- May 20, 2013
ALPHARETTA, Ga. — PRNDL.com, an online vehicle-buying
service, launched its streamlined Finance Center last week, offering a full
spectrum of credit options for applicants of all credit levels. Site officials highlighted the Finance Center joins ...
[ Full Story ]
Vendor Transparency Solutions Launches Complaint Handling Module for Lenders & Service Providers
-- May 20, 2013
TUCSON, Ariz. — Vendor Transparency Solutions, an
Arizona-based compliance management company, recently released its Complaint
Handling Module, an addition to the VTS Compliance Monitoring Platform. VTS highlighted the industry specific Complaint Handling
Module can ...
[ Full Story ]
Credit Bureau Connection Rolls Out Solution for Long-Term Document Storage
-- May 20, 2013
FRESNO, Calif. — For decades, Credit Bureau Connection contends
that dealers have stored deal and compliance documents in big metal file
cabinets and wondered what length of time to keep them. Now, CBC believes it has a solution to make ...
[ Full Story ]
FTC Unable to Provide Compliance Data CFPB Wanted
-- May 17, 2013
WASHINGTON, D.C. — As the Consumer Financial Protection
Bureau prepares its annual report to Congress, the agency wanted specifics of
what compliance matters other federal regulators are involved with regarding non-bank
entities, which can include franchised and independent dealerships. The Federal Trade Commission, which has jurisdiction over
dealers, shared [ Full Story ]
TransUnion, Carfax Create Scoring Tool to Predict Future Delinquency
-- May 17, 2013
CHICAGO — TransUnion developed what it called an innovative
risk assessment model designed to help auto lenders evaluate the potential for
future loan delinquency based on the history of the vehicle used as collateral. Officials highlighted that they developed the TransUnion
Vehicle History Score in partnership with Carfax, using ...
[ Full Story ]
AIADA: Is Your F&I Department Under Attack?
-- May 17, 2013
ALEXANDRIA, Va. — While there is a lot of talk in the media
these days about America's economic recovery, the truth is that most Americans
are experiencing a recovery that is tepid, at best. Many of us are still
struggling to get out from under five years of negative growth and record
unemployment. Dealers, who are often the biggest employers, tax sources
and economic drivers in their communities, are ...
[ Full Story ]
RDN: Recovery Trends Soften in April
-- May 17, 2013
REDWOOD CITY, Calif. — Most of the metrics included in the
latest RDN Monthly Analytics Update indicated downward movement in April. Analysts said April recovery volumes dropped ...
[ Full Story ]
'Truck Country' Dominates Top 10 Markets for Highest Monthly Payments
-- May 15, 2013
SANTA MONICA, Calif. — Nearly half of the markets
represented among the Top 10 for the highest monthly auto loan payment for a
new model in April are located in the same state, according to Edmunds.com. And popular vehicles sold in those areas appear to be ...
[ Full Story ]
Experian: Deep Subprime Loans, 30- and 60-Day Delinquencies & Repossessions All Climb in Q1
-- May 15, 2013
SCHAUMBURG, Ill. — Loans to deep subprime buyers jumped in
the first quarter. So did 30-day and 60-day delinquencies as well as
repossessions. The latest State of Automotive Finance report from Experian
Automotive showed ...
[ Full Story ]
NABD Offering Day Passes for Dealer Academy & National Conference
-- May 15, 2013
LAS VEGAS — The National Alliance of Buy-Here, Pay-Here
Dealers is still giving operators the chance to attend at least part of its
upcoming Dealer Academy and National Conference. NABD is offering day passes for ...
[ Full Story ]
DriveItNow Highlights New Shop-By-Payment Technology
-- May 15, 2013
CINCINNATI — DriveItNow, a provider of online monthly
payment marketing technology, described its new patent-pending Shop-By-Payment
service as one aimed at "totally changing" the way consumers shop for vehicles
on the Internet. How? DriveItNow says its new ...
[ Full Story ]