Archive | Auto Industry News

Voting Opens for 2018 Dealers’ Choice Awards

TORRANCE, Calif. — The publishers of Auto Dealer Today announced that voting for the 2018 Dealers’ Choice Awards will begin tomorrow and continue through May 31, 2018. The annual program was designed to recognize the industry’s best vendors, suppliers, and finance sources based on an online survey open only to dealers and dealership professionals. Voters can click here to access the survey. Dealers are free to share the link, but each voter may only complete the survey once. Completed surveys are spot-checked for veracity. Auto Dealer Today is the program’s sole sponsor and does not sell, rent, or share voters’ personal ... Read More »

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ProMax Sold to Private Equity Firm

DAVENPORT, Iowa — Two weeks ago, John Palmer, who founded ProMax in 1994 as a special finance solutions provider, posted the following message: “I want to let all my friends and associates in the auto industry know that, after 23 amazing and wonderful years, I have sold ProMax.” Today, SNH Capital Partners, a San Diego, Calif.-based private firm, announced that it has acquired the automotive software provider. Financial terms of the transaction were not disclosed “We are extremely pleased to invest in ProMax, a dynamic market leader with a 20-year history of consistent product innovation. ... Read More »

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AutoGravity Partners With Westbon

IRVINE, Calif. — Fintech provider AutoGravity announced a partnership with Westbon, a lending platform for international students in the United States. Through this unique partnership, Westbon financing options are now accessible to international students who use AutoGravity to finance their vehicle in the U.S. “Car buyers are looking for a faster and simpler car financing process,” said Serge Vartanov, AutoGravity co-founder and chief evangelist officer. “As the first online platform to cater exclusively to the financing needs of international students, Westbon will benefit from AutoGravity’s appeal to digital-savvy customers seeking an exceptional car-buying experience.” With an ... Read More »

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Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

SAN FRANCISCO — Wells Fargo is reviewing all F&I products customers opt to include in vehicle finance contracts the bank purchases from dealers to “improve processes for our consumer and dealer customers and to remain competitive in the market,” bank officials said in a statement. The statement was issued to F&I and Showroom in response to questions about an April 8 article in The Wall Street Journal. Citing people familiar with the matter, the article claimed the bank has expanded its internal review of GAP refunds to other F&I protections like vehicle service contracts and tire protection to ... Read More »

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AUL Corp. Completes SOC 2 Certification

NAPA, Calif. — For the second year in a row, vehicle service contract administrator AUL Corp. has completed all the requirements for Systems and Organizations Control (SOC) 2 Type II Audit for calendar year 2018. Completed by independent accounting auditor Armanino, the certification confirms AUL’s processes and systems are in accordance with the selected Institute of Certified Public Accountants’ trust services principles and criteria. “The continuation of our commitment to security is paramount and core to who we are,” said AUL President and CEO Jimmy Atkinson. “We believe that by following best practices and current ... Read More »

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Auto/Mate Adds Credit Card Processing

ALBANY, N.Y. — Auto/Mate Dealership Systems has added a new credit card processing feature to its dealership management system, the company announced. Credit Card Processing from Worldpay (formerly Vantiv) integrates the Worldpay credit card device and merchant services into Auto/Mate’s “Cashiering” features in its parts, service, and general cash receipts modules. Executives said the integration eliminates the need for dealership personnel to manually enter credit card type and transaction amounts into the card reader and manually enter information from cash receipts into the DMS. “This new feature will help to improve the customer experience, save dealership ... Read More »

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