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Nick Zulovich Joe Overby Chris Hart-Williams Sarah Rubenoff
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the entire week of NAF, and NAAA to bring the Used Car Week and NAAA Convention industry Used Car Week, 2016 Educational Opportunities 7% which includes the AutoFin 12% 29% 128 33 18 11
Con and Repo Con. We also Speakers Workshops Keynotes Panel Discussion ATTENDANCE Attendance by Conference 15% BY TITLE launched the Automotive Manager 29% 1ST BLOCK 2ND BLOCK Executive 20% Intelligence Summit in 2018, Senior VP 17% 9% Director 15% 20% of attendees Dealer / Principal 7% 17% where we partner with NADA. attended the full week Other 12% 652 900 6 {
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SU PRIME Industry Recognition Each year, we tip our hats to the good SU PRIME work being done across the industry.
SU PRIME Bonus Circulation Enhance and In-Demand Issues A deep look at market influencers, including new expand your fintech firms, regulatory developments and data trends. marketing efforts at NADA, AFSA, NABD, NAF, NIADA, • Millennials and their focus on payments 9 AIS, and UCW. • Fraud could hit $6B in 2017 8 • Expert advice on finding successful employees
Industry Partners Our writing staff has great relationships USED CAR WEEK 2017 with industry thought leaders, data NOVEMBER 13-17 . LA QUINTA . CA providers, associations, alliances, and organizations. All to bring the reader the latest trends, best practices, and impactful changes to the industry.
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Cherokee Media Group (CMG) is the publisher of leading business-to-business media brands for the automotive and auto finance industry in the United States and Canada. CMG has delivered news to this industry for over 25 years. Reaching franchised and independent dealers, remarketers, auctions, OEM executives, captive finance companies and more.
CMG also produces a number of conferences that bring together the automotive and auto finance industry to address the trends and future forecasting impacting the retail, finance, repossession and whole sectors.
SubPrime Auto Finance News/BHPH Report, a property of Cherokee Media Group, keeps readers informed on best practices, trends and changes in order to remain profitable.
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Time to readjust your radar: J.D. Byrider honors 17 select advertisers who also purchase a full- Lessons from recent 6 operators during CFPB actions annual awards program page ad in the print edition of SubPrime Auto Manheim reveals new market structure 12 16 Finance News. A Publication of NABD and SubPrime Auto Finance News January/February 2016 | Volume 3 | No. 1 CFPB orders Colo. dealer to pay $700K Solutions to 5 common Outside Flap Specs: 4.66” x 8.8125” with a Find Your Vehicles… Post It Note ad in restitution for Free! Vehicle location By Nick Zulovich, Editor .125” bleed on all sides accounting problemssightings for 10 VINs. Better than GPS. 10freeVINs.com GREELEY, Colo., and WASHINGTON, D.C. — “Without a third party bid, IRS audi- For the second time in two months, the Consumer Fi- tors may contend you are understating nancial Protection Bureau took out an enforcement the value of your notes in order to claim Inside Flap Specs: 4.66” x 12.5” with a action in the buy-here, pay- Some restrictions apply. a larger loss on sale of notes,” he contin- here industry. ued. “If the IRS can prove you understat- On Jan. 21, the enforce- ed the value of your notes sold to the re- .125” bleed on all sides ment came against Herbies lated finance company, they may disal- Auto Sales, an operator in low (or reduce) the deduction claimed on Greeley, Colo., for what the the return. bureau deemed to be abu- “The IRS scrutinizes related par- sive financing schemes, hiding ty transactions very closely,” Gold- auto finance charges and mis- berg added. “You can assume any transaction between two affiliates will RICHARD CORDRAY leading consumers. CFPB The CFPB said Herbies will be reviewed.” pay $700,000 in restitution to Problem: Charging off an account harmed consumers, with a suspended civil penalty of and restocking the repo into inventory $100,000. at the balance owed on the charged off By Nick Zulovich, Editor “Buying a car is often one of the most important Problem: Being overly aggressive contract. How often have you heard of purchases a consumer makes, so the experience needs when selecting the discount rate for operators using this practice, and how HOUSTON — One of the few chal- to be fair and above-board,” said CFPB director Rich- selling receivables to the related finance much does the practice anger the IRS or lenges buy-here, pay-here operators ard Cordray. company. What measures are best for other regulators? “But concealing finance charges and the real cost face that rivals keeping their custom- operators to use to avoid