Military Lending Act's December Update More Harmful Than First Thought
F&I Magazine Top News
Week of February 26, 2018
Top 5 News
1. Military Lending Act's December Update More Harmful Than First Thought
A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.
2. Blinker Adds Ally’s F&I Protections, Expands Into Florida and California
Blinker was founded in 2016 by a team of industry veterans from US Bank, CarMax, GM Financial, and Cox Automotive. With this week’s announcements, the startup is quickly gearing up to take on private-party marketplaces like Craigslist, Letgo, Autotrader, Cars.com and Facebook Marketplace.
3. Autotrader Plans Dramatic Transformation
The online retailer will introduce a series of enhancements designed to deliver higher quality leads to auto dealers and add transparency and speed to the customer experience.
4. BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement
BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.
5. Study: Dealerships Missing Out With Facebook Messenger, After-Hour Leads
Only 16% of the 1,500 dealerships mystery-shopped by Digital Air Strike responded to internet leads within 15 minutes and 18% didn’t respond at all. Those are just some of the findings in the social media firm’s first Mystery Shop Study.
Top 5 Articles
1. Fraud Alert: Dealer Loses $88K to ID Thief
A web-savvy sales manager made a sweet deal that went sour when the ‘buyer’ turned out to be a sophisticated online scammer.
2. The Rise of Subscription Services
Automakers are dipping their toes in the subscription waters, but dealers and some industry watchers are skeptical about the business model’s lucrativeness and its ability to attract customers.
3. The Right Approach to Adverse Action Notices
Compliance expert gets into the weeds on adverse actions. He explains why you must send a notice to every affected customer, and breaks down your choice of processes.
4. Shifting Your Service Brand to Drive Customer Loyalty
Marketing expert offers a three-point plan for capturing and engaging service-bound customers in today’s highly competitive environment.
5. Ask the Power Questions
The magazine’s resident F&I pro reveals the two magic words that, when mixed with solid power questions, can motivate your customers to buy.
 

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