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LEGAL UPDATE: Sean Petersen, NIADA senior vice president of legal and governmental affairs, talks about recent legal issues affecting independent dealers.  One change in Nevada regulates the use of starter-interrupt and GPS devices.

Latest News

GWC Warranty Wins Communication Awards

Wednesday, 08 November 2017 00:54

GWC Warranty received two 2017 Automotive Communication Awards at the Women's Board Reception during AAPEX in Las Vegas on Tuesday, October 31.
GWC Warranty's company blog, Accelerate, won in the Business-to-Business Blog category, marking the third consecutive year that Accelerate has earned honors as the nation's top business-to-business automotive industry blog. Accelerate covers topics ranging from helpful tips and industry trends to profitability advice and company news. Its useful content has gained national attention and has been syndicated in several national and regional publications.
Also taking home an Automotive Communication Award in 2017 was GWC Warranty's new ad campaign titled Older and Bolder, which won in the Business-to-Business category for Ad Campaign To Distribution/Retail Audiences.
With these two most recent awards this year, GWC Warranty has now compiled five Automotive Communication Awards since 2015.

AFSA Salutes Auto Finance Exec

Monday, 06 November 2017 18:09

TD Auto Finance CEO Andrew Stuart was honored with the 2017 American Financial Services Association (AFSA) Distinguished Service Award during AFSA’s 101st annual meeting in Washington, D.C.

The association’s highest honor, the award is given to individuals who have contributed significantly to industry and association growth on a national level, advanced its mission and objectives, and elevated its image.

Stuart joined AFSA in 2008 while executive vice president and chief financial officer of VW Credit. It was during this time that Stuart became actively involved in AFSA and went on to serve as Vehicle Finance Division Chairman 2012-2014.

He co-chaired the annual AFSA/NADA Executive Forum that brings NADA’s elected leaders together with top executives from AFSA’s vehicle finance members involved in indirect auto lending with franchise dealers. In 2014, he chaired a successful AFSA Vehicle Finance Division Conference in New Orleans.

When the Consumer Financial Protection Agency (CFPB) issued a bulletin taking aim at fair lending practices, Stuart’s leadership and recommendation to the AFSA Board led to the commission of a comprehensive study of automotive lending practices conducted by Charles River Associations.

He served as Chairman of AFSA 2014-2015 and continues to serve on AFSA’s Executive Committee, Board of Directors and Vehicle Finance Board.

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Hertz Extends Financing

Sunday, 05 November 2017 19:03

Hertz Global Holdings Inc. announced that its wholly-owned subsidiary, The Hertz Corp., extended approximately $5.3 billion in aggregate principal for global bank-funded vehicle financing facilities.
The company also has allocated the remaining net proceeds from the recent issuance of notes that it was holding as restricted cash. Additionally, Hertz has amended certain provisions of its senior facilities and has entered into a new $400 million standalone letter of credit facility.
These moves allow Hertz to extend its vehicle debt maturities of approximately $5.3 billion through March 2020.

CFPB Warns About Longer Loans

Thursday, 02 November 2017 18:58

The Consumer Financial Protection Bureau released a report on auto loan trends that found a sharp increase in riskier longer-term auto loans.
According to the report, 42 percent of auto loans made in the last year carried a payback term of six years or more, compared to just 26 percent in 2009. The growth of these longer-term loans has largely come at the expense of five-year loans, which declined over the same period.
The CFPB found that six-year auto loans are riskier – they cost more, are used by consumers with lower credit scores to finance larger amounts, and have higher rates of default.

Consumer Reports Ranks Brands For Reliability

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Toyota and Lexus once again finished atop the Consumer Reports’ Annual Auto Reliability Survey, but the news was the No. 3 finisher – Buick.The General Motors division became the first...

OSHA Fines Lynnway Auto Auction for Safety Violations

OSHA Fines Lynnway Auto Auction for Safety Violations

The federal Occupational Safety and Health Administration (OSHA) cited Lynnway Auto Auction Inc. for electrical, struck-by, and other hazards at its auto auction facility in Billerica, Mass.On May...

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