Archive | Auto Industry News

AutoGravity Partners With Westbon

IRVINE, Calif. — Fintech provider AutoGravity announced a partnership with Westbon, a lending platform for international students in the United States. Through this unique partnership, Westbon financing options are now accessible to international students who use AutoGravity to finance their vehicle in the U.S. “Car buyers are looking for a faster and simpler car financing process,” … Read More »

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Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

SAN FRANCISCO — Wells Fargo is reviewing all F&I products customers opt to include in vehicle finance contracts the bank purchases from dealers to “improve processes for our consumer and dealer customers and to remain competitive in the market,” bank officials said in a statement. The statement was issued to F&I and Showroom in response to questions … Read More »

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AUL Corp. Completes SOC 2 Certification

NAPA, Calif. — For the second year in a row, vehicle service contract administrator AUL Corp. has completed all the requirements for Systems and Organizations Control (SOC) 2 Type II Audit for calendar year 2018. Completed by independent accounting auditor Armanino, the certification confirms AUL’s processes and systems are in accordance with the selected Institute … Read More »

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Auto/Mate Adds Credit Card Processing

ALBANY, N.Y. — Auto/Mate Dealership Systems has added a new credit card processing feature to its dealership management system, the company announced. Credit Card Processing from Worldpay (formerly Vantiv) integrates the Worldpay credit card device and merchant services into Auto/Mate’s “Cashiering” features in its parts, service, and general cash receipts modules. Executives said the integration … Read More »

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NextGear Offers Expedited Funding Process

CARMEL, Ind. — To save time and speed up the funding process for dealers purchasing vehicles through non-auction channels, NextGear Capital is introducing expedited funding on notice of title via “Rapid Pay,” a feature accessible through NextGear’s Account Portal and available on any mobile device, the company announced. Billed as an industry first, Rapid Pay’s expedited funding feature was designed to … Read More »

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myKaarma Raises $15 Million to Further Advance Product Development

LONG BEACH, Calif. — Communications and payments software provider myKaarmaannounced it has received a $15 million investment led by Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors LP. The alternative investment firm currently manages $26 billion in assets. According to myKaarma officials, the investment will be used to accelerate product development and … Read More »

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