Finance and Insurance

GM and Ally compete to grow F&I

12:34 pm U.S. ET | Jan. 24, 2015
GM is on a hiring binge to build a direct sales force for its branded F&I products as the company seeks a foothold in the competitive space. GM rolled out branded F&I products nationally last year while taking over the business from captive-finance arm GM Financial.... Read More »

 

FOILING FRAUD

Phony deals cost dealers reputation, vehicles and lenders

2:00 pm U.S. ET | Jan. 24, 2015
For employees in a dealership's finance and insurance office, spotting a potentially fraudulent deal is top priority. A mistake not only can cost a dealership a vehicle, it can hurt the store's reputation and its relationships with lenders. It's a challenge for all dealership groups.... Read More »

 

At Miami store, no more 'beat up' customers

2:00 pm U.S. ET | Jan. 24, 2015
F&I managers at Dadeland Dodge-Chrysler-Jeep in Miami are responsible for the gross profits from both vehicle sales and F&I and handle vehicle purchase negotiations with customers as well as financing. They also get a cut of both to motivate them.... Read More »

 

Loan application blasts could be a blow to dealers

2:00 pm U.S. ET | Jan. 24, 2015
Technology makes it easy for finance and insurance managers to blast credit applications across a wide spectrum of lenders, called shotgunning, rather than matching the right consumer with the right lender. Some dealership groups and auto finance experts say shotgunning can harm a dealership's relationships with customers and lenders alike.... Read More »

 

Outsmart the fake pay stub

2:00 pm U.S. ET | Jan. 24, 2015
Missing pay stubs are pitfalls for finance and insurance managers. Finance managers don't want to ask a potential customer to go home and get a couple of pay stubs to verify his or her income. That customer may not come back. Even worse is the customer with a fake pay stub.... Read More »

 

Finance managers found on showroom floor

2:00 pm U.S. ET | Jan. 24, 2015
After working as a sales representative for almost two years at Atlantic Hyundai in West Islip, N.Y., Russell Williamson was ready for more responsibility and the chance to earn more money. Enter Atlantic Auto Group's new bullpen training program to develop finance managers.... Read More »

 

F&I departments need a farm team

2:00 pm U.S. ET | Jan. 24, 2015
The term “succession planning” is usually applied to dealer principals, but it can apply to F&I managers, too. Executives at two dealerships say store managers should nurture their own talent pool, so they have a ready replacement if a top F&I producer quits.... Read More »

 

Q&A

GM Financial is up to the full-service task

6:53 pm U.S. ET | Jan. 23, 2015
GM Financial will become the exclusive provider of subsidized leases for Buick-GMC dealerships on Feb. 3. Cadillac and Chevrolet will follow. Kyle Birch, GM Financial COO, talked with Staff Reporter Mike Colias about how it has grown leasing capabilities on its way to becoming GM's full-line captive financing arm.... Read More »

 

FCA projects 10% growth in U.S. retail sales for '15, extending streak

3:45 pm U.S. ET | Jan. 23, 2015
FCA US dealers were told to anticipate as much as 10 percent growth in their U.S. retail sales in 2015 as incremental deliveries from new vehicles such as the Jeep Renegade, Ram ProMaster City and Fiat 500X help extend the automaker's 57-month sales streak.... Read More »

 

JAMES B. TREECE

Building a new fortress to protect data

2:00 pm U.S. ET | Jan. 23, 2015
When it comes to protecting sensitive data against hackers, the days of building thick digital walls and moat are over.... Read More »

 

Q&A

How some customers cheat themselves

2:00 pm U.S. ET | Jan. 23, 2015
When Hennessy Buick-GMC in Georgia signed up this year for an Equifax system that automatically verifies employment and income, Finance Director Blake Bailey thought the system would mostly identify people who had overstated their income.... Read More »

 

Dealers prying payments from some lenders

2:00 pm U.S. ET | Jan. 23, 2015
Dealers are still seeing big differences in how quickly lenders pay them on contracts in transit, despite awareness and technology campaigns aimed at speeding payments to dealers when retail customers finance vehicle purchases and leases.... Read More »

 

GM takes charge of its branded F&I products

2:00 pm U.S. ET | Jan. 23, 2015
General Motors is bringing the sales of its branded F&I products in-house, taking over responsibility from captive finance company GM Financial, in a move designed to give those sales a shot in the arm and get those products on more GM dealerships' radar.... Read More »

 

Old repair bill is a powerful tool for F&I team

2:00 pm U.S. ET | Jan. 23, 2015
When the air conditioning compressor in LeAnna Cowan's car failed in the Las Vegas heat, the $1,250 repair bill wasn't a hardship.... Read More »

 

Dealers, captives battle in statehouses

2:00 pm U.S. ET | Jan. 23, 2015
A battle is heating up in several state capitals as dealer associations face off against carmakers and their captive finance companies over proposed state laws governing the sale of F&I products.... Read More »

 

Why the 72-month auto loan isn't causing jitters -- yet

12:00 pm U.S. ET | Jan. 22, 2015
Lenders are boosting auto sales and commanding higher transaction prices by extending loan terms. Is the industry flirting with another 2008, or is the risk limited?... Read More »

 

Pay disparities are hurting morale, dealership retention, expert warns

12:00 pm U.S. ET | Jan. 22