Finance and Insurance

Open-air designs create F&I privacy puzzle

12:01 am U.S. ET | March 9, 2015

Though walls and locked doors still are considered the sure-fire way to keep customer data safe today, manufacturers and some automotive retailers are exploring ways to move the finance and insurance part of the sales transaction outside the traditional F&I "box." It's a bit of a challenge.... Read More »

Security breaches happen, so be prepared

12:01 am U.S. ET | March 9, 2015

Security breaches happen to the best retailers, and auto dealers are not exempt. So what do you do if bad guys get hold of your customers' personal information? You turn to the written plan that you should have created ahead of time as outlined by the Gramm-Leach-Bliley Act, said Charles Gallaer, an attorney with Bellavia Blatt & Crossett in Mineola, N.Y.... Read More »

Small-time security threats bigger concern

12:01 am U.S. ET | March 9, 2015

The biggest threats to a dealership's data aren't Russian hackers breaking through electronic firewalls or robots trying a thousand passwords on security codes until they finally crack into the system.... Read More »

TO SERVE AND PROTECT

Dealerships work to safeguard data as security breaches loom

12:01 am U.S. ET | March 9, 2015

Today, practices designed to protect customer data are becoming commonplace as regulators increasingly view auto dealerships as financial institutions in terms of the magnitude of personal consumer information collected in the F&I department.... Read More »

Why dealer's sold on one-price, one-person

12:01 am U.S. ET | March 9, 2015

The One Price, One Person sales model calls for a single sales employee handling a customer's entire vehicle transaction with no price haggling, including financing and the sale of ancillary F&I products. It was considered cutting edge when dealer Brian McCafferty introduced it at his Toyota store outside Phoenix 10 years ago. "Sadly," he says, it still is.... Read More »

Toyota Financial adds products, bolsters support

12:01 am U.S. ET | March 9, 2015

Toyota Financial Services is taking a more aggressive marketing stance this year to improve customer retention.... Read More »

Volvo's young captive explores new territory

12:01 am U.S. ET | March 9, 2015

Volvo Car Financial Services U.S. is a young captive finance company, in business only since late 2012. But its leadership is seasoned.... Read More »

Stakes are high for Ally's new CEO

12:01 am U.S. ET | March 9, 2015

New Ally Financial Inc. CEO Jeffrey Brown must hit the ground running. Along with a sizable to-do list, he must deal with a shrinking share of business supported by incentives from former parent General Motors. The decline in GM business is a long-term trend and an obvious priority for Brown.... Read More »

Jump-starting car sales from the service lane

12:01 am U.S. ET | March 9, 2015

Mike Bowsher uses software at the service desk to help him jump-start the sales process at his stores. The owner of Carl Black Auto Group says once his staff got the hang of using the software tools, new- and used-vehicle sales across his four dealerships rose 700 to 800 vehicles per quarter.... Read More »

Store tweaks sales, F&I strategy for Gen Y

12:01 am U.S. ET | March 9, 2015

Dealership managers Austin Salinas and Chris Gottselig know how to sell to Gen Y. That's because they fall into that category themselves. The two developed a speedier, more transparent vehicle sales and finance process at Friendly Ford of Crosby, near Houston, that's boosting the store's profits and reputation.... Read More »

Loan amounts, payments reach new highs

11:00 am U.S. ET | March 4, 2015

The average amount financed for a new vehicle reached a record $28,381 in the fourth quarter of 2014, Experian Automotive said today. That was an increase of $950, or 3.5 percent, from the year-earlier quarter and a rise of $582, or 2.1 percent, from the previous high of $27,799, set in the third quarter last year.... Read More »

Online retail tools are changing F&I jobs, work force analyst says

11:00 am U.S. ET | March 4, 2015

The neat organization of dealership F&I departments isn't so neat anymore. And industry researchers believe online retail is the reason why.... Read More »

JIM HENRY

BLOG: The auto fallout from tax refund delays

11:45 am U.S. ET | March 4, 2015

Tax refund season is typically the high point of the year for subprime auto lenders, but so far the early tax refund statistics are down slightly from a year ago.... Read More »

