Trade News – Page 249

Indiana car dealers settle document fees case for $13.5 million

Twelve Indiana auto dealership groups this summer agreed to collectively pay about $13.5 million to settle allegations they charged illegal document fees to an estimated 169,375 consumers.

The deal reached in Benosky v. Butler Motors, the consolidated case for 14 class-action lawsuits against Indiana dealerships, comes after the Indiana Supreme Court in March refused the dealerships' request to dismiss the case. The Indiana Court of Appeals in November 2021 had agreed with Marion County Superior Court Judge Heather Welch that the consumers' lawsuit could proceed.

The settling defendants—Butler Motors Inc.; D-Patrick Inc.; Dorsett Auto Sales Inc.; Ed Martin 236 Inc.; Terry Lee Companies Inc.; Bill Estes Automotive Holdings Inc.; Twin City Dodge Inc.; Andy Mohr Automotive Group Inc.; Circle Buick-GMC Inc.; Beck Automotive Group Inc., Lockhart Automotive Group Inc. and Rohr Indy Motors Inc.—admitted no wrongdoing in the settlement. They said they …

Dominion DMS announces integration with Market Scan

Boca Raton, FL. – October 4, 2022 – Dominion DMS announced a partnership with Market Scan Information Systems, Inc., the industry-leading Automotive Payments as a Service™ (APaaS™) provider. Dominion DMS will integrate key data from Market Scan’s APaaS™ platform, enabling Dominion’s dealers to calculate payments with exact sales tax rates in any zip code in every state with unequaled, scientific precision using the customer’s address.

In today’s market, consumers are willing to travel to various destinations to find a vehicle that meets their needs. Historically, it has been a challenge for dealerships to quote all-inclusive consumer lease and finance payments accurately. Within VUE DMS, the sales department can accurately calculate payments and the sales tax, whether the buyer is in the dealership, across town, or in another state.

“We are excited to partner with Dominion DMS,” said Rusty West, President & CEO of Market Scan. “It has never been more import…

Cox Automotive’s Dealertrack In-State Registration and Title Solution transforms Colorado’s Department of Motor Vehicles with new, electronic efficiencies

Colorado dealerships will now be able to process registration and title transactions electronically with the Colorado Division of Motor Vehicles (DMV). With streamlined processes that save time and money, dealers can finalize deals faster for their customers. Having a paperless process mitigates errors while providing a new standard in consumer protection and fraud prevention, which is inherent in paper processes.

ATLANTA—Oct. 3, 2022—Cox Automotive announces today the Colorado Automobile Dealers Association (CADA) and Colorado Independent Automobile Dealers Association (CIADA) have both exclusively endorsed Dealertrack’s In-State Registration and Title solution, giving dealers the ability to electronically process registration and title transactions with the Colorado DMV.

“Colorado joins 30 other state DMVs that have embraced and adopted digital processes to streamline vehicle registration and titling,” said Tim Jackson, president and CEO of CADA. “It no longer needs…

Tenet announces partnership with Xcelerate Auto to offer new warranty pptions

September 27, 2022 09:00 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Tenet, the leading EV financing platform, today announced a partnership with Xcelerate Auto, a financial technology company with an emphasis on electric vehicles, to couple its EV extended warranty into Tenet’s loan options.

“Working with a company whose mission aligns with ours to revolutionize the EV buying experience is the perfect complement to what we do at Tenet,” said Alex Liegl, CEO and Co-Founder of Tenet. “We are excited to partner with KJ and the Xcelerate Auto team to make Teslas and all EVs more affordable, and look forward to ushering in the mass adoption of electric vehicles.”

Xcelerate Auto designed the first and only Electric Vehicle Service Agreement for Tesla in 2019, and with this partnership, Tenet customers will now have access to package XCare with their current loans. XCare, a comprehensive exclusionary service coverage, is the highest level of coverage t…

Agora Data secures $100M credit facility from Credit Suisse

09/20/2022

Press Release

Agora Data, Inc., the FinTech company transforming automotive financing by providing U.S. independent auto dealers and finance companies precision loan performance analytics and access to ample, affordable capital, closed a $100 million revolving credit facility with Credit Suisse Group AG. This latest transaction facility allows Agora Data to accelerate and expand its ability to deliver efficient capital to loan originators who offer in-house financing solutions for non-prime auto buyers.

“This $100 million credit facility adds to Agora’s other capital strategies and is the latest of many strategic steps that support the expansion of our core mission to provide highly accurate loan performance data and low-cost capital to auto dealers who serve the non-prime buyer,” said Steve Burke, CEO, Agora Data.

The new $100 million credit facility marks another milestone in Agora Data’s growth trajectory. The company closed the firs…

Hyundai Ioniq 6 EV gains range from better aerodynamics

SEOUL — Just how slippery is Hyundai's new Ioniq 6 electric vehicle?

When the four-door fastback sedan arrives in the U.S. early next year, it will have the same platform and long-range powertrain as the Ioniq 5 compact crossover. But the Ioniq 6 will get a big boost in battery range — thanks mostly to its super sleek, air-shedding silhouette.