trouble with ers current on their contracts is main- of credit, as Herbies did here, is unlawful and unac- the IRS or state regulators? Goldberg indicated that he does taining compliant accounting practic- ceptable,” continued Cordray, whose agency penalized not recommend dealers stock invento- es that keep them from getting into trou- If a dealership chooses to sell notes CarHop just before the holidays. ry at the balance owed on the charged ble with the Internal Revenue Service or to its related finance company, Goldberg off account. He pointed out this prac- Y King S Corp., which does business as Herbies state regulators. pointed out the operation must sell the tice creates a number of potential issues Auto Sales, operates a dealership that both sells the ve- Steven Goldberg touched on sever- notes at fair market value. for dealers. hicle and originates the contract without selling that al major areas where BHPH dealers can So how does a dealer determine what “First, if the outstanding customer deal to a third party. From at least 2012 through May sharpen their record keeping and other price is fair market value so as to avoid balance is higher than the true value of 2014, the CFPB determined the BHPH operation of- practices in order to make their IRS fil- problems with the IRS on valuation the repossessed vehicle, then the compa- fered financing to about 1,000 people each year. ings and other materials compliant. Gold- of notes? ny is overstating their taxable net income berg is one of the partners with Shilson, “The best method to support pric- by missing out on the full amount of the Goldberg, Cheung & Associates, a Hous- Response from operator ing of notes sold to your related finance bad debt expense,” he said. ton-based accounting firm that specializ- company is to obtain a written bid from “Second, the dealer will be unable to es in handling the complex needs of keep- In a message to BHPH Report, Herbie’s Auto Sales a third party on the value of your notes,” generate accurate static pool analysis on ing accurate compliant records in BHPH. owner Lee Yoder explained how the operation was in- Goldberg said. “I recommend dealers ob- the portfolio because the books are hid- BHPH Report reached out to Gold- tended to function. tain a bid on their note portfolio at least ing the losses of one account in another,” berg as 2016 started to drill deeper down once every other year so that you always Goldberg continued. into some of the most common problems have a current valuation to support the
CFPB continued on page 20 BHPH operators encounter. discount deducted on the return. SOLUTIONS continued on page 22 Cherokee Automotive Group | 301 Cascade Pointe Lane | Cary, NC 27513 NC Cary, | Lane Pointe Cascade 301 | Group Automotive Cherokee YOU WOULDN’T DIVE INTO A
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*1/2-page horizontal spread has a 1/8 inch bleed on Junior Page left, right and bottom FILE SPECIFICATIONS » Only flattened, CMYK digital artwork at 300 dots per inch will be accepted. » We prefer high-resolution PDF-X1A files but will accept Avoiding subprime completely high-resolution TIF, EPS and JPEG files. Please include all can make credit unions ‘elitist’ By Nick Zulovich, Senior Editor institutioninstitution ofof moremore thanthan 115,000115,000 membersmembers You Control. who mainly are employed in the medical and LASLAS VEGASVEGAS —— IndianaIndiana MembersMembers CreditCredit educationeducation fieldsfields basedbased inin Indianapolis.Indianapolis. Union chief executive officer Ron Collier ex-- “We“We stillstill havehave kindkind ofof aa traditionaltraditional fieldfield ofof We Support. plainedplained howhow thisthis segmentsegment ofof autoauto financingfinancing membership at our credit union. We know providersproviders cancan becomebecome “elitist”“elitist” ifif allall theythey dodo isis when negative things are happening in the med-- bookbook vehiclevehicle installmentinstallment contractscontracts withwith concon-- icalical oror educationaleducational fieldsfields andand allowallow forfor that,”that,” ColCol-- sumerssumers whosewhose FICOFICO scoresscores areare 800800 oror higher.higher. lierlier continued.continued. “We“We trytry toto strengthenstrengthen aa loanloan ifif fonts and graphics. PerhapsPerhaps creditcredit unionsunions aren’taren’t originatingoriginating aa membermember hashas somesome bruisedbruised creditcredit byby gettinggetting aa contractscontracts onlyonly withwith super-primesuper-prime consumconsum-- littlelittle bitbit moremore ofof aa downdown paymentpayment oror cosigner.cosigner. ers,ers, sincesince thethe latestlatest TransUnionTransUnion datadata showedshowed That’s the method that we use. We look at the re-- creditcredit unionsunions grewgrew theirtheir autoauto membershipmembership lationshiplationship they’vethey’ve hadhad withwith usus inin thethe past.past. byby 9.89.8 percentpercent year-over-yearyear-over-year