Finance and Insurance

VIDEO: First Shift: UAW's ranks grow again

8:30 am U.S. ET | April 3, 2017

UAW's ranks grow again; Genesis, Kia green cars on tap; Ally's finance marketplace; VW rebuffed in Munich; Record-high Tesla output; Carvana IPO plan; Land Rover tuner takedown?... Read More »

Wells Fargo names Schupbach to head dealer services

3:30 pm U.S. ET | March 30, 2017

Wells Fargo named Laura Schupbach, leader of the company's insurance business, to be the bank's head of dealer services. She succeeds Dawn Martin Harp, who retired April 1.... Read More »

Ford Credit sees little to worry about from longer terms

11:30 am U.S. ET | March 29, 2017

Ford Credit doesn't like the rise in longer-term loans but also doesn't worry about their impact on the industry. Maybe that's because it has largely avoided joining the trend.... Read More »

Santander pays $25.9 million to settle subprime auto loan probes

2:29 pm U.S. ET | March 29, 2017

Santander Consumer USA agreed to a settlement to resolve probes by the attorneys general in Massachusetts and Delaware into its financing and securitization of subprime auto loans.... Read More »

Big lenders backing off subprime loans

12:01 am U.S. ET | March 29, 2017

Some of the nation's largest auto lenders are likely to remain cautious about subprime in 2017 - especially the lower end of subprime - after hitting the brakes on the segment to varying degrees in 2016. The void could result in smaller lenders, including buy-here, pay-here dealerships, gaining share, including business from customers who can no longer find financing at new-car dealerships.... Read More »

Zurich sued over charge-back program

11:30 am U.S. ET | March 29, 2017

Idaho retailer Chalfant and Edmark Auto are suing Zurich for misrepresenting and mismanaging a charge-back program and then billing them for the resulting $230,000 deficit. Zurich plans to defend the matter “vigorously.”... Read More »

HANNAH LUTZ

BLOG: Leave 'warranty' out of the service contract pitch

11:30 am U.S. ET | March 29, 2017

F&I managers encourage customers to buy a service contract, not a “warranty,” but does the sales team?... Read More »

Deep subprime becomes norm in car loan market, analysts say

6:36 am U.S. ET | March 29, 2017

About a third of the risky car loans that are bundled into bonds are considered “deep subprime,” a level that has surged since 2010 and is translating to higher delinquencies, Morgan Stanley says.... Read More »

EDITORIAL

Dealerships must prepare for online F&I

12:01 am U.S. ET | March 29, 2017

Dealerships must figure out how to present the benefits of F&I products to prospects who prefer to purchase online.... Read More »

Store puts F&I in sales managers' hands

12:01 am U.S. ET | March 29, 2017

At McGeorge Toyota in Henrico, Va., the sales managers do the job that an F&I manager typically does -- menu-sell F&I products and arrange financing. The result is higher customer satisfaction scores, faster transaction times and a boost in revenue on both F&I and new-vehicle sales.... Read More »

Auto sales peak heightens risk for lenders, Moody's warns

9:27 am U.S. ET | March 27, 2017

As auto sales have peaked in the United States, competition to finance car loans is set to intensify and drive increased credit risk for lenders.... Read More »

Third-party shopping sites ponder penny-perfect payment predictions

12:01 am U.S. ET | March 27, 2017

With advancements in online tools for trade-in valuation and financing, could there be a day when consumers get exact payment offers via third-party sites before stepping foot in dealerships?... Read More »

VW finance arm makes record 2016 profit

March 24, 2017 13:44 CET

VW Group's finance division reported record earnings of $2.3 billion last year despite the automaker's emissions scandal. The division, which handles dealer and customer financing, said the residual values of the automaker's leased cars had held up.... Read More »

Sage Auto settled with FTC to avoid costly litigation, its attorney says

11:30 am U.S. ET | March 22, 2017

Sage Automotive Group and its owners settled federal charges last week that the group used deceptive and unfair sales and financing practices. But their attorney says his clients have run their business lawfully and settled to avoid the cost of extensive litigation.... Read More »

VIDEO: AutoNews Now: Cadillac, Lincoln in BMW's line of fire?

