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For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
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Fiat Chrysler and First Bankcard announced that customers who sign up for the DrivePlus Mastercard will get $1,000 toward the purchase or lease of a new FCA vehicle.
Read More →Total outstanding auto portfolio balances reached $1.27 trillion through May, the first time balances have surpassed $1.25 trillion.
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DealerSocket announced the appointment of Gary Ito, who has worked at several global software and technology organizations over his 30-year finance and accounting career, as CFO.
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A recent Cox Automotive poll finds a majority of franchised U.S. auto dealers believe new tariffs on imported vehicles would negatively affect their businesses and lead to higher prices for all new vehicles.
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Attorney, dealer compliance expert, and Compliance Summit regular Jim Ganther will take on such pressing topics as the Military Lending Act revision, compliance in the post-CFPB era, and employee privacy in a workshop session at the upcoming event.
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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.
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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.
Read More →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.
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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.
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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.
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