Finance & Insurance

The Department of Defense reversed its guidance on the Military Lending Act, clearing confusion that has prevented automotive dealers from selling guaranteed asset protection, or GAP, to military members and covered relatives. The Pentagon said Thursday it was withdrawing part of a previously amended Q&A published in the December 2017 …

All six of the nation’s public retailers boosted finance-and-insurance profits to unprecedented levels last year as pack leader AutoNation Inc. cleared $ 1 billion in total F&I revenue and gross profit — the highest on record for a public retailer. Executives at some of the nation’s largest retailers cited a …

Cover Genius, an insurance software platform, is rolling out an integration with dealership software provider AutoMatrix to incorporate auto insurance offers into the finance and insurance process. It would allow dealers to introduce customers to a variety of insurance carriers inside their stores while skirting laws in certain states that …

Darwin Automotive, one of the fastest growing F&I technology companies in the U.S., has added capabilities that allow customers to digitally share their car-deal structure with friends, family or advisers for their input before committing. The capability underscores a growing trend among software companies to share information and buying power …

LAS VEGAS — CDK Global CEO Brian Krzanich has heard auto dealers’ frustrations with his company: Billing is too complicated. It’s difficult to get help when dealers need it. Since taking the helm of the Hoffman Estates, Ill., dealership management system company in November 2018, Krzanich has sought to improve …

Village Automotive Group reduced its annual health insurance costs by more than $ 300,000 while keeping employee contributions flat by switching to a self-insured plan. Deborah Dempsey, human resources director at the Boston-area group, said the company’s health care premiums jumped 33 percent and employee contributions rose 23 percent in …

Wells Fargo & Co. will pay $ 3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges. The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create …

Wells Fargo & Co. is poised to pay roughly $ 3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter. The Department of Justice and Securities and Exchange Commission may …

TrueCar Inc., in a move it described as “unexpected,” said Thursday that its partnership with USAA Federal Savings Bank will end at the close of the third quarter. TrueCar’s online car-buying service has been driven by a revenue-sharing partnership with USAA for 13 years and TrueCar expected to sign another long-term …