Latest OnLine Editon  Read Here

Latest News

Government Agencies Offer Aid to Small Businesses

Thursday, 11 May 2017 19:37

Two of most dealers’ least favorite regulators – the Federal Trade Commission and the Consumer Financial Protection Bureau – say they want to help small businesses.

the Federal Trade Commission has launched a new website – ftc.gov/SmallBusiness – with articles, videos, and other information aimed at helping small business  owners..

The FTC’s new web page offers specific information to help small businesses protect their networks and their customer data. This includes a new Small Business Computer Security Basics guide, which shares computer security basics to help companies protect their files and devices, train employees to think twice before sharing the business’s account information, and keep their wireless network protected, as well as how to respond to a data breach.

It also has information on other cyber threats such as ransomware and phishing schemes targeting small businesses. 

Meanwhile, the CFPB announced it is looking into ways to gather and use information to identify the financing needs of small businesses, especially those owned by women and minorities.

The Bureau is asking for public feedback to help its staff better understand how to bridge the information gap. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the CFPB to collect data about small business lending to help identify needs and opportunities in the market and to facilitate enforcement of fair lending laws.

"Small businesses fuel America’s economic engine, create jobs, and nurture communities," said CFPB Director Richard Cordray. “Yet little is known about how well the lending market serves their financing needs. "This inquiry will help us learn how we can best fulfill our duty to collect and report information on small business lending."

The CFPB seeks to define what being a small business even means. There are a number of widely different definitions, based on data such as the number of employees or annual receipts.

The Bureau is looking at what institutions lend to small businesses and what products are offered and what types of lending information they use.

The CFPB is exploring how to protect the privacy of loan applicants and borrowers, as well as the confidentiality interests of financial institutions in this process.

The Bureau is requesting comments from individual businesses, consumer groups, community development organizations, bank and nonbank lenders, regulators, and all other interested parties.

The CFPB is also releasing a white paper reviewing the available evidence concerning the small business lending landscape.

The Bureau estimates that small businesses access about $1.4 trillion in financing. However, current information on how small businesses engage with credit markets is incomplete or dated and does not paint a full picture of access to financing, particularly for small business owned by women and minorities.

For example, current information does not reflect whether there is more or less access to credit for a small business depending on its type or location. Nor does it show to what extent small business lending is shifting from banks to alternative lenders.

And it does not indicate whether the tighter credit triggered by the Great Recession still persists.

 

 

Business Owners Remain Optimistic

Thursday, 11 May 2017 18:12

Small business optimism held onto recent gains in the second quarter, according to the latest findings from the Wells Fargo/Gallup Small Business Index, conducted April 3-7.
In the quarterly survey, which measures the optimism of small business owners, the overall index score was 95 in April, down from 100 in February when business owners reported being the most optimistic since the start of the Great Recession. The drop is not statistically significant, and small business optimism is still up significantly from a year ago when the index score was 64.
Business owners continue to report improvement across most survey measures.

Popular News

Auto finance defaults dropped in April.The S&P/Experience Consumer Credit Default…
The Presidio Group advised Serra Automotive, Inc. in the sale…
Small business optimism held onto recent gains in the second…
CRB Auto, a division of Mechanics Bank, announced that auto…

Consultants Hire Sales Exec

Wednesday, 10 May 2017 19:18

Auction Management Solutions has hired Jamye Carpenter as vice president of business development.  
Carpenter has over 18 years of experience in the auto auction industry with positions ranging from customer service to senior vice president. She started her career in 1999 with AutoCheck as a customer service representative and eventually became the director of business development.
Carpenter also managed the Red Mountain Technologies Client Services team, serving many of the largest property and casualty insurers in the country, while continuing to sell and develop new products for the auction and insurance clients she served.  

