Tag Archive | "finance"

Randy Henrick Joins Mosaic Compliance Services


TAMPA, Fla. — Attorney and compliance expert William Randolph “Randy” Henrick has joined Mosaic Compliance Services LLC as vice president and compliance counsel, the company announced.

Mosaic’s cofounder and president, attorney James S. “Jim” Ganther, said he expects “great things” from Henrick, who joins the company with more than 20 years of experience in the consumer finance, compliance, bank regulatory and privacy and data security segments.

“Randy’s résumé speaks for itself, but it falls short of mentioning that he is, without question, one of the nation’s foremost compliance attorneys,” Ganther said. “We are extremely pleased to welcome him to the Mosaic family, and his presence has already begun to pay dividends for the company and our clients.”

Henrick most recently served as associate general counsel for Dealertrack Inc., where he authored 11 editions of the Dealertrack Compliance Guide. A prolific writer and speaker, Henrick has contributed to a number of industry publications and events, chaired the New York State Bar Association’s Consumer Financial Services Committee, and served as a panelist at an auto finance panel convened by the Federal Trade Commission, among other honors.

“I wanted to join Mosaic because they are an industry leader in making compliance training and compliant aftermarket product selling training available to dealers of all types,” Henrick said. “I look forward to working with dealers and providers to find and help them address the growing number of legal and regulatory issues they face and, by doing so, helping them be more successful in their businesses.”

Mosaic Compliance Services offers compliance and training tools to automobile, RV, motorcycle and marine dealerships. To learn more, visit Mosaic-Compliance.com.

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Vehicle Depreciation Accelerates Heading Into Q4


LAWRENCEVILLE, Ga. — A steep decline in Crossover/SUV wholesale values, which have been strong all year, may point to more than seasonality as the reason for higher depreciation recorded for two-year-old vehicles last week, Black Book said this week.

This week’s Black Book Market Insights report show a greater weakening in pricing on vehicles in both car and truck segments heading into the fourth quarter, which is typical this time of year. What caught the firm’s eye, however, was that most crossover/SUV segments showed the highest value declines last week, with the full-size crossover/SUV segment leading the way with a 1.12% drop.

“Typical seasonality trend of the higher depreciation in the fourth quarter continue,” noted Anil Goyal, senior vice president of automotive valuation and analytics for Black Book. “Crossover/SUV values, which have been strong all year, are also starting to see steeper declines.”

Volume weighted, overall car segment values decreased 0.80%, which was higher than the depreciation rate of 0.69% seen in the previous four weeks. Leading the way were the mid-size and sporty car segments, which decline by 1.20% and 0.88%, respectively, last week.

The overall truck segment values, including pickup, SUVs, and vans, decreased by 0.76%, which was higher than the depreciation rate of 0.57% seen in the previous four weeks.

Past seasonality trends, according to Black Book, show that vehicle depreciation is typically highest in the fourth quarter. This year is looking to be no different, except that retention values are lower this year than what was recorded the previous four years.

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GWC Warranty Appoints Marketing Manager


WILKES-BARRE, PA. – GWC Warranty, the best-in-class provider of used vehicle service contracts and related finance and insurance products sold through automotive dealers, announced the addition of Melissa Roberts as the new Marketing Manager.

As a member of the Marketing Department, Roberts will be responsible for developing and implementing a comprehensive customer strategy focused on engaging and retaining GWC partners by designing a customer experience aimed at helping them sell more cars and increase profitability.

Roberts brings to this role nearly a decade of experience in research and analytics for international business-to-business manufacturer, InterMetro Industries in Wilkes-Barre, Pennsylvania. She most recently held the title of Product Manager, Data & Services, responsible for developing and managing the company’s portfolio of extended warranties and service contracts.

Having graduated summa cum laude from the University of Pittsburgh in 2006, Roberts is also an accomplished project manager having received training in Risk Management and Project Management from Pennsylvania State University.

