N.J. law would restrict use of starter-interrupt devices
The New Jersey Legislature has passed a bill that imposes disclosures and restrictions on the use of starter-interrupt devices, which auto lenders sometimes require be installed in vehicles when they approve loans to consumers with poor credit.
Trended data better at assessing auto loan risk, analysis shows
Incentives to rise, be more strategic in 2017
Shoppers will pay more for the right tech, study finds
Car shoppers, especially millennials, are willing to pay more for the technology they want in a vehicle, a study found. And those who plan to finance their vehicle are willing to pay slightly more than cash buyers.
Introduce the F&I manager straightaway
F&I managers and customers should meet at the beginning of the transaction. Otherwise, the customer sees the F&I manager as someone "just selling some more stuff," says Ron Reahard of Reahard & Associates. The quicker a dealership implements a consistent process of introducing F&I managers and customers from the start, he says, "the better for everyone involved."
Lincoln Financial set to roll out lease mileage credit program
Following a successful pilot, Lincoln Financial Services this year will roll out nationwide a “Lincoln Miles” lease credit program that's aimed to minimize lease anxiety, Lincoln President Kumar Galhotra told Automotive News this week on the sidelines of the Detroit auto show.
Auto finance forecast: Mostly sunny with a few dark clouds
The forecast for auto finance in 2017 is mostly sunny. But growth in longer-term loans, a corresponding increase in negative equity, declining used-car prices, a high level of incentives, and an uptick in interest rates are dark clouds to keep an eye on, analysts said.
Head of Wells Fargo Dealer Services to retire
Mitsubishi will stick with Ally for financing, for now
Online information sets your store apart
Make it easy for customers to begin the buying process online, suggests Gabe Aldrete, of EFG Cos. Accurate information should be accessible, and emails should answer customers' questions without pressuring them to come into the store. “Simply by being transparent online, you will differentiate your dealership from the competition, resulting in increased foot traffic,” he said.
Ford targets stand-out customer experience
Ford and Lincoln are celebrating 40 years of selling branded F&I products. Last month, two executives overseeing the F&I business spoke about their progress, dealerships' F&I profitability and the role F&I could play in an autonomous driving world with Staff Reporter Hannah Lutz at Ford Motor Co.'s headquarters in Dearborn, Mich.
Ally Financial agrees to finance up to $600 million in Carvana retail contracts
Ally Financial and online used-vehicle retailer Carvana have expanded their relationship to include vehicle financing. Ally said today it will finance up to $600 million in Carvana's retail contracts over the next year.
5 F&I trends to watch in 2017
Attracting women to F&I 'just makes sense'
Building up F&I offerings and brand loyalty
EasyCare believes it has a tool that will help dealerships build loyalty for their particular stores, not just the brands they're selling. It's called the Custom Dealer App, which enables dealerships to maintain relationships with customers long after they purchase a vehicle.
Credit repair specialist helps customers and her store
Every couple of months, Jennifer Oribello spends time mining the docket of the U.S. Bankruptcy Court in Detroit and Googling contact information for bankruptcy attorneys. She sends letters to gauge whether credit-blemished folks on the docket or among the attorneys' clients would be interested in buying and financing at her dealership.
Get personal to get buyers to protect tech
When trying to convince customers of the importance of having an extended service contract to protect their tech-laden new vehicle, do your F&I managers spell out the intricacies of Bluetooth or stability control? If so, tell them to take a step back and zero in on the customers' interests, experts say.
Treat customers as informed equals
Don’t approach customers like you have more information than they do, advises Bill Jarrett of Jarrett Ford in Avon Park, Fla. With information easily accessible online, the customer is often well-informed. When customers feel like they’re on the same level as their sales consultant, "they become comfortable," he said.
Panelists to offer advice on avoiding F&I pitfalls
How to engage customers and other savvy advice
Each week the F&I Report features a savvy tip from an industry expert. This year F&I insiders shared advice on engaging customers, working with sales staffers, catering to millennials, sharing positive reviews and more. Here's a snapshot of our 2016 offerings.
Comedian's blasting of subprime auto loans led top stories in 2016
News stories on a variety of topics caught the attention of Automotive News' F&I readers this year. The biggest audience-grabber, though, was our August report on comedian John Oliver's blasting of subprime auto loans on “Last Week Tonight with John Oliver.”