fromfrom thethe firstfirst “I’m“I’m notnot suresure whatwhat thethe industryindustry definidefini-- quarterquarter ofof thisthis yearyear comparedcompared toto thethe firstfirst tiontion ofof aa subprimesubprime loanloan is,is, butbut II cancan telltell youyou quarterquarter ofof lastlast year.year. thatthat wewe havehave triedtried veryvery hardhard toto helphelp memmem-- InIn addition,addition, TransUnionTransUnion indicatedindicated thatthat inin bersbers withwith creditcredit belowbelow whatwhat wewe usedused to,”to,” hehe 2010,2010, onlyonly 4949 creditcredit unionsunions issuedissued moremore thanthan went on to say. “It has been a strategy of ours. 10,00010,000 autoauto loansloans duringduring thethe year.year. InIn 2015,2015, You can kind of become an elitist lender if analystsanalysts determineddetermined 126126 creditcredit unionsunions werewere you’reyou’re notnot careful,careful, onlyonly makingmaking loansloans toto thosethose issuingissuing moremore thanthan 10,00010,000 autoauto loansloans annually.annually. with great credit when people who have run TransUnionTransUnion sharedshared thosethose datadata pointspoints inin throughthrough aa littlelittle badbad times.times. IfIf youyou looklook atat thethe August from Las Vegas when the credit bu-- whole relationship and the entire person, you reaureau hostedhosted itsits annualannual creditcredit unionunion semisemi-- cancan probablyprobably helphelp themthem ifif they’rethey’re willingwilling toto » If color is critical, a certified color accurate proof can be nar,nar, whichwhich includedincluded participantsparticipants fromfrom leadlead-- helphelp themselves,themselves, too.”too.” inging creditcredit unionsunions acrossacross thethe country.country. TranTran-- IndianaIndiana MembersMembers CreditCredit UnionUnion doesdoes notnot sUnionsUnion arrangedarranged forfor SubPrimeSubPrime AutoAuto FinanceFinance participateparticipate inin indirectindirect autoauto financing,financing, butbut News toto speakspeak withwith aa couplecouple ofof themthem —— ColCol-- Collier estimated auto constitutes about 20 lier,lier, asas wellwell asas MikeMike Long,Long, whowho isis executiveexecutive percentpercent ofof thethe entireentire creditcredit portfolioportfolio thethe oror-- vicevice presidentpresident andand chiefchief creditcredit officerofficer fromfrom ganizationganization hashas —— componentscomponents thatthat includeinclude thethe UniversityUniversity ofof WisconsinWisconsin CreditCredit Union.Union. mortgages and credit cards. Blossoming rela-- “The“The wordword subprimesubprime isis kindkind ofof anan unusuunusu-- tionshipstionships withwith Indianapolis-areaIndianapolis-area dealershipsdealerships alal termterm forfor creditcredit unionsunions becausebecause wewe havehave asas wellwell asas aa partnershippartnership withwith EnterpriseEnterprise CarCar submitted. We cannot be responsible for color variations and members. I think we know our members a SalesSales fuelsfuels thethe autoauto originationorigination pipelinepipeline forfor littlelittle bitbit better,”better,” saidsaid Collier,Collier, whowho overseesoversees anan CREDITCREDIT UNIONUNION continuedcontinued onon pagepage 99 CU Direct reaches mid-year milestone
ONTARIO, Calif. — CU Direct has toto AutoCount.AutoCount. reachedreached aa newnew milestonemilestone inin autoauto loans,loans, helphelp-- The growth re-- inging creditcredit unionsunions fundfund moremore thanthan $16.1$16.1 bilbil-- flectsflects creditcredit unions’unions’ quality on files submitted not following these guidelines. lionlion inin loansloans atat thethe halfwayhalfway pointpoint ofof thethe year.year. continuedcontinued appeappe-- A provider of technology and automotive titetite inin autoauto financfinanc-- solutionssolutions forfor thethe creditcredit unionunion industry,industry, CUCU ing,ing, growinggrowing marmar-- Direct has helped its more than 1,000 cred-- ketket shareshare fromfrom 19.719.7 itit unionunion partnerspartners increaseincrease fundedfunded installmentinstallment percentpercent year-endyear-end We deliver products that support your ability to meet contractscontracts byby 24.524.5 percentpercent year-over-year.year-over-year. TonyTony BoutelleBoutelle 20142014 toto 2121 percentpercent CU Direct youryour customers’customers’ growinggrowing demandsdemands forfor greatergreater flexibilityflexibility Half Page Vertical Half Page Officials highlighted credit unions fund-- CU Direct inin JuneJune ofof 2016.2016. eded aa recordrecord 529,000529,000 contractscontracts throughthrough CUCU DiDi-- “CU“CU DirectDirect isis exex-- inin salessales andand financingfinancing whilewhile leavingleaving rect’srect’s LendingLending 360360 andand CUDLCUDL platformsplatforms inin thethe citedcited toto helphelp ourour partnerpartner creditcredit unionsunions increaseincrease youyou inin controlcontrol ofof thethe profitsprofits andand process.process.
