October 2020

4 major financial services cases now on Supreme Court docket

Monday, Oct. 05, 2020, 11:09 AM WASHINGTON, D.C. –  The Supreme Court began its term on Monday with plenty of turmoil swirling following the passing of Justice Ruth Bader Ginsberg in September and the U.S. Senate wrangling over how quickly the highest court goes back to nine members. Nonetheless, Hudson Cook partner Mark Rooney said the Supreme Court will consider several cases affecting the consumer financial services industry. Rooney indicated four specific cases involve “substantive issues” of liability to consumers, questions relating to arbitrability and limits on government agency powers. In a… Read More »4 major financial services cases now on Supreme Court docket

Carleton enhances partnership with 3530 Technologies

SOUTH BEND, Ind. –  Officials from 3530 Technologies recently broadened their partnership with Carleton, integrating CarletonCalcs and CarletonDocs API components into their software solutions and services for consumer and business lending. According to a news release, this new partnership expands CreditCore — 3530 Technologies loan origination solution(LOS) — to support direct lenders with comprehensive electronic documents and accurate and compliant disclosure computations. The companies highlighted that utilizing both components in tandem can ensure not only that the correct electronic document sets are dynamically compiled in application and closing packages, but that each… Read More »Carleton enhances partnership with 3530 Technologies

Morgan Auto Group adds BMW dealership

Friday, Oct. 02, 2020, 04:22 PM WESLEY CHAPEL, Fla. –  The addition of BMW of Wesley Chapel marks the continued expansion of Morgan Auto Group into Florida’s Pasco County. Morgan Auto Group says it is one of the largest privately held U.S. automotive dealer groups, and the company said BMW of Wesley Chapel — located at 26645 State Road 56 — is its fourth Wesley Chapel store and is open for sales and service. The dealership features new and pre-owned vehicles, and customers can get their vehicles serviced at BMW of… Read More »Morgan Auto Group adds BMW dealership

Costco savings event features Volvo, Chevrolet, Buick, GMC

SAN DIEGO –  During the first half of 2020, Costco Auto Program hosted five limited-time specials, which is an initiative to provide extra savings opportunities on vehicles. That is more than double compared to the previous year, and it resulted in nearly 45,000 additional vehicle sales. On Thursday, Costco Auto Program announced a multi-brand event. That event features exclusive Costco member incentives on select new 2020 and 2021 models from Volvo, Chevrolet, Buick and GMC. Volvo and Chevrolet are two of the most popular brands among Costco members, according to Costco… Read More »Costco savings event features Volvo, Chevrolet, Buick, GMC

Pickup prices continue to be noteworthy in KAR Global’s latest wholesale data

CARMEL, Ind. –  If Tom Kontos wanted to speak in the language of his nationality when describing wholesale prices for pickups, the KAR Global chief economist would say “idiaítera dynatós,” which is Greek for “particularly strong.” Pickups are among the seven vehicle segments with wholesale prices at least 26% higher than a year ago, according to the August Kontos Kommentary released on Thursday. Overall, KAR Global Analytical Services monthly analysis of wholesale used vehicle prices by vehicle model class showed that wholesale prices in August averaged $13,498 — up 0.9% compared… Read More »Pickup prices continue to be noteworthy in KAR Global’s latest wholesale data

From the editor: What’s your car’s name?

CARY, N.C. –  Perhaps if finance companies wanted to expand their customer databases even more, what Byrider commemorated on Friday might give providers an opportunity. To go with columns already in place for the customer’s address as well as the VIN, another segment could list names like Harry, Bonnie and Big Blue. Byrider sent me a message this week saying they were celebrating National Name Your Car Day, prompting me to ask what triggered the chain of buy-here, pay-here dealerships to roll out a campaign that even has hashtag for social… Read More »From the editor: What’s your car’s name?

HGregoire offers satisfaction-guarantee extension

Thursday, Oct. 01, 2020, 02:44 PM SAINT-EUSTACHE, Quebec –  Seeing a clear increase in online transactions, HGregoire Automotive Group has extended the length of its satisfaction-guaranteed, money-back program. The extension is from three to seven days, and once a customer purchases a vehicle from HGregoire, he or she has up to seven days or 400 kilometers to request an exchange or a full refund. HGregoire Automotive Group president John Hairabedian, saying that customer satisfaction is the company’s highest priority, noted that, “We felt an extension was the right thing to do to… Read More »HGregoire offers satisfaction-guarantee extension

Latest Carvana vending machine comes to Motor City

Thursday, Oct. 01, 2020, 01:40 PM DETROIT –  In 2017, Carvana debuted its “New Way To Buy A Car” in Detroit. At that time, “We were proud to become a part of a community known for its automotive innovation,” Carvana founder and chief executive officer Ernie Garcia said in a news release. On Thursday, Carvana launched its newest car vending machine in Detroit. The brick and glass structure features a 27-vehicle capacity and stands eight stories tall. Garcia said the 2017 debut “was a big moment for us — at the… Read More »Latest Carvana vending machine comes to Motor City

Coalition of more than 100 associations seeks streamlined PPP loan forgiveness

CARY, N.C. –  Imagine as an independent dealer who received a Paycheck Protection Program (PPP) loan of less than $150,000, you only had to answer a single, simple question to confirm the funds were used in accordance to PPP guidelines. And then the loan would be forgiven. A coalition of more than 100 trade associations — including the American Bankers Association, Consumer Bankers Association and Texas Bankers Association — is asking federal lawmakers for that exact process. The groups recently sent a letter to Congressional leadership calling for passage of bipartisan… Read More »Coalition of more than 100 associations seeks streamlined PPP loan forgiveness

Finance companies secure higher average down payments in Q3

IRVINE and SANTA MONICA, Calif. –  Finance companies mitigated their risk a bit during the third quarter as data released by Edmunds on Thursday showed higher average down payments for both used and new financing booked during the past three months. Edmunds determined the more robust increase in average down payments came in connection with new vehicles, rising to $4,457 in the third quarter, compared to $3,891 last quarter and $4,045 a year ago. Edmunds data also indicated that the average transaction price (ATP) for new vehicles rose significantly during the… Read More »Finance companies secure higher average down payments in Q3