Wednesday, December 3, 2014

CFPB Allegations Against American Honda Finance

TORRANCE, Calif. - First, the Consumer Financial Protection Bureau and the U.S. Department of Justice delivered notices to Toyota Motor Credit Corp., alleging discriminatory practices regarding vehicle financing. Now, American Honda Finance revealed it also received the same allegations from these federal regulators. Read more here

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Saturday, March 10, 2012

Ally Bank Tops List of Financial Services Companies Using Social Media

MIDVALE, Utah — Change Sciences Group recently recognized Ally Bank as a leader in financial services companies using social media.

The accolade listed Ally first among 22 companies in a program that rated each organization's approach to the social media space.

Officials believe Ally's presence on Facebook, Twitter and YouTube, including the level of engagement displayed on each, contributed to the bank's No. 1 ranking.

In addition, the product ratings and reviews found at allybank.com received recognition from Change Sciences, noting "every detail of the product landing pages is geared toward making prospects feel comfortable choosing Ally and choosing the product."

Every month, the company tabulated that an average of 1,500 pieces of content are published on Ally Bank's social media channels, including the Ally Straight Talk Blog, Facebook and Twitter channels. Topics range from Ally product information to personal finance tips and tools.

Followers across these channels increased more than 550 percent last year, according to Ally.

"We put our customers at the center of everything we do, including how we engage with them on Twitter, Facebook and our Straight Talk blog," stated Sanjay Gupta, chief marketing officer of Ally Financial.

"Social media allows Ally Bank to connect with customers in a straightforward way, in forums that make it easy for them to access information," Gupta added.

Used Cars

Tuesday, February 14, 2012

CPO Market Gets Quick Start to 2012

The certified pre-owned segment appears to have begun 2012 on the right foot in January, as sales continued to show year-over-year improvement and continue momentum from 2011, which was the best year in CPO history.

Overall, there were 131,229 CPO sales in January, according to Autodata Corp. Despite this being nearly a 17-percent slide from December, it marked a 6-perent increase from the opening month of 2011.

And many individual automakers enjoyed particularly strong months, with some either hitting or narrowly missing best-ever Januaries. Meanwhile, Porsche had its best CPO month of all time, as it sold 812 certified vehicles, a year-over-year improvement of 23.4 percent.

Over at Volkswagen, it also began the year especially strong, notching its best January on record as it moved 5,953 certified vehicles. This represented a 35.4-percent hike.

VW management attributed the robust start to its dealer base and applauded the progress the program has made in recent months.

“Volkswagen CPO sales have started off stronger in 2011 than any other year in the 10-year history of the program. Our dealer engagement is approaching 100 percent and our sales and market share continue to grow,” said Scott Weitzman, general manager of used-vehicle operations at Volkswagen of America.

“It is a tribute to our dealers’ tenacity and creativity in vehicle acquisition that we continue our strong sales roll,” he continued. “We had truly thought the network would be short of adequate inventory starting in October, yet sales have been climbing steadily since.”

Weitzman noted that Volkswagen’s gains on the new-car side continue to prove fruitful for its used-car operations, something he counts as “fortunate.”

“In January, VW dealers sold new cars at a pace not seen since 1974 and they are trading in more quality vehicles (both VW and other brands) as a result. The overall health and profitability of used-car operations at Volkswagen dealerships is improving every month. Remarkably, all of this growth has come without any significant changes to our CPO program,” he added.

“Our success during a period when many competitive programs are making solid enhancements in their offerings, reinforces our belief that Volkswagen CPO maintains a superior dealer and consumer offer,” Weitzman went on to share. “We applaud the enrichment of all CPO programs in the market as it ensures a solid foundation for growth and consumer adoption across the industry going forward.”

Mercedes-Benz saw its CPO sales climb 7.8 percent with 6,945 units sold. Scott Penza, manager of pre-owned operations for Mercedes-Benz USA, pointed to “dealer engagement” as the major catalyst for success.

“We attribute the sustainability of our CPO program and achievement of our sales objectives to dealer engagement. Our dealers certify a very high percentage of their pre-owned vehicles which speaks to their commitment to the program and our customers,” Penza shared.

“Our efforts in 2012 will be focused on continuous improvement to ensure the Mercedes-Benz certified pre-owned program provides dealers with the tools they need, thus providing our customers with the exceptional experience they have come to expect from Mercedes-Benz,” he added.

On the domestic front, General Motors reported CPO sales of 22,849 units in January, up 5 percent year-over-year.