Junior Page Spread Junior Page firstfirst halfhalf ofof 2016,2016, aa 16.4-percent16.4-percent increaseincrease aboveabove autoauto lendinglending scalescale andand efficiency,efficiency, improvingimproving thethe mid-pointmid-point ofof lastlast year.year. AsAs aa result,result, CUCU DiDi-- overalloverall marketmarket shareshare andand creatingcreating aa betterbetter memmem-- rectrect calculatedcalculated thatthat itsits creditcredit unionunion partners,partners, asas berber experience,”experience,” CUCU DirectDirect presidentpresident andand chiefchief anan aggregate,aggregate, areare thethe nation’snation’s third-largestthird-largest autoauto executiveexecutive officerofficer TonyTony BoutelleBoutelle said.said. financer,financer, experiencingexperiencing higherhigher loanloan originationorigination “We“We areare committedcommitted toto deliveringdelivering inin-- growthgrowth thanthan anyany autoauto lenderlender rankedranked amongamong novativenovative technology,technology, productsproducts andand servicservic-- thethe nation’snation’s toptop ten.ten. eses thatthat helphelp creditcredit unionsunions makemake moremore loansloans CU Direct insisted credit unions experi-- andand improveimprove theirtheir members’members’ autoauto buyingbuying www.routeone.com encedenced greatergreater loanloan growthgrowth thanthan WellsWells FargoFargo andand autoauto lendinglending experiencesexperiences todaytoday andand inin Dealer Services and Ally Financial, according thethe future,”future,” BoutelleBoutelle continued.continued.
SeptemberSeptember || OctoberOctober 20162016 subprimenews.comsubprimenews.com 55
AAvveerraagege loloaann rraatteess aarree showingshowing somsomee 2 e er i e re i m r e Q2 2015 total loan Digital auto retailing: The impact to F&I office ininccrreeaasseess butbut rreemmaainin hihisstortoriiccaallllyy lowlow TOP 20 market share By Joe Overby, Staff Writer 5 percent or lower. By Joe Overby, Staff Writer 5 percent or lower. AAvverageerage loan loan ra ratteses 6 However,However, he he believes believes there there will will be be “more “more and and more more will will-- LENDERS Q1 2015 Q1 2016
92 Q1 2015 Q1 2016 92 CARY,CARY, N.C. N.C. — — The The growthgrowth ofof digitaldigital retailingretailing is is broad-broad- inging toto atat leastleast startstart thethe process,process, applyapply forfor credit,credit, getget aa realreal 12.23%12.22% 5 . 5 . Finance 12.23%12.22% 45 in uto Finance inance 45 2 re re e 1 based in the auto business. deal baked and perhaps just not sign on the dotted line, but 5 . 5 . based in the auto business. deal baked and perhaps just not sign on the dotted line, but re i 14.46% ItIt runsruns thethe gamutgamut fromfrom startupsstartups offeringoffering consumersconsumers atat least least walk walk into into the the dealership dealership fully fully informed informed on on what what they they Bank 18 18 06 06 peer-to-peer or direct-to-consumer online car-buying, to should expect to pay.” 91 The auto fi nance 91 4 . 4 . 34.72% peer-to-peer or direct-to-consumer online car-buying, to should expect to pay.”