In fact, the Ioniq 6 is the most aerodynamic vehicle ever produced by Hyundai Motor Co. It achieves a 0.21 drag coefficient, compared with 0.29 for the Ioniq 5, which landed this year.

Hyundai is loath to label the Ioniq 6 a mere sedan. To its designers, the jelly bean-shaped EV is a "streamliner," a name that harks back to the rounded styles pioneered in the 1930s.

The rear-wheel-drive version with the 77.4-kilowatt-hour battery achieves a range of 381 miles under the Worldwide Harmonized Light Vehicles Test Procedure cycle. That's a jump from the 315-mile range of the Ioniq 5.

The Ioniq 6's pinched…

DAILY DRIVE PODCAST: October 4, 2022

Monthly sales fall at Ford. GM boosts Bolt production while adding some EV expertise to its board. Former Toyota executive Jim Lentz joins Lithia's board. Plus, Hyundai Canada CEO Don Romano talks about why the agency model works for Genesis, and where it may not work.

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Musk proposes to buy Twitter for original price of $54.20 a share

Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share, potentially avoiding a courtroom fight over one of the most contentious acquisitions in recent history.

The Tesla Inc. CEO made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information. Shares in Twitter surged on the news, and is now halted. Representatives for Musk and for San Francisco-based Twitter didn’t immediately respond to requests for comment.

Musk’s proposal to match the original deal terms means Twitter is facing a future under the leadership of a mercurial billionaire who has spent months publicly criticizing its management and questioning its value. It also means that his claims -- about how many of Twitter’s users are bots, for instance -- are not likely to be scrutinized in a courtroom.

Musk had been trying for months to back out of his contract to acquire …

For this reporter, a long-awaited trip to Digital Dealer

I started covering dealership technology at Automotive News in the summer of 2019. A little more than six months later, a pandemic forced most major industry events to shut down for at least a year, if not longer.

For me, that meant the 2020 NADA Show in Las Vegas was the last in-person event I attended before COVID-19 began its rapid spread across the U.S. My return to live industry events didn't really happen until this year's NADA Show.

One of the events that has long been on my list to attend is Digital Dealer. The show shifted to include more virtual components during the pandemic. Barring any last-minute complications, I'll be in Las Vegas next week to take it all in.

I'm looking forward to meeting more dealers and talking face-to-face to people I've interacted with over Zoom for the past two years. I'm interested to hear about how dealers are thinking about the digital path forward, particularly as the pandemic and inventory constraints appear lik…

Former Toyota North America CEO Jim Lentz joins Lithia board

Lithia Motors Inc. has added former Toyota Motor North America CEO Jim Lentz to its board of directors, expanding it from seven to eight members.

The dealership group's board elected Lentz to fill a vacancy created by an expansion from seven to eight directors on Sept. 30, according to a document filed with the Securities and Exchange Commission.

Lentz's service on the board began Oct. 1, Lithia said in the filing.

Lentz, 66, retired from Toyota in March 2020. He had been with Toyota for 38 years and began his automotive career as a management trainee in Ford Motor Co.'s Denver region in 1978.

A 2017 Automotive News All-Star, Lentz oversaw the expansion of Toyota's North American sales and operations, while guiding the company during a crisis over unintended acceleration in late-model cars. He also helped steer Toyota North America's successful corporate relocation from Southern California to greater Dallas.

Lithia said Lentz will receive a…

SUBARU: Record Crosstrek sales power 8.6% Sept. increase

Subaru sales rose 8.6 percent in September to 45,658, led by record sales of the Crosstrek and favorable comparables from ongoing inventory and production woes. It was the company's second straight monthly increase. The company's U.S. sales are off 13 percent year to date.

Notable nameplates in Sept: Crosstrek, up 36%; Forester, down 9.8%; Outback, up 20%.

Incentives: $453 per vehicle in Sept., off 62% from a year earlier, TrueCar says. For the quarter, incentives were $574, down 56% from a year earlier, TrueCar says.

Average transaction price: $35,008 for September, up 5.9% from a year earlier, according to TrueCar. For the quarter, ATP was $34,795, up 3.5% from a year earlier, TrueCar says.

Did you know? The Crosstrek bested its previous sales record from August 2019 by 232 vehicles. Of the eight nameplates in its lineup, four were up in September, and four were down.

HYUNDAI: Inventory recovery drives solid September, Q3 sales

Hyundai Motor America reported another strong month at its Hyundai and Genesis brands, reflecting wider availability of crossovers and fuel-efficient vehicles for Hyundai and continued demand for new Genesis products.

Hyundai's Ioniq 5 electric crossover, the Elantra hybrid midsize crossover as well as plug-in hybrid variants of the Santa Fe and Tucson crossovers led sales for the quarter, according to Hyundai Motor America CEO Randy Parker.

It is the ninth month in a row the Korean automaker has gone without fleet sales, which Parker says demonstrates the company's "commitment to supporting our dealers with ... a great flow of product."

Parker said Hyundai's September retail sales increased 20 percent compared with the same period last year. Third-quarter retail sales rose 13 percent, he said.

Speaking of higher interest rates and negative consumer sentiment, Parker said Hyundai will "need to go through another month or so to have a better unders…