Auto Finance Vet Joins CRB Auto

Tuesday, 09 May 2017 19:29

CRB Auto, a division of Mechanics Bank, announced that auto finance veteran Bill Katafias has joined the organization as its chief executive officer.
Katafias most recently was the executive vice president, national production manager and leading retail credit executive for Wells Fargo Dealer Services. He succeeds CRB Auto Chief Executive Scott Raymer who previously announced his resignation to pursue other opportunities.
Katafias began his career in auto finance with Ford Motor Credit in 1988. He joins CRB Auto after 23 years with the Wells Fargo auto finance group, where he managed all aspects of its business including retail production, oversight of national and regional dealer partners, centralized direct lending operations, and the decentralized regional business center model of Indirect Auto (including sales, credit, loan origination, high risk collections and operational risk management).

Consumer Reports Ranks Brands For Reliability

Consumer Reports Ranks Brands For Reliability

Toyota and Lexus once again finished atop the Consumer Reports’ Annual Auto Reliability Survey, but the news was the No. 3 finisher – Buick.The General Motors division became the first...

VW Recalls SUVs for Fuel Pumps

VW Recalls SUVs for Fuel Pumps

Volkswagen Group of America Inc. is recalling 240,487 model year 2013-17 Audi Q5 and 2013-17 Audi Q7 vehicles. These gasoline-powered vehicles have a fuel pump flange that may...

  • Research Firm Highlights Autos
    Research Firm Highlights Autos Stock-Callers.com spotlighted auto dealership groups in its recent stock research report.It stated the auto dealership industry, which continues to benefit from an improved labor force, cheap gas and low interest…
    Written on Tuesday, 16 August 2016 14:34
  • Auto Finance Tops $1 Trillion
    Auto Finance Tops $1 Trillion The total balance of open automotive loans climbed 11.1 percent in the first quarter surpassing the trillion-dollar mark for the first time on record, Experian Automotive reports.According to the most…
    Written on Friday, 15 April 2016 00:00
  • FTC Accuses Dealers of Yo-Yo Financing
    FTC Accuses Dealers of Yo-Yo Financing The Federal Trade Commission has charged nine Los Angeles-area auto dealerships and their owners with using a wide range of deceptive and unfair sales and financing practices. This is the…
    Written on Sunday, 02 October 2016 18:53
  • Car Harmony Partners with Westlake
    Car Harmony Partners with Westlake Car Harmony, an online car shopping service, introduced a new finance tool for car shoppers. In partnership with Westlake Financial Services, Car Harmony’s new tool prequalifies customers to build their…
    Written on Thursday, 28 July 2016 15:20
  • Black Book Inks Marketing Deal
    Black Book Inks Marketing Deal Black Book announced an agreement for Outkazt Media to distribute Bullseye Prospecting as a resource to streamline efficiencies and elevate profit potential in auto dealer customer campaigns. Bullseye Prospecting leverages…
    Written on Tuesday, 19 July 2016 15:35
  • Delinquencies Rise, Outlook Remains Stable
    Delinquencies Rise, Outlook Remains Stable The seasonably slow summer months are translating to notable increases in annualized losses and delinquencies for U.S. subprime auto loan ABS, according to the latest index results from Fitch Ratings.…
    Written on Thursday, 25 August 2016 14:00
  • Auto Finance Remains Strong, But Concerns Increase
    Auto Finance Remains Strong, But Concerns Increase Delinquencies and losses on prime auto loan ABS remained historically low through June, despite slow growth in the U.S. economy, according to Fitch Ratings. Most economic factors that affect ABS…
    Written on Friday, 05 August 2016 14:32
  • Bank Launches Floor Plan Program
    Bank Launches Floor Plan Program Republic Bancorp Inc. recently rolled out its new dealer floor plan lending platform. The bank made the move to further diversify its loan product mix and complement its indirect auto-lending…
    Written on Tuesday, 26 July 2016 13:28
  • Lender Relationships Critical to Dealer Success
    Lender Relationships Critical to Dealer Success The relationships auto finance providers develop with dealerships are critical to dealer satisfaction and to remaining competitive in the market, especially as the new-vehicle sales market tightens, according to the…
    Written on Monday, 15 August 2016 14:53
  • New-Car Prices Rise
    New-Car Prices Rise The estimated average transaction price (ATP) for light vehicles in the United States was $34,264 in July, according to Kelley Blue Book. New-car prices have increased by $832 (up 2.5…
    Written on Tuesday, 02 August 2016 15:03