Operations | Auto Finance News

Credit margins shrinking in auto amid Fed rate cut, economist says

Despite the Federal Open Market Committee’s (FOMC) goal of boosting the economy and reducing the cost of borrowing money for lenders and banking institutions, the auto finance market may not see the intended benefits of Wednesday’s cut to the Federal Reserve’s benchmark interest rate, Jonathan Smoke, chief economist at Cox Automotive, told Auto Finance News. […]

Unpacking California’s new privacy reg: 2 issues lenders need to know

Starting January 2020, financial institutions will need to keep their data security procedures in check as California’s new consumer protection act goes into effect. The legislation gives California consumers the “private right of action,” or the ability to sue companies, if their personal information is the subject of a data breach resulting from a business’s […]

Europe renews pledge to retaliate against any Trump car tariffs

The European Union’s trade chief reiterated a pledge to impose retaliatory tariffs against the U.S. should President Donald Trump follow through on a threat to hit the bloc’s automotive goods with duties. European Trade Commissioner Cecilia Malmstrom criticized Trump’s assertion in May that EU cars and auto parts shipped to the American market pose a […]

FBI busts Porsche dealer in $3m fraud scheme

A former dealer for Pompano Beach, Fla.-based Champion Porsche has pled guilty to a fraud scheme racking up $3 million.  The fraudster, Shiraaz Sookralli, pled guilty to conspiracy to commit mail fraud and wire fraud. He is scheduled for sentencing on Nov. 14 and faces a maximum sentence of 20 years in prison, according to […]

Tricolor appoints industry vet as CEO of new insurance unit

Tricolor Auto Group has named auto insurance vet Archie Gall as the chief executive of its newly launched insurance business, the company announced. At the helm of Tricolor Insurance, Gall will be responsible for creating and expanding insurance offerings for “non-standard” carriers – that is, insurers that offer coverage to high-risk consumers. “I’m eager to […]

6 steps to building a dealership culture that attracts female employees

Traditionally the auto industry has historically been dominated by men, but as the workforce advances to include, value and support more women, the auto retail industry is making an effort to keep up. Not only is this an important cultural evolution for dealers to make, but it’s also a crucial business evolution. Studies show women […]

Veros Credit’s chief legal officer to present at Auto Finance Summit

At the upcoming Auto Finance Summit, Robert Tennant, chief legal officer at Veros Credit, will offer insights into the latest on regulations and enforcement during a presentation on Tuesday, Oct. 29 at the Bellagio Las Vegas. Tennant will speak about current trends in Fair Debt Collection Practices Act (FDCPA) and Telephone Consumer Protection Act (TCPA) […]
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