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Pollak on NADA: Four Ways Convergence Will Affect Dealers

Auto Remarketing | Pollak on NADA: Four Ways Convergence Will Affect Dealers

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February 13, 2012 | LAS VEGAS By Dale Pollak Dale Pollak, vAuto

I’d like to thank all of the dealers and their teams who visited vAuto’s booth to learn more about our Provision inventory management system and other products and services. The positive responses about Provision confirm it’s a game-changer for the industry.

While chatting with dealers and managers at NADA, I was struck by how often the dialogue turned to convergence.

The topic came up in virtually every corner of conversation — from the convergence of vendors (e.g., the vAuto integration with AutoTrader.com and Manheim), the convergence of technology (e.g., the merger of desktop and mobile), the convergence of customer shopping behavior online (e.g., the blend of search and social media with Google+), the convergence of technology and process (e.g., process metrics and accountability) and the convergence of ownership (e.g., the outlook for increased buy/sell activity).

As I think about what convergence means for dealers, there are four takeaways that come to mind, blending both the practical and profound:

1. Efficiency will bring advantage.

This applies to all dealership departments. In used vehicles, those who can identify, source and retail the “right” vehicles for their markets in the most time- and cost-efficient manner will beat those who haven’t yet embraced the efficiencies that the convergence of technologies will provide.

Some suggest the convergence of ownership gives larger stores a potential advantage, given they can use multiple locations to spread out risks and maximize opportunities. I see the point, but submit that smaller stores can leverage their own advantage — the ability to move quickly and decisively — and compete effectively.

2. Strategy-setting is critical.

More and more, dealers recognize the Internet is today’s primary playing field for attracting and capturing customers. Yet, the dynamics of online shoppers keep changing.

At NADA this year, many dealers were discussing the convergence of social media, local search and mobile-based queries (what Google dubs “SoLoMo”) and what it means for their online strategy.

Industry stats say consumers visit more than 18 sites as they research and shop for vehicles — often moving from classified and third-party sites, where they hone vehicle choices, to more local resources where they look for specific vehicle availability and dealers.

The underlying takeaway for dealers: They need to craft/hone a strategy that ensures capacity, expertise and flexibility to engage customers in a more meaningful way at all potential online touch-points. Interestingly, as much as the online space evolves, the age-old axiom to “go where your customers are” still applies.

3. Management metrics matter more and more.

I had a couple wistful conversations with dealers. The gist: The business today seems a lot harder than it used to be. After mulling this, I came to the conclusion that it’s not necessarily more difficult, but it certainly requires a more discipline- and accountability-focused approach to management than many dealers are accustomed to deploying at their dealerships.

On the plus side, technology is helping make managers more efficient by providing metrics on performance for every dealership department and task — even when this requires interfaces between disparate systems.

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Chrysler Museum Reveals New, Improved Website

The Walter P. Chrysler Museum, in Auburn Hills, Mich., which celebrates the history of the Chrysler nameplate, recently revealed its new website.

The nonprofit contends the new site includes “improved navigation, beginning with home page tabs and links from which all Museum programs, exhibitions and events, as well as Chrysler's rich heritage, are directly accessible.”

Visitors can now make tax-deductible donations, become members and volunteers, arrange corporate and private meetings and events, schedule school and group tours and purchase gift shop collectibles, all from the site.

“The site also offers quick access to Museum contacts; hours, admission, location and other operational details and a two-for-one discount admission coupon,” officials also noted.

The nonprofit also offered the following list of new features and website updates:

Users can:

—Establish a password-protected home page to share interests and contact preferences to receive future e-newsletters from the museum.
—Access personal giving history.
—Participate in exclusive polls and surveys.
—Museum members can additionally send eCards to family and friends via the online community.

The nonprofit also noted that the with the new site it is much easier access and online transaction capabilities for programs that support the nonprofit Museum's collections and operations, including:

—A multi-level membership program.
— Adopt-a-Vehicle and Brick Legacy commemorative programs.
—Tax-deductible donations – monetary, as well as vehicles and artifacts.

The enhancements also include:

—Easier to navigate overviews of the Museum's K – 12 education and K – 8 Summer Fun Day programs.
—Enhanced imagery throughout the site, including a home page slide show directly linking to facility rental, group tour, membership and other content.
—User-friendly access to Chrysler history highlights searchable by both decade and brand.
—Easier access to Chrysler Historical Services through which enthusiasts can request owner and service manuals, photographs, production numbers and build records for heritage vehicles.

The site also highlights:

—local and national car clubs.
—pre-packaged group tour itineraries.
—complementary attractions near the Museum, including several offering discounts to individuals and families.
—a direct link to the Museum's Facebook fan page.
—a news release archive.

The Walter P. Chrysler Museum is open for self-guided tours 10 a.m. – 5 p.m. Tues. – Sat. and noon – 5 p.m. Sun. 

