Q4 F&I results improve at 5 of 6 publics
Group 1, AutoNation, Asbury, Sonic and Lithia posted improved F&I results in the fourth quarter, although the retailers gave mixed views this month on whether growth will continue. Penske slipped a bit but will continue to focus on F&I training, the company said.
Auto finance OK overall, but subprime shows blemishes, N.Y. Fed says
Credit quality looks OK for auto finance overall, and outstanding auto loans and leases combined hit a record $1.16 trillion at the end of 2016, up about 9 percent from 2015, according to the latest Household Debt and Credit Report from the Federal Reserve Bank of New York.
Auto lenders' kill switches being probed by U.S. regulator
A U.S. regulator is looking at whether auto finance companies that use sophisticated technology like ignition kill switches are illegally harassing subprime borrowers that have fallen behind on their payments.
eBay survey: 63% of car shoppers likely to buy online
Finance portal offers 'one-stop shop' for dealership staffs
To help dealership employees access data needed to close deals faster, ChannelNet, with Hyundai Capital America, has upgraded its dealer portal, adding mobile use and customizing it to fit the duties of multiple staffers.
Ford store’s backdated contracts weren’t improper, court rules
A Ford store in Riverside, Calif., didn’t violate the state’s Automobile Sales Finance Act when it backdated replacement contracts for finance deals rejected by lenders, the state Supreme Court unanimously ruled.
Used-car leasing fails to meet expectations
In spring 2016, the idea of used leasing buzzed around the National Automobile Dealers Association convention and the American Financial Services Association Vehicle Finance Conference in Las Vegas. Nearly a year later, used leasing is still only a sliver of the market.
VIDEO: Overcoming compliance fears
Many dealers are afraid of making compliance a priority, and that fear could be getting in the way of better performing F&I managers, according to Greg Kostern, business operations director at Johnson Automotive.
Thoughts on leasing from dealer council chairs
Ahead of January's National Automobile Dealers Association convention in New Orleans, Automotive News interviewed 25 dealer council chairs, or dealers holding the equivalent position, representing 31 brands. Here's a roundup of what some of them said about the outlook for leasing at their brand in 2017.
Make compliance a priority, experts say
The future of the Dodd-Frank Act and Consumer Financial Protection Bureau has been largely questioned since President Donald Trump took office, but no matter the status of the CFPB, dealers should prioritize compliance, experts said at the Automotive News Retail Forum.
Trump orders review of Dodd-Frank, potentially impacting CFPB, CordrayUPDATED: 2/3/17 2:40 pm ET - adds details
President Trump ordered a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008-09 financial crisis, a move that could impact the Consumer Financial Protection Bureau and auto lending.