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Buckeye Dealership Consulting modifies corporate structure to handle growth

BOARDMAN, Ohio –  Buckeye Dealership Consulting recently reorganized its operation in an effort to serve its clients better. The provider of reinsurance, F&I, warranty and service contract products, dealer education, consulting, and performance groups for independent dealers created new divisions for automotive services, commercial truck, and contract administration as continued growth requires additional “direction and oversight.” Buckeye’s automotive division includes services to independent used-vehicle retailers, while the truck division includes the company’s Truck Master Warranty operations.  Truck Master Warranty offers extended service contracts to heavy-duty truck dealerships throughout North America. Specialty… Read More »Buckeye Dealership Consulting modifies corporate structure to handle growth

CFPB turns attention to what it calls ‘junk fees’

WASHINGTON, D.C. –  The Consumer Financial Protection Bureau (CFPB) launched an initiative on Wednesday in connection with what the federal regulator called “exploitative junk fees” charged by banks and financial companies. The CFPB said through a news release that it’s making this request so the public can share input that will help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years. “Many financial institutions obscure the true price of their services by luring customers with enticing offers and then charging excessive… Read More »CFPB turns attention to what it calls ‘junk fees’

Reynolds finalizes executive changes with new president, COO

DAYTON, Ohio –  Top leadership changes at Reynolds and Reynolds continued on Thursday with the company finalizing its revamped executive team. The provider of dealership forms and software announced that Chris Walsh, formerly the executive vice president of sales and marketing, has been named president of Reynolds and Reynolds, and that Willie Daughters, the executive vice president of operations, has been named chief operating officer. According to a news release, both promotions are effective immediately. Walsh succeeds Tommy Barras, who will continue serving as company chairman and chief executive officer, a… Read More »Reynolds finalizes executive changes with new president, COO

Auto auctions keep close watch on EV infrastructure developments

Wednesday, Jan. 26, 2022, 05:39 PM Electric vehicles took some time to gain steam in the new-car market, but once they did, sales took off like a rocket. Given the measured pace of new EV sales in the years prior to the acceleration in 2021, pre-owned EVs remain a “niche market,” due to the resulting low supply and other considerations, says Cox Automotive Jonathan Smoke. That won’t last forever. And the auto auction industry is keeping a close eye on the used EV market, preparing for the inventory that may… Read More »Auto auctions keep close watch on EV infrastructure developments

Carvana continues expansion with addition of Missouri market

Wednesday, Jan. 26, 2022, 02:44 PM CARY, N.C. –  Carvana has added its 312th market, announcing Wednesday that its home delivery is now available in the Cape Girardeau area of Missouri. The company launched in Joplin and Springfield back in September, bringing its market count in the state to six, at that time. “Today’s launch in Cape Girardeau offers even more residents in Missouri an unbeatable selection of cars, at great prices, in their driveways as soon as the next day,” Carvana founder and chief executive officer Ernie Garcia said in a… Read More »Carvana continues expansion with addition of Missouri market

ProMax broadens AI functionality with SpinCar partnership

BETTENDORF, Iowa –  Two dealership service providers in the news recently now are working together, leveraging the capabilities of artificial intelligence (AI). ProMax — which said it plans to nearly double its employee base in the coming year — and SpinCar — which was chosen to be a part of General Motors’ omnichannel used-car sales platform — announced a strategic partnership on Wednesday. The companies said the combination of ProMax’s award-winning CRM and SpinCar’s Sales AI can enable their joint dealer customers to deliver instant personalized engagement automatically as well as… Read More »ProMax broadens AI functionality with SpinCar partnership

IAA gains land for new UK location

Wednesday, Jan. 26, 2022, 02:25 PM WESTCHESTER, Ill. –  IAA made another move on Wednesday to reinforce its European operations. The company announced that it has secured ground for the construction of a new full-service facility in Bristol, located in the southwest region of the United Kingdom. IAA said through a news release that the additional capacity resulting from the new location will help to meet growing demand in the region. “The Bristol branch demonstrates IAA’s strong, ongoing commitment to investing in the UK market,” IAA UK managing director Steve Hankins… Read More »IAA gains land for new UK location

Former DealerSocket exec now COO at VisionMenu

Wednesday, Jan. 26, 2022, 11:42 AM FORT WAYNE, Ind. –  VisionMenu welcomed a new chief operating officer this week. Taking on the position for the F&I software provider is Steven Meeker, who arrives as VisionMenu said it’s experiencing rapid growth that prompted the expansion of its executive team to meet customer needs. “We are elated to have Steven join us,” VisionMenu president Ron Martin said in a news release. “He knows the industry inside and out. He has worked with some of the largest dealer groups in the country and knows… Read More »Former DealerSocket exec now COO at VisionMenu

CreditMiner & TransUnion partner to fight synthetic fraud

LISLE, Ill. –  CreditMiner and TransUnion are working together in an attempt to keep fraud from infecting dealerships. The companies announced a new partnership this week that enables them to offer the automotive industry cutting-edge fraud prevention technologies via their API capabilities. CreditMiner and TransUnion said dealerships across the nation can protect their bottom line from costly fraud by removing suspected synthetic identities from pre-screen campaigns and flag suspected synthetic applicants for additional vetting. “Incidence of synthetic fraud in auto lending has grown faster than any other financial sector as we… Read More »CreditMiner & TransUnion partner to fight synthetic fraud

ARA looking for unity during ‘another year of turbulence’

Wednesday, Jan. 26, 2022, 11:35 AM IRVING, Texas –  American Recovery Association president Dave Kennedy directly opened a message to repossession agents, finance companies, forwarders and other service providers by saying: “This year is going to be another year of turbulence in our industry.” While auto defaults have risen for six months in a row, the last auto default reading before the pandemic was declared stood at 0.89% in February 2020, which is 50 basis points higher than what the metric was at the close of last year. Even as repo… Read More »ARA looking for unity during ‘another year of turbulence’