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GWC Warranty Surpasses $400 Million in Claims Paid


WILKES-BARRE, Penn. – GWC Warranty, the best-in-class provider of used vehicle service contracts and related finance and insurance products sold through automotive dealers, has successfully topped $400 million in claims paid to date.

GWC Warranty’s $400 million in claims paid, combined with sister-company EasyCare’s $3.1 billion, brings the APCO Holdings, Inc. claims paid total to more than $3.5 billion.

“Surpassing $400 million in claims paid is an important milestone for GWC and our dealers as well,” said Rob Glander, CEO and President of GWC Warranty.  “By partnering with an organization that has totaled more than $3.5 billion in claims paid, dealers who sell GWC service contracts can rest assured that we’ll stand behind it. And their customers can enjoy their vehicles knowing that if a breakdown occurs, GWC will be there to get them back on the road quickly.”

This new claims paid milestone is the latest accolade for GWC Warranty, which is a Motor Trend® Recommended Best Buy for Independent Dealers and rated A+ by the Better Business Bureau. Since 2015, GWC has been designated a Bronze Level National Corporate Partner of the NIADA. For the past two years, GWC has also been recognized in both SubPrime Auto Finance News’ SubPrime 125 and Auto Remarketing’s Power 300.

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Financial Technology Company Aims at Simplifying Financing Process


MCLEAN, Va. — AutoGravity, a new financial technology company, is aiming to simplify the financing process by allowing customers to apply for financing straight from their phone.

According to the company, its platform is available as a smartphone application and mobile-responsive website that breaks the financing process into four steps. The first step is choosing a car. From there, the customer chooses a dealer, then applies for financing and lastly selects one of the multiple lenders that will deliver a personalized financing offer. The process, according to the company, should only take minutes.

“AutoGravity harnesses the full potential of cutting-edge smartphone technology,” said Andy Hinrichs, founder and CEO of AutoGravity. “Our app allows customers to take advantage of in-phone GPS, camera-based optical character recognition, fingerprint log-in and other mobile technology to be empowered by a digital car finance experience.”

The company further stated that its platform is not only beneficial to customers, but also to lenders and car dealers. Lenders on the platform, the company stated, gain increased access to customers —particularly Millennials. Car dealers gain increased showroom traffic, qualified leads and boosts to overall customer satisfaction, according to the company.

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Dealer Service Solutions Selected for F&I Partnership with Volvo Retailers in the Carolinas


RALEIGH, NC – Dealer Service Solutions, a fast growing full service automotive finance and insurance agency, has been appointed the new authorized representative for all Volvo retailers located in North and South Carolina. Dealer Service Solutions was chosen for this role by Warrantech, an AmTrust company located in Bedford, Texas, who will be assisting with the transition.

Dealer Service Solutions specializes in providing F&I products, services, training, and customization programs for franchise and independent automotive dealerships as well as franchise motorcycle dealerships. “We are honored to be selected for this F&I partnership with Volvo,” said Gary Powers, President of Dealer Service Solutions. “Our team is excited to utilize our years of automotive experience to serve the regional Volvo retailers and bring greater value to their F&I departments!”

Volvo has been undergoing a complete brand makeover, rolling out innovative designs such as the XC40 and the S40 concepts. Volvo has had 10 consecutive months of double digit sales growth and YTD sales are up 22.7%. This is all before the new and highly anticipated S90 hits the market this summer. Volvo is focusing on the needs of urban millennials who are looking for an alternative to more mainstream luxury brands.

Dealer Service Solutions is also riding high with a 200% increase in business over the last 3 years. “Our administrative partners have been a huge reason for our success” said Powers. “They continue to support our creativity in the field by allowing us to customize individual programs for our dealers. Having the ability to be flexible with various F&I products allows our dealers to target their core customer base and their individual needs offered in the F&I departments.” This partnership should provide both Dealer Service Solutions and the Volvo retailers the ability to prosper in the F&I area and continue their tremendous growth.”

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