GWC Warranty has appointed Brian Stach as the company’s new chief revenue officer.
In his role, Stach will oversee all of GWC Warranty’s field sales operations, including a nationwide team of area vice presidents, dealer consultants and trainers.
Stach, a graduate of St. Mary’s University of Minnesota, joins GWC Warranty following more than 15 years of successful sales management experience.
Throughout his career he has spearheaded results-driven initiatives at numerous organizations such as CareerBuilder, Yahoo and DialogTech. Most recently, he served as the vice president of sales for Internet Brands.
Auto loan defaults increased to 0.95 percent in August, from 0.86 percent in July.
This is the second consecutive monthly increase.
Overall, the S&P Dow Jones Indices and Experian increased to 0.86 percent in August.
The only index to decline was bankcard defaults, which dropped to its lowest level since December 2016.
Three of the five major cities saw their default rates increase.
Finance industry veteran Richard (Rick) Craig Potter died Sept. 5 after a lengthy battle with cancer. He was 58.
Potter was the CEO of CAR Financial Services. He was well recognized throughout the financial services industry, the company he led for so many years, and within his community.
Potter was born in Daytona Beach, Fla., and graduated from the University of Central Florida in 1982.
Potter is survived by his wife of 31 years Emily Paige Potter, three children Adam Harrison Potter, Nathan Daniel Potter, and Hannah Marie Potter, and his brother Jeffrey Daniel Potter.
Automotive Finance Corp. announced a promotion aimed at encouraging dealers to "go digital."
The promotion allows dealers to pay no AFC floor plan financing fees and zero percent interest for 45 days on any vehicles bought and sold on TradeRev. TradeRev offers live, one-hour digital auctions.
The TradeRev – AFC promotion runs until Dec. 31.
Hearst Autos announced the opening of its new permanent office in Chamblee, Ga., just outside of Atlanta.
Located in Chamblee’s Antique Row district, the office has an open floor plan dedicated to optimizing workflow, including whiteboard spaces that allow teams to share ideas openly and track design sprints over multi-day sessions. The decision to move into a new space was based on the company’s strong growth over the last year and its desire to establish a permanent Hearst Autos presence in Atlanta.
The company commissioned local artist, Yoyo Ferro, to paint a custom mural in the reception and kitchen areas, and employees collaborated on Atlanta-inspired conference room names.
The Florida Department of Revenue issued an emergency order to extend certain filing due dates for Florida businesses registered with the department in each of the 67 counties affected by Hurricane Irma.
Order of Emergency Waiver Number 17-235-DOR-003 changes the filing due date for sales and use tax, as well as fuel tax returns and payments to Sept. 29.
Sales and use tax, as well as fuel tax returns and payments are normally due on the 1st day of the month, and late after the 20th day of the month.
GWC Warranty recently adopted the 6th grade classroom of Colleen Franchi at Wilkes-Barre's Dodson Elementary School. In adopting Mrs. Franchi's class, GWC employees banded together to make monetary donations and collect school supplies for the class of 56 students. GWC Warranty also provided a 100-percent match of employees' donations. All the donations combined to meet Mrs. Franchi's goal of supplying her class of many underprivileged children with the notebooks, folders, pencils, backpacks and more that they will need throughout the school year.
The Consumer Financial Protection Bureau issues its first-ever no-action to Upstart, a company that uses non-traditional or alternative data and modeling techniques in lending decision-making.
Under the terms of the no-action letter, Upstart has agreed to a number of conditions designed to mitigate risk to consumers. The no-action letter signifies that bureau staff have no present intent to recommend initiation of supervisory or enforcement action against Upstart with respect to the Equal Credit Opportunity Act.
The letter applies to Upstart’s model for underwriting and pricing applicants as described in the company’s application materials . This no-action letter is specific to the facts and circumstances of Upstart and does not serve as an endorsement of the use of any particular variables or modeling techniques in credit underwriting.
As a condition of the no-action letter, Upstart will regularly report lending and compliance information to the CFPB to mitigate risk to consumers and aid the bureau’s understanding of the real-world impact of alternative data and modeling techniques on lending decision-making.
CarMax Inc. is hiring to fill 50 positions for a new CarMax store in Colma, Calif., slated to open in November.
Job applicants hired for the Colma location will be the recipients of special compensation incentives and sign-on bonuses – the largest in CarMax history for these positions.
Entry-level associates are eligible for starting pay of up to $25 an hour. Additionally, all Colma associates will receive bonus compensation of $200 on every paycheck to help with cost of living expenses – a total of more than $5,000 every year.
The associates will also receive a new store bonus awarded semi-annually during the first two years of employment totaling $2,000.
Associates will receive the following sign-on bonuses for joining CarMax’s team:
$3,000 - $7,500 for automotive technicians (based on experience level)
$3,000 for sales consultants and service advisors
$1,500 for reconditioning associates
The Federal Trade Commission announced that the agency has approved changes to the Fuel Economy Guide.
Adopted in 1975, the Guide (formally, the “Guide Concerning Fuel Economy Advertising for New Automobiles”) helps advertisers avoid making unfair and deceptive claims.
In 2016, the FTC sought public comment on proposed changes to the Guide. Based on comments received, the Commission approved changes to account for a number of new issues, such as driving range and fuel economy claims for alternative fueled vehicles, including electric and flex-fueled models.
The changes also match the Guide with current Environmental Protection Agency and National Highway Traffic Safety Administration fuel economy labeling rules. The amendments will become effective 30 days after publication in the Federal Register.