3:00 pm U.S. ET | March 22, 2017

BMW aims for Mercedes, but may hit Cadillac, Lincoln; Porsche profit tops $17K per car; Ally profit warning stokes used-car price worries; Toyota to reveal freshened Sienna, Yaris.... Read More »

HANNAH LUTZ

BLOG: Keep F&I simple and fast, no matter the tools

12:01 am U.S. ET | March 22, 2017

It's important to remember that each consumer's priorities are different when it comes to the F&I process.... Read More »

N.J. sets disclosure rules for starter interrupters

11:30 am U.S. ET | March 22, 2017

New Jersey is increasing disclosure requirements for the use of starter interrupters with subprime, used-car auto loans. But it won't tie use of the devices to reduced loan rates.... Read More »

Ally will pursue profits over market share, lender says

11:45 am U.S. ET | March 22, 2017

Ally Financial will stick with a strategy of raising rates and getting tougher on approvals in some auto-loan niches in 2017, sacrificing volume for higher margins, company executives said.... Read More »

Ally profit warning deepens angst over slumping used-car prices

2:22 pm U.S. ET | March 21, 2017

Ally warned profit may grow less than anticipated only a few months ago, the latest sign that automakers' heavy discounting and aggressive use of leasing has created a supply glut hurting lenders.... Read More »

EDITORIAL

Dealerships must prepare for online F&I

12:01 am U.S. ET | March 20, 2017

Dealerships must figure out how to present the benefits of F&I products to prospects who prefer to purchase online.... Read More »

JAMES B. TREECE

BLOG: Who puts the customer first?

11:30 am U.S. ET | March 15, 2017

Very few customers say the F&I manager put their interests first. Really?... Read More »

CU Direct's network climbs to No. 2 in auto loan originations

11:30 am U.S. ET | March 15, 2017

Credit unions on CU Direct's auto lending network as a group were the second-largest auto financing source in 2016, CU Direct said. Wells Fargo Dealer Services was top in auto loan originations in 2016, and Ally Financial, the 2015 leader, ranked third.... Read More »

Auto gripes trail other complaints, FTC report says

11:30 am U.S. ET | March 15, 2017

There were more complaints regarding banks and lenders and telephone and mobile services last year than auto-related complaints, an annual report from the Federal Trade Commission shows.... Read More »

Sage Automotive to pay $3.6 million to settle FTC charges

1:54 pm U.S. ET | March 14, 2017

Sage Automotive and its owners agreed to settle federal charges that the dealership group used deceptive and unfair sales and financing practices.... Read More »

VIDEO: First Shift: Nissan's design master stepping down

8:30 am U.S. ET | March 14, 2017

Nissan's design master stepping down, ex-BMW design chief joins Infiniti; Leadership changes at Mitsu; VW upbeat on '17; Subprime bubble just a myth?; U.S. recalls hit record high.... Read More »

 
China's bigger families are good news for minivan sales

Luca Ciferri
12:01 am U.S. ET | April 28 2017

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China's scrapping of its one-child per family policy has created an unexpected increase in minivan s ...
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Volvo exec says risk factor for XC60 exceeds XC90

Douglas A. Bolduc
5:09 am U.S. ET | April 27 2017

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Volvo's r&d boss says the new XC60 is even more of a high-risk model than the second-generation XC90 ...
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Germany's auto industry welcomes prospect of Macron presidency in France

Christiaan Hetzner
8:34 am U.S. ET | April 24 2017

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Sunday's election outcome in France, in which a moderate Europhile investment banker won the first r ...
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China lands Chevy Volt in a Buick wrapper