For more information, see http://www.wpchryslermuseum.org.


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Monday, February 13, 2012

Car Care Council Inks Deal With The Weather Channel; Could Dealers Benefit?

In a new deal that the Car Care Council has struck with The Weather Channel Cos., the non-profit organization is offering vehicle maintenance advice on weather.com, as well as including links to its own website.

And as consumers apparently hit weather.com fairly regularly to check the latest forecast — and given the fact they now have car tips at their disposal, possibly putting them in an automotive frame of mind anyway — this may end up being a good outlet for dealers to advertise, as well.

As for the Car Care Council, its deal with TWCC could boost consumer attention for the automotive aftermarket with its messages likely reaching a plethora of motorists.

Officials noted that weather.com and The Weather Channel’s digital properties achieve monthly Web traffic of 62 million consumers. Moreover, TWCC’s website is the nation’s sixth biggest, generating 15 million unique visitors each day.

“The partnership between weather.com and the Car Care Council is a true win-win opportunity,” stated Car Care Council executive director Rich White. “The council will provide credible third-party information for visitors to weather.com seeking tips and advice about how to prepare for a variety of weather driving conditions.

“In return, the council will position its messages on behalf of the aftermarket on one of the busiest websites in the country and increase its own website traffic,” he added.

Explaining more about the car advice offering, weather.com has Car Care Council articles and videos regarding car safety, which can be found at weather.com/safety. Information and advice is available for a number of areas, including car maintenance and safe driving, as well as seasonal weather impacts on vehicles.

“We continue to look at how to improve the user experience on weather.com, and that includes offering the best content about how weather affects daily life,” stated Michael Finnerty, vice president of weather.com for The Weather Channel Cos. "This content gives our consumers valuable information as part of our WeatherReady section to encourage safety preparation for a wide variety of severe weather conditions.”

For more information, visit www.carcare.org or www.weather.com.


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Group 1 Sees Used Sales Spike During Most Profitable Year Ever

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February 10, 2012 | HOUSTON By Staff Writer Joe Overby Earl Hesterberg, Group 1 Automotive

Though executives acknowledged on Thursday’s quarterly conference call that used-vehicle supply and pricing are likely to continue to be challenging, Group 1 Automotive celebrated a double-digit spike in fourth-quarter used sales on its way to achieving what was the most profitable year ever for the dealership group.

Group 1 capped its best-ever year with a 14-percent hike in retail used-vehicle gross profit in the fourth quarter, spurred by used retail revenue that was 16.8 percent higher at $362.9 million.

The company moved 17,775 used units during the period, up 12.7 percent year-over-year.

Additionally, total used-vehicle margins (including retail and wholesale) came in a 6.9 percent, a gain of 10 basis points. Senior vice president and chief financial officer John Rickel said during the call that  this margin gain is “reflecting a slight increase in the percent of used units acquired via trade-in.”

For the full year, used retail revenue climbed 11.2 percent at $1.4 billion, with used retail sales climbing 6.8 percent at 70,475 units.

All of this used retail strength occurred in a market where was supply was tough and appears to remain that way.

“It’s still hard to find good used cars. We’re getting more trade-ins as the new-vehicle market improves … but the age of some of these trade-ins, many of them aren’t really retail(-worthy) or they’re low-dollar units that don’t hit the fat part of our target market for used-vehicle retail,” Group 1 president and chief executive officer Earl Hesterberg said on Thursday’s call.

“So, I think the used-car pricing will probably stay firm this year and it’s still going to be a challenge to get enough high-quality used cars for retailers such as ourselves,” he added.

Sharing overall results, Group 1’s adjusted net income for full-year 2011 hit an all-time high of $86 million, a 38.3-percent hike from 2010. Yearly revenues came in at $6.1 billion, marking a 10.4-percent increase.

As for the fourth quarter, adjusted net income was a best-ever $22 million, up 49.3 percent year-over-year. Quarterly revenue was $1.6 billion, up 13.1 percent.

“I am proud of the record fourth-quarter and full-year results that Group 1 reported today, especially given the supply challenges we faced with most of our Japanese brand stores for the majority of the year and in a sales environment that was about 25 percent lower than our previous record year in 2006," stated Hesterberg

“The strong results reflect the strength of our operating team as well as the significant improvements we have made to our operating model during the past several years,” he continued. “These improvements should continue to deliver operating leverage as new-vehicle sales increase to a more normalized 15 million to 16 million unit selling environment in the next few years. Looking ahead, we anticipate new vehicle industry sales will increase by more than one million, to 14 million, units in 2012.”
 


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