Assurant to Buy The Warranty Group in $2.5 Billion Deal
F&I Magazine Top News
Week of October 16, 2017
Top 5 News
1. Assurant to Buy The Warranty Group in $2.5 Billion Deal
Under the transaction agreement, Assurant Inc. will become a wholly owned subsidiary of TWG Holdings Limited, whose name will be changed to Assurant Ltd. Assurant shareholders will own approximately 77% of the combined company, while TPG and its affiliates will own the remaining 23%. The transaction is expected to close in the first half of 2018.
2. AutoBuy Adds Locations, Auction Partnerships
New Florida locations open inside Adesa Auction in Sanford and Manheim in Orlando are expected to increase buy/sell volume by more than 40% and create a unique remarketing model.
3. Ally Takes Control of GAP Refunds
The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.
4. Autotrader Lists All-Time Top 10 Vehicles
Autotrader has listed the 10 most-searched vehicles in the site’s 20-year history, which includes more than 2 billion car shoppers and 350 million vehicle listings.
5. vAuto Founder Dale Pollak Publishes Fourth Book For Retail Automotive
‘Like I See It’ has already achieved best-seller status based on preorder sales. The book devotes chapters to margin compression, increased OEM control and financial reliance of their dealer partners, technology disruption and consumer preferences for digital retailing.
Top 5 Articles
1. The Past, Present and Shifting Future of F&I
Finance teams of the future will be staffed with professionals whose goals align with those of the dealer and whose jobs are supported — not replaced — by new and emerging technology.
2. Subprime Pullback Continues in Q2
The auto finance market is a trillion-dollar industry. It’s also very much a prime market, with subprime financing remaining at near-record lows in the second quarter.
3. Storytelling vs. Story Selling
Veteran salesperson and trainer traces the roots of his success to his days as a door-to-door salesman.
4. Bridging the Digital GAP
Once the king of the car-buying process, dealers are under attack in today’s Digital Age. Industry insiders believe auto finance sources hold the key to restoring order.
5. There is Power in Alliances
Top trainer lists four ways to build an interdepartmental culture that rewards customers while maximizing the opportunity for F&I product sales.
 

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