4 . 34.72% 4 . 8.03% 3 . 3 . 7.81%
43 8.03% franchise is a 3 43 Credit companiescompanies likelike CoxCox AutomotiveAutomotive andand CDKCDK GlobalGlobal helpinghelping GutierrezGutierrez has has spotted spotted improvements improvements in in F&I F&I and and extend extend-- 7.81% 3 . 3 . Union 82 82 77 formidable competitor 77 facilitatefacilitate digitaldigital retailingretailing atat dealerships.dealerships. AndAnd eveneven certaincertain eded warranty warranty penetration penetration among among dealers dealers his his company company works works 2 . 2 . 2 . 2 2 . 16.83% 14 with the associate 14 pieces of the car-buying process are becoming more digi- withwith that that have have implemented implemented “more “more transparent transparent pricing pricing on on-- 4.71% 4.79% 83 pieces of the car-buying process are becoming more digi- 83 2 . 2 . 4.71% 4.79% 71 71 1 . 1 . 47 expertise, customer 47 1 . 1 1 . talized — for instance, consumers being able to get a price line, where they’re providing actual pricing to market to 20 20 19 19 talized — for instance, consumers being able to get a price line, where they’re providing actual pricing to market to 15 1 . 15 1 . 99 99 99 97 93 99 99 99 97 93 1 . 1 . 1 . 1 . 1 . relationships and 1 . 0 . 0 . 0 . 0 . 0 . 0 . 0 . 0 . 0 . 0 . onon their their trade trade online. online. consumers.”consumers.” fl exibility to adjust the 0 BHPH And as digital retailing continues to grow, it may have As such, the customer and dealer don’t spend 45 min- Captive 7.15% And as digital retailing continues to grow, it may have As such, the customer and dealer don’t spend 45 min- changing dynamics. an effect on the F&I office, says Kelley Blue Book senior an- utes or an hour going back and forth on the price of the car NewNew FFranrancchhisiseded u usseedd IndIndeependependennt tus useedd Results this 26.80% an effect on the F&I office, says Kelley Blue Book senior an- utes or an hour going back and forth on the price of the car e rey Bro n alyst Alec Gutierrez. or the value of the trade, he said. quarter are another alyst Alec Gutierrez. or the value of the trade, he said. inancia quarter are another “I would honestly say, within two or three years, I “When you’re not focused on getting the right price demonstration of “I would honestly say, within two or three years, I “When you’re not focused on getting the right price wouldn’t be surprised to see a majority of dealers having at on the purchase and trade, you’re a little bit more open to AAvverageerage loan loan ra rattee b byy risk risk tier tier it. The auto fi nance Source: Experian Automotive Source: Experian Automotive wouldn’t be surprised to see a majority of dealers having at on the purchase and trade, you’re a little bit more open to least a buy-it-now, shopping-cart, digital retailing solution spending time on the test drive, understanding the values forfor Q1 Q1 2016 2016 franchise will continue to be a key focus least a buy-it-now, shopping-cart, digital retailing solution spending time on the test drive, understanding the values integrated into their websites,” Gutierrez said during a con- of the car and ultimately understanding how to protect that and a cornerstone of our company. We integrated into their websites,” Gutierrez said during a con- of the car and ultimately understanding how to protect that 5.48%5.48% ference call with the media on July 1. car by an extended warranty and some of the other products have a strong heritage and expertise 2 ie er m r i e ference call with the media on July 1. car by an extended warranty and some of the other products AAvvgg Inde Indeppendentendent u usseded 111.83%1.83% NEW “Now, with that said, just because there’s a button that that are available in the F&I office,” Gutierrez said. in this business and no plans to divert “Now, with that said, just because there’s a button that that are available in the F&I office,” Gutierrez said. 18.53%18.53% our focus. The adaptability we’ve e er e r S e i 2 1 says you can buy this thing online doesn’t mean you’re go- “As digital retailing takes more of a foothold as consum-
99 says you can buy this thing online doesn’t mean you’re go- “As digital retailing takes more of a foothold as consum- 99 71 71 4.60% 7 . 7 .