GM's F&I product unit partners with MaximTrak
General Motors' F&I product group will use MaximTrak Technologies as an F&I platform provider for its U.S. dealers. As MaximTrak's capabilities expand, the relationship could extend to other dealership departments.
N.Y. Nissan dealership to pay $298,000 for consumer deception
New York dealership Nissan of New Rochelle has agreed to pay more than $298,000 in restitution and penalties for deceptively charging hundreds of customers for a phony anti-theft product.
M-B Financial, Mini Financial, TD Auto Finance score highest in dealer satisfaction
Mercedes-Benz Financial Services, Mini Financial Services and TD Auto Finance topped their segments in lender services satisfaction among auto dealers, a JD Power report said.
Uber considering sale of U.S. car-leasing business, report says
Ride-hailing company Uber is evaluating options for its capital-intensive car-leasing business, including a sale of the unit, a source familiar with the matter told Reuters.
Hurried F&I presentations spawn customer confusion
Don't rush through the F&I presentation, advises Dwayne Wiggins, F&I University trainer for American Financial & Automotive Services Inc. Some F&I managers speed through to save time, but that can leave the customer feeling confused about F&I products. “Do not take shortcuts during the presentation. Instead, train your team to effectively and efficiently execute the process,” Wiggins says. “Be quick, but do not hurry.”
F&I for Generation Y: Be casual, creative
A casual, targeted approach is an important tool for all finance managers when selling to millennials, experts say. That's especially true given their growing impact on the auto market.
GM's in-house F&I brand thrives
General Motors' F&I product branch tripled its contract volume last year and is planning to double it again in 2017, no easy feat for a relatively new F&I provider in a market saturated with seasoned veterans.
BMO Harris dives deeper into auto lending
BMO Harris is boosting its auto lending by expanding downward to near-prime customers, introducing three-tier flat fees and leveraging floorplanning relationships.
U.S. senators seek answers in Wells Fargo auto scandal
A group of senators turned up the heat on Wells Fargo over its latest scandal, in which car-loan borrowers were charged each month without their knowledge for collision insurance.
Huntington Bank's Stanutz to retire; role to be split
Nick Stanutz, auto finance leader at Huntington Bank, who helped establish its auto lending business, will retire at the end of this year after 31 years with the bank.
Credit unions claim top lending spot
Credit unions in CU Direct's lending network climbed to the top ranking in auto loan originations in the first half of the year, passing some of the largest lenders.
Toyota, Lexus captives add key insurance
Toyota's captive launched a key replacement product last week, the company's latest step in providing a fuller customer experience.
Nissan Motor Acceptance's McConnell retires
Mike McConnell, vice president of operations for Nissan Motor Acceptance, will retire after about 32 years with the automaker.
Court hits pause on DMS access case
A preliminary injunction favoring Authenticom in its antitrust case against CDK and Reynolds and Reynolds has been put on hold after appeals from the DMS giants.
Selling additional coverage starts with the vehicle
Work with the sales team on selling vehicles with built-in coverage, suggests Josh Rodriguez of EFG Cos. "With those built-in products, your F&I manager has the opportunity to create a need by specifying where and how the coverage ends," he said. Then they can tell the customer about the benefit of purchasing additional coverage to fill the gap.
COMMENTARY: Jonathan Smoke
Trust the data: Auto lending is sound
Cox Automotive's Jonathan Smoke takes stock of automotive lending's resilience and health.
Wells Fargo may face penalties over improper auto insurance charges
Wells Fargo may face regulatory sanctions for having improperly charged customers for auto insurance they did not seek, The Wall Street Journal reported.
Publics lift F&I profit per unit on strong ancillary sales
Second-quarter F&I gross profit per unit rose at all six publicly traded U.S. new-car dealership groups, largely driven by strong product penetration.
Auto loan demand softer, banks pickier, Fed says
Auto loan demand at banks has softened while approval standards have tightened a bit, according to the latest Senior Loan Officer Opinion Survey on Bank Lending Practices from the Federal Reserve.
New-car interest rate hits 6-month low
The average new-vehicle interest rate sunk to a six-month low in July but is still up near 2009 recession levels, Edmunds says.
Show customers the data
F&I managers would be wise to show customers facts and figures from Edmunds, Kelley Blue Book and other trusted car-shopping sites to support what they say, suggests Chris May, manager of sales process development at JM&A Group. Customers will be aware of the sites from their research and respond well to the third-party validation.