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.
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' 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.
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.