Jay Ramey
8:14 am U.S. ET | April 20 2017 UPDATED: 4/20/17 2:27 pm ET - adds details

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Buick offers far more models in China than it does in the U.S. ...
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Tavares' tall task for PSA and Opel: brand management

Luca Ciferri
12:01 am U.S. ET | April 7 2017

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The buzz at last month's Geneva auto show was what would PSA CEO Carlos Tavares do to streamline his enlarged stable of brands, given that Citroen, Peugeot and new addition... ...
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After record high, UK's 'treasure island' status is set to end

Nick Gibbs
4:32 am U.S. ET | April 6 2017

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After March new-car registrations hit an all-time high in the UK, analysts predict an end to the market's long run as a "treasure island" for profits. ...
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Volvo CEO keeps his hiring promise

Douglas A. Bolduc
12:01 am U.S. ET | April 5 2017

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Volvo CEO Hakan Samuelsson promised to make the automaker “younger, more diverse and more international.” He achieved all three with his latest hiring. ...
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Will the quality ghosts of British Leyland haunt Tesla?

Richard Truett
11:28 am U.S. ET | April 4 2017

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Tesla's plan to skimp on testing the Model 3 in real-world driving is fraught with danger. British L ...
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Piech's problem: his 'small-minded' family


5:29 am U.S. ET | April 4 2017

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Ferdinand Piech's decision to sell his stake in his family's holding company that owns a majority st ...
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Tavares has the tools to make PSA-Opel a success

