Mobile leasing app expands its dealership reach
Mobile leasing app Honcker, officially launched mid-November, has signed more than 200 new-car dealerships in five states onto its leasing platform. The app enables consumers to strike a lease deal without entering a showroom.
AutoNation's move into branded F&I products brings profit payoff
CEO Mike Jackson credits AutoNation's consistent gains in F&I gross profit to its branded product line. AutoNation began selling private-label F&I products at its stores at the end of last year and online in the first quarter of 2016. Ninety percent of AutoNation customers choose AutoNation branded F&I products, Jackson said.
Tighter credit, CFPB shift seen as reasons for optimism in 2017
Looking to 2017, Jack Tracey, executive director of the National Automotive Finance Association, sees two reasons for optimism: Funding is getting tighter for subprime lenders and the CFPB will shift to rulemaking rather than enforcement.
Markup checks bring charges
The former general manager of Ford Motor and Fiat Chrysler dealerships in Jasper, Ala., faces prison, a $250,000 fine and $914,000 in restitution if convicted of conspiracy, bank fraud and wire fraud in an alleged scheme to rip off the stores.
49 dealers nominated for Time magazine award
Subprime auto lenders tighten up
The latest data from Standard & Poor's confirm that subprime auto loans are becoming a little harder to get. The company said some subprime lenders have dialed back on originations, moved up the credit scale, or tightened restrictions on loan structures.
CPO sales boost F&I profits more than non-CPO used sales
In an industry where some indicators are starting to turn negative, certified pre-owned sales can help to boost not only overall sales and customer service loyalty but F&I profits as well, experts say.