Consumer Financial Protection Bureau creates Larger Participant Rule

WASHINGTON, D.C. -
What the Consumer Financial Protection Bureau officially will consider to be a “larger participant” in the auto finance market took another significant step forward today.

The CFPB published a rule that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that regulators will use to ensure that auto finance companies are following the law.

“Auto loans and leases are among the most significant and complex financial transactions in a typical consumer’s life,” CFPB director Richard Cordray said. “Today’s rule will help ensure that larger auto finance companies treat consumers fairly.”

The CFPB estimated auto loans are the third largest category of household debt, behind mortgages and student loans. The bureau added American consumers had about $900 billion in auto loans outstanding in the fourth quarter of 2014.

Currently, the bureau supervises auto financing at the largest banks and credit unions. Today’s rule extends that supervision to any nonbank auto finance company that makes, acquires or refinances 10,000 or more loans or leases in a year.

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Financial Solutions

BMW to Increase Production in China

Used Car Sales
BMW AG announced that it will be making three new models in China this week, significantly increasing its production in the region. The German carmaker said these new models would increase the number of models it manufactures in the world’s largest auto market to Six from three

Sonic Breaks Used Sales Record Hits Goal of 100 Units Per Store

Used Car Sales
CHARLOTTE, N.C. — As the public dealer groups began reporting their second-quarter performances in full force, Sonic Automotive revealed it reached an all-time high for used sales.

The company sold a record 28,514 pre-owned units in Q2.

Pre-owned units sales per store per month were up, as well, reaching 100 units in May and 93 units for the second quarter as a whole.

Carfax Adds Vehicle Listings

Carfax Adds Vehicle Listings
Carfax has added vehicle listings to its website.
At carfax.com, online shoppers now can search for used cars with specific vehicle history details – such as no accidents reported to Carfax, service records and Carfax 1-Owner.

Audi Opens Largest Store In Country

HOUSTON — On Thursday, Audi cut the ribbon on its largest store in the nation, Audi Central Houston. The new flagship store boasts a more than 142,000-square-foot facility, which houses a 10-car showroom.

“Houston, along with the entire state of Texas, remains a high priority region in the Audi U.S. growth strategy. The opening of Audi Central Houston indicates considerable progress toward our goal of becoming the country’s top luxury automaker,” said Mark Del Rosso, executive vice president and COO of Audi of America. “This new dealership exemplifies the growing investment of our dealer body and will lead by example by providing benchmark levels of customer and ownership experience.”

Read more at fi-magazine.com


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