Peter Sigal
12:01 am U.S. ET | April 4 2017

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PSA's pending acquisition of Opel/Vauxhall has all the makings of a prime-time TV drama. ...
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Newsletters & Alerts
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FCA, Ford and Renault gain share as European sales rise 11%
European sales rose 11 percent in March as automakers took advantage of a solid economy and more sel ...
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VW brand sales rose 2.5% in March but are down for first quarter
Volkswagen brand's global sales rose 2.5 percent in March but slid 1. ...
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Lada, Kia and Renault see big gains as Russia sales rise nearly 10%
New-car sales in Russia rose 9.4 percent last month as the market's rebound begins to gain momentum. ...
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UK sales rise 8% in record monthly high
UK new-car registrations rose 8.4 percent to a record monthly high in March as customers brought for ...
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Spanish market returns to growth
Spanish new-car sales rose 13 percent in March, restarting a positive trend after a flat February. ...
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German sales rise 11% in March as diesel share declines
New-car sales in Germany increased by 11 percent in March, helped by two extra selling days. Diesel ...
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Italian market continued to rebound in March
New-car registrations in Italy rose by 18 percent last month, partly due to one more working day tha ...
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French car sales rise 7% in March on extra selling day
French car sales rose 7 percent in March, helped by an extra selling day. ...
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European sales rise 2% amid political uncertainty
New-car registrations rose 2 percent in Europe last month even though major brands such as VW, Opel ...
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W. European sales edge up in February
Western European car sales rose nearly 1 percent in February as demand slowed in key markets. ...
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Europe's small SUV sales forecast to top 2 million next year
Europe's small SUV/crossover segment is forecast to continue its rapid growth as models from latecom ...
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New mild hybrid tech will shake up green car sales
Mild hybrid cars with cheaper and less complex technology than plug-in and full hybrids will reduce ...
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SUV sales rise to 25% of European market
SUVs and crossovers accounted for a quarter of all European passenger vehicle sales last year as mod ...
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VW Golf, other volume compacts lose share to premium rivals, SUVs
The VW Golf and Ford Focus compacts are being squeezed as premium competitors such as the Mercedes A ...
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Europe's large premium SUV segment heads for record year
Europe's large premium SUV segment is on track for a record year, helped by rising sales of models s ...
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Audi, Mercedes push key segment toward milestone
Audi, BMW and Mercedes-Benz are largely responsible for the growing success of the compact premium s ...
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Former GM chief Wagoner joins ChargePoint board
Former GM chief Rick Wagoner, who introduced the Chevrolet Volt plug-in hybrid during his last year ...
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Bentley Americas chief Winkler to step down
Bentley's Americas chief Michael Winkler will step down from his post on June 1. Mark Del Rosso, Aud ...
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Volvo recruits former BMW, GM exec to lead procurement
Volvo has lured former BMW and General Motors purchasing executive Martina Buchhauser to take a newl ...
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VW recruits Daimler exec as chief compliance officer
VW Group has named Daimler executive Kurt Michels as its chief compliance officer. Michels previously worked in the same position at Daimler's trucks, vans and buses division. ...
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Audi's new development boss will start earlier than expected
Former Volvo executive Peter Mertens will become Audi's development chief earlier than anticipated, ...
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Nissan appoints EV expert as new tech boss for Europe
Nissan has appointed company veteran Nobusuke Toukura as the head of its European technical center. ...
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Nissan Europe promotes French exec to sales and marketing chief
Nissan Europe named Philippe Saillard as its new head of sales and marketing, a promotion from his c ...
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Infiniti names former BMW exec Habib as design chief
Infiniti, Nissan's premium brand, named Karim Habib, former global design chief for BMW, as the bran ...
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Nissan's Nakamura retires as design team is shuffled
Shiro Nakamura, who penned some of Nissan's most daring and memorable cars, will retire after 17 yea ...
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GM, Honda name top management for fuel cell venture
GM and Honda named the top managers that will oversee their newly formed Fuel Cell System Manufactur ...
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Mercedes makes E-class coupe more practical
Mercedes is repositioning its E-class coupe to offer more room and more functionality, promoting the ...
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Kia gives Rio better tech to challenge European rivals
Kia has added driver assistance systems not typical in small cars as well as upgraded connectivity i ...
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Mini maxes out with Countryman
The Mini Countryman has grown to become the BMW subsidiary's biggest model to date and now competes ...
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Nissan plots Micra's return to Europe's top 10
Nissan wants to re-establish the Micra subcompact as one of the 10 top-sellers in Europe's biggest a ...
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Hyundai gives i30 a tech boost
The Hyundai i30's success has been important in boosting the brand's European growth in the past 10 ...
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Toyota gets quirky with C-HR to 'turn heads'
Toyota is a latecomer to Europe's crossover segment with the new C-HR. ...
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Better-connected 5 series gets tech from BMW flagship
BMW has made its 5 series lighter, more economical and fully connected with advanced technology firs ...
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Smart improves ForTwo, ForFour EV variants with Renault tech
Smart has improved its EV technology for the battery-powered versions of its ForTwo and ForFour with ...
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Audi makes Q5 a tougher rival for Mercedes GLC, Porsche Macan
Audi has developed the second-generation Q5 to have the driving dynamics of the Porsche Macan and a ...
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Audi makes Q5 a tougher rival for Mercedes GLC, Porsche Macan
Audi has developed the second-generation Q5 to have the driving dynamics of the Porsche Macan and a ...
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Suppliers to the new Renault Megane
Assembly of the fourth-generation Renault Megane began in November 2015 at the French automaker's fa ...
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Suppliers to the new Infiniti Q30
Assembly of the all-new Infiniti Q30 began on Daimler's MFA platform in December 2015 at the Nissan' ...
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Suppliers to the new Mercedes C-class Coupe
Assembly of the second-generation Mercedes-Benz C-class Coupe began in Bremen, Germany, in October 2 ...
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Suppliers to the new Opel/Vauxhall Astra
Assembly of the latest Opel/Vauxhall Astra began in Gliwice, Poland, in August 2015 and then in Elle ...
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Suppliers to the new Jaguar F-Pace
Assembly of Jaguar's all-new F-Pace began at parent Jaguar Land Rover's facility at Solihull, Englan ...
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