AutoNation's Jackson, Magna's Stronach named to Automotive Hall of Fame

AutoNation's Mike Jackson, Toyota's Kiichiro Toyoda, Magna's Frank Stronach and Car Talk's Ray and Tom Magliozzi will be inducted into the Automotive Hall of Fame.

UPDATED: 4/25/18 7:08 pm ET - adds details

AutoNation names 1st academic to board

AutoNation added the first academic and second woman to its board composed entirely of outside directors under CEO Mike Jackson.

Bank of America's online auto traffic doubles

The number of customers using Bank of America's online shopping and auto financing portal has doubled since the end of 2017, less than a year after the company launched a pilot of the platform.

Customers want F&I information upfront

Feature F&I information online to increase F&I product sales, suggests Eric Fifield of EFG Cos. "Give consumers more control by highlighting the F&I products and benefits online so they can research in a no-pressure environment," he said. "Videos are tailor-fit for this use."

UPDATED: 4/20/18 10:35 am ET - adds details
Wells Fargo fined $1 billion for auto loan, mortgage abuse

The settlement with the CFPB cites Wells Fargo's practice of forcing auto insurance on some customers who took out loans to buy new vehicles. Wells Fargo also will "remediate harmed consumers," the bureau said.

UPDATED: 4/19/18 2:48 pm ET - adds details
Tim Russi to leave Ally Financial

Tim Russi, the Ally Financial auto finance president who led many digital initiatives and helped expand the lender's dealership reach, is leaving the post, effective immediately.

Examples help sell tech protection

Use specific examples to show the value of F&I products that protect in-vehicle technology, said Rick Regrut, finance manager at Smail Kia in Greensburg, Pa. Repairs for backup cameras, screens and other technology can be costly. “I had a Cadillac that had a key system fail, and it cost $2,000 to replace,” Regrut said. “Customers respond well to those examples.”

UPDATED: 4/18/18 12:59 pm ET
U.S. Senate votes to repeal CFPB's auto-lending guidance

A resolution rescinding the Consumer Financial Protection Bureau's auto lending guidance, which aims to limit dealerships' retail margin on loans, passed by a narrow margin in the Senate. It will head to the House floor next for a vote.

CarMax captive's profit rises

Income at CarMax Auto Finance rose 22 percent in the latest quarter, despite a rise in the share of financings where the retailer paid a fee to outside lenders.

Pair products on the menu

F&I menus should pair items that go well together, suggests F&I trainer Chari Fogel. For example, the maintenance agreement should follow the service contract, and tire and wheel should follow the maintenance agreement. “The presentation itself needs to be transparent, filled with value and benefit that will help the customer see that it’s important for them to protect their ownership period by enrolling in these products.”

U.S. senate panel to repeal CFPB's auto lending rules, chief says

The U.S. Senate Banking Committee plans to repeal the Consumer Financial Protection Bureau's indirect auto lending and leveraged lending rules in coming weeks. The bureau in 2013 sought to limit loan markups and compensation for dealers on auto loans -- specifically on the basis of race, national origin, or credit score.

Early credit awareness will improve car-buying process

Most millennials and baby boomers say they understand their credit scores' influence on vehicle financing, according to an Equifax survey. Still, dealerships, lenders and credit bureaus should take more initiative to educate consumers before they visit the dealership, Equifax experts say.

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