Category: Rumors
Coastal dealers talk insurance costs, hurricane preparation know-how
NOAA expects a more active Atlantic hurricane season. Dealers, already wary of higher insurance cost,s are monitoring it.
Service departments weigh benefits, drawbacks of recouping credit card fees from customers
As dealer profits fallfrom pandemic highs, a growing number of retailers are considering a controversial tactic to help offset one of their top monthly costs: surcharges on credit card transactions in the service lane.
Dealership insurance claims follow CDK cyberattack recovery
Some dealerships have already notified their insurance carrier about the June 19 CDK Global cyberattacks. Others are in wait-and-see mode.
Fifth Third Bank settles CFPB forced auto loan insurance case for $5M
Fifth Third Bank has agreed to pay restitution to auto borrowers and a $5 million civil penalty to settle Consumer Financial Protection Bureau allegations it mishandled the “force-placed insurance” it applied to thousands of customer cars, the agency said.
Ransomware event forces CDK, many others to make tough choices
Victims of ransomware attacks deal with complex circumstances when considering whether to pay criminals the money they seek.
Dealership finance offices can still work while CDK is down
The temporary shutdown of the car dealership management system CDK following cyberattacks complicates life for auto retailers’ finance and insurance offices. However, it’s not insurmountable, according to experts.
U.S. House Appropriations Committee OKs budget bill with CARS Rule ban
The U.S. House Appropriations Committee’s approval gives the Federal Trade Commission $388.7 million in funding but blocks the agency from using that money to roll out or enforce the CARS Rule on auto dealerships.
Guest commentary: Dealers should make technology an advantage, not a roadblock
Dealerships can work more efficiently and manage the web of documents that comes with every sale without an expensive technology overhaul.
FTC’s tougher regulations needed
Deception comes at the most vulnerable time in the car-buying process.
Stakeholders weigh in on FTC CARS Rule case
Stakeholders in automotive finance and insurance have filed amicus briefs offering the 5th Circuit Court of Appeals additional perspectives as it considers the Federal Trade Commission’s impending CARS Rule for dealerships and the National Automobile Dealers Association and Texas Automobile Dealers Association’s challenge to it.