According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for purported down payments over a six-year period beginning in 2009. The dealer, David Hallman, accepted responsibility for the scheme and agreed to pay a $1.4 million fine and more than $737,000 in restitution to end federal prosecution.
New York Attorney General Barbara Underwood announced that new-car dealerships in the Bronx and Westchester have agreed to end ‘fraudulent, deceptive, and illegal’ sales of a ‘bogus’ anti-theft product and offer restitution to at least 1,100 car buyers.
While the bill further strengthens dealer protections and updates others, several protections aimed at future services and opportunities for automakers to serve customers directly were stripped out of the bill prior to last Thursday’s unanimous vote by the California Legislature.
Manheim Texas Hobby has completed a three-part, two-year, $6 million-plus initiative designed to enhance sustainability and security for the Houston auction’s clients and community.
A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.
Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
A new report from Portfolio details the effects of the Tax Cuts and Jobs Act on the six most common reinsurance program types and explains why at least one is now no longer advisable for most dealers.
The event designed to ‘Protect the Future of F&I’ will feature a keynote address by trainer David Lewis, who will teach dealers and F&I professionals how to improve their production by $350 per copy.
Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem unfazed, with outstanding balances climbing to a new record high.
New tax law and economies of scale help publics and consolidators buck trends to grow earnings and fuel the buy/sell market to 92% growth in the second quarter. According to the firm, the market is on track for a fifth consecutive year of more than 200 acquisitions.
Manage by the Numbers Solutions announced the official launch of Game Plan, the company’s new suite of management reporting tools.
PayLink Direct won the first-place Diamond award for F&I Financing, a new category in this year’s Dealers’ Choice Awards.
Former factory executive Eric Turner has been named vice president of product management by LotLinx.
Through July, J.D. Power’s Adjusted Used Vehicle Price Index stood at 119.3, which is 4.7 percentage points higher than the year-ago period. The firm said used-vehicle prices began showing strength in the middle half of 2017, a trend that continued deep into this year’s summer selling season.
Despite the decline, the trade group expects the California market will end the year with around 2 million new-vehicle registrations. That would be a slight decline from the 2.05 million registrations the market recorded in 2017, providing further proof the market has plateaued after several years of big increases.
Kelley Blue Book editors rank and comment on the 10 Best Back-to-School Cars for 2019, all starting at around $20,000 or less and still available on new-car lots.
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