Recent Stories
Lenders worry about fake ID theft claims

A rash of auto customer complaints about identity theft last year followed widespread scheme to prompt lenders to remove legitimate trade lines from those customers' credit reports.
Credit washing, synthetic identity fraud among top concerns for auto lenders

Three auto lenders reported four times more credit washing cases coming into their fraud departments since last fall, according to PointPredictive. Synthetic identity is another growing field of fraud affecting the auto industry. The use of data from real people, such as Social Security numbers and addresses, can make synthetic identities hard to detect before a vehicle is stolen.
Online used-vehicle platform Shift adds F&I products, lenders

The changes expand Shift's financing officers to cater to customers across the credit spectrum.
FTC data breach deal sets precedent

Social Security, driver's license and credit card numbers were siphoned out of a DMS provider's directories associated with five dealership clients in 2016. One legal expert says the settlement with the FTC may mark a sea change.
Hacker gained access to customer data at 130 dealerships, FTC says

DealerBuilt, an Iowa dealership software provider, reached a settlement with the Federal Trade Commission Wednesday over a 2016 breach of customer data that allowed a hacker to gain access to the personal information of about 12.5 million consumers stored by 130 dealership clients.
Dealers, don't lean on F&I for compliance officers

While there's no legal imperative for a dealership to hire a compliance officer, dealers who don't dedicate an employee to monitor compliance are more vulnerable to customer complaints and legal troubles.
Interest rate concerns cool for auto dealers, Cox survey says

Franchised U.S. auto dealers were less concerned about interest rates in the second quarter, Cox Automotive found, even though the credit environment for consumers did not improve.
Share of prime customers financing used reaches high

As new-vehicle affordability continues to plague consumers, the share of prime and superprime customers financing used vehicles reached an all-time high in the first quarter, Experian said.
Dealers' optimism faded a bit from last year

Dealers' optimistic view of the U.S. market waned last quarter amid softening new-vehicle sales and a mounting threat of tariffs. They remained optimistic about inventory levels, but as lease return volume comes down, their confidence will likely dim, a Cox Automotive survey says.
The rise of state-level CFPBs

The fledgling divisions of consumer financial protection have set their sights on dealer operations.
FTC, states ratchet up auto retail regulation

With leadership changes in the White House and at the Consumer Financial Protection Bureau, some dealers may have assumed that auto retail and finance regulation would scale back. It hasn't, lawyers and compliance experts warn.
Needed: Dealership compliance officers

For years, compliance consultants and lawyers have given this advice to dealerships: Appoint a compliance officer. Yet despite the numerous regulations auto retailers must consider, the compliance officer post is largely understaffed and unsolicited.
In-store process dictates effectiveness of digital retail

Incorporating F&I into the digital retail experience generates interest in F&I products before customers enter the store and leads to higher gross profit, according to Cox Automotive. But only about half of the dealers who work with Dealer.com on digital retail leverage the process effectively.
Lenders, enhance online options for on-time payments

Auto lenders that expect punctual car payments should consider refining their online and mobile payment options.
Zero-interest financing deals resurface in May, Edmunds says

The uptick in no-interest deals last month dragged the average new-vehicle interest rate down for the first time in 2019, but the trend isn't expected to last through June.