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GM Financial Q1 net rises as lease volume skyrockets

2:17 pm U.S. ET | April 23, 2015
Captive finance company GM Financial had a giant increase in lease volume in the first quarter, as parent company GM switched to GM Financial as its exclusive preferred lender for Buick, Cadillac, Chevrolet and GMC subsidized leases.... Read More »
 
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Dealers missing out on digital F&I sales, study finds

11:30 am U.S. ET | April 22, 2015
Consumers want F&I product information online rather than all-at-once at the end of their vehicle purchases, a new study finds.... Read More »


Asbury, Sonic see below-average F&I revenue at new-initiative stores

11:30 am U.S. ET | April 22, 2015
Two of the nation's biggest publicly traded dealership groups said early, small-scale results from their nontraditional dealerships -- either stand-alone used-vehicle stores or ones that use techniques such as no-haggle pricing -- showed below...... Read More »


Some auto lenders let others pursue volume

11:15 am U.S. ET | April 22, 2015
Some auto lenders are choosing not to chase volume. Consumer Portfolio Services and PNC Bank are consciously passing up volume to protect profits and their credit standards. Wells Fargo made a similar statement this month.... Read More »


JIM HENRY

Auto finance critic Warren stands firm on CFPB dealership oversight

11:15 am U.S. ET | April 22, 2015
Sen. Elizabeth Warren is once again calling for direct regulation of auto dealerships by the Consumer Financial Protection Bureau.... Read More »


Dealership gross profits see bigger impact from F&I

12:00 pm U.S. ET | April 15, 2015
The average dealership gained more from F&I last year, even though retailers' overall sales penetration for products such as extended service contracts and GAP dropped a fraction of a percentage point. On average, F&I accounted for 39.... Read More »


Wells Fargo, Chase adopt different lending approaches

12:00 pm U.S. ET | April 15, 2015
Wells Fargo and JPMorgan Chase, two of the biggest banks in auto finance, adopted opposite lending strategies in the first quarter.... Read More »


Q&A

New Black Book exec looks to help dealers close loans, leases faster

11:15 am U.S. ET | April 15, 2015
Barrett Teague, Black Book's new vice president of lender solutions, says dealership F&I managers are never far from his mind. In part that's because he's been an F&I manager himself. Teague, 43, joined Black Book on April 6.... Read More »


 
BY THE NUMBERS 
 
JIM HENRY

Women in automotive seek more peers

12:15 pm U.S. ET | April 15, 2015
A lot of dealer principals and general managers swear by their female salespeople and F&I managers and wish they had more. But in the business world at large, auto industry careers for women are a “best-kept secret.”... Read More »


Some dealers prep for flat fees

12:01 am U.S. ET | April 13, 2015
Dealer Mike Thompson believes he might soon lose the ability to make a healthy profit from finance reserves. His concern is well-founded.... Read More »


Penske targets 'I' in F&I to boost per-vehicle revenue

12:01 am U.S. ET | April 13, 2015
Penske Automotive Group Inc. is refining its training process on insurance product sales to boost overall finance and insurance revenues.... Read More »


Low rates will continue to help auto sales, financing in 2015, experts say

11:45 am U.S. ET | April 8, 2015
Interest rates should remain low for the rest of 2015, helping auto dealerships sell vehicles, experts say.... Read More »


Q&A

Mercedes’ captive boosts dealership training on branded F&I products

11:00 am U.S. ET | April 8, 2015
Mercedes-Benz Financial Services’ U.S. insurance unit is gearing up to train more dealership F&I managers to sell its First Class-branded F&I products.... Read More »


CarMax finance arm won’t become major subprime player

11:30 am U.S. ET | April 8, 2015
CarMax’s finance arm will continue its subprime lending test and might expand it in the future. But the unit won’t become a “full player” in that space, says company CEO Tom Reedy.... Read More »


FICO pilot holds promise for auto financing

11:45 am U.S. ET | April 8, 2015
The results of a pilot program between Fair Isaac Corp. and 12 big credit-card companies could ultimately help dealerships get auto loans approved for so-called thin files -- that is, customers with little or no credit history.... Read More »


JIM HENRY

Lenders' outcry against CFPB 'narratives' is justified

12:01 am U.S. ET | April 8, 2015
It's no wonder auto lenders cried foul last month when the CFPB announced its plan to begin posting consumers' first-person tales of their grievances with auto loans later this year.... Read More »


Feds put add-on products in their cross hairs

11:00 am U.S. ET | April 1, 2015
The Federal Trade Commission has set its sights on what it calls add-on products: F&I products sold at dealerships such as anti-theft etching or biweekly payments.... Read More »


CFPB keeps wary eye out for subprime-lending abuses

11:00 am U.S. ET | April 1, 2015
The Consumer Financial Protection Bureau sees the combination of easier credit, a rise in credit losses from historic lows and longer terms in subprime auto loans as an “emerging” risk worth keeping an eye on, said Steven Antonakes,...... Read More »


NYC aims to remove dealers as middlemen on used-car loans

11:00 am U.S. ET | April 1, 2015
The City of New York is campaigning to remove dealer reserve from used-vehicle financing. And it's enlisting lenders' help to do it.... Read More »


JIM HENRY

No such thing as 'little' lies on credit apps

11:00 am U.S. ET | April 1, 2015
The Federal Trade Commission served up a forceful reminder last week that inflating a customer's income on a credit application isn't just a little white lie, even if it's intended to “help” the customer.... Read More »


Ally to relocate its headquarters in downtown Detroit

3:52 pm U.S. ET | March 31, 2015
Ally Financial, along with Detroit political and business leaders, said today it plans to move its headquarters and 1,300 employees to a signature office building in downtown Detroit.... Read More »


LEGAL FILE

Fired Honda store F&I staffer wins new whistleblower trial

12:01 am U.S. ET | March 30, 2015
A former Honda dealership employee in Florida who was fired after notifying the store's corporate parent of suspected fraudulent F&I and warranty practices at his workplace has won the opportunity to retry his whistleblower lawsuit.... Read More »


Dealer groups charge CFPB is unresponsive

12:00 pm U.S. ET | March 25, 2015
Dealer trade groups are asking members to seek help from their elected representatives to prod the Consumer Financial Protection Bureau into responding to a lender study released last fall that was highly critical of its method of determining...... Read More »


Credit union pilot targeting subprime borrowers shows promise

12:30 pm U.S. ET | March 25, 2015
A small pilot program to encourage credit unions to do more subprime auto lending has helped participants gain some business but is still several steps away from providing a model for a larger effort.... Read More »


Store tweaks sales, F&I strategy for Gen Y

12:01 am U.S. ET | March 25, 2015
Dealership managers Austin Salinas and Chris Gottselig know how to sell to Gen Y. That's because they fall into that category themselves.... Read More »