Millennials coming on stream in auto loans, leases

11:00 am U.S. ET | March 4, 2015

Millennials get a bum rap as being less interested in driving and cars -- and in auto finance -- than previous generations, TransUnion says in a new study. In fact, millennials are the fastest-growing group of car buyers in auto lending, the TransUnion study found. Millennials represented 27 percent of total auto loans and lease originations combined in 2014, up from 16 percent in 2009.... Read More »

Toyota Financial explores how to improve e-commerce

11:00 am U.S. ET | March 4, 2015

As more shoppers turn to e-commerce as part of buying a car, Toyota Financial Services is turning to its U.S. dealers to find ways to improve its digital offerings. A major push: e-contracting, which Toyota Financial Services launched about two years ago.... Read More »

Santander Consumer USA to pay $9.35 million settlement over military repos

12:01 am U.S. ET | March 4, 2015

Santander Consumer USA will pay at least $9.35 million to resolve charges that it improperly repossessed the cars of members of the military, the U.S. Department of Justice said.... Read More »

GM tells Ally that GM Financial will get all of Chevy's subsidized leases

6:30 pm U.S. ET | Feb. 27, 2015

General Motors has notified Ally Financial that it will steer all of its lease subsidies for the Chevrolet brand to captive finance company GM Financial, instead of sharing them among Ally, GM Financial, and to a lesser extent, U.S. Bank.... Read More »

JESSE SNYDER

BLOG: Why does Ford race? Because it can

3:56 pm U.S. ET | Feb. 27, 2015

He's not yet taking orders from Jay Leno for the Ford GT and GT350R, but the head of Ford Performance, Dave Pericak, still has a full plate.... Read More »

Santander Consumer USA to pay $9.35 million settlement over military repos

3:07 pm U.S. ET | Feb. 25, 2015

Santander Consumer USA will pay at least $9.35 million to resolve charges that it improperly repossessed the cars of members of the military, the U.S. Department of Justice said.... Read More »

Consumer Portfolio gains volume; retraining continues after FTC action

10:57 am U.S. ET | Feb. 25, 2015

Subprime auto lender Consumer Portfolio Services reported strong volume growth in the fourth quarter and for all of 2014, despite a run-in with the Federal Trade Commission last year.... Read More »

BLOG: Lender groups want answers from the CFPB

12:15 pm U.S. ET | Feb. 25, 2015

A letter sent last week by the American Financial Services Association and other trade associations to Richard Cordray, director of the Consumer Financial Protection Bureau, was aimed at prodding the CFPB to publicly respond to a study AFSA commissioned last year.... Read More »

Reports of growing auto loan delinquencies are overblown, credit bureaus say

10:39 am U.S. ET | Feb. 25, 2015

Despite media notions that U.S. auto loan delinquencies are accelerating, they are in fact trending flat, credit reporting bureaus Equifax and Experian Automotive said last week.
... Read More »

JPMorgan says U.S. examining racial disparities on car loans

11:03 pm U.S. ET | Feb. 24, 2015

JPMorgan Chase, the largest US bank, said it’s in talks with the Department of Justice about possible racial disparities in markups that auto dealers charged on loans.... Read More »

Auto loan securitization probed by U.S., states

4:50 pm U.S. ET | Feb. 24, 2015

The Justice Department and state authorities are looking into the securitization of auto loans for possible fraud as part of an effort to seek out emerging areas of abuse, Acting Deputy Attorney General Sally Quillian Yates said.... Read More »

JAMIE LaREAU

BLOG: Volvo captive finance's plan to help spur sales of Volvo's XC90

3:30 pm U.S. ET | Feb. 19, 2015

The redesigned 2016 Volvo XC90 is “the big” launch facing Volvo's captive finance company. Just ask Dan Romagnoli. He is the man responsible for making sure dealers get enough financing support to sell the heck out of the crossover when it goes on sale in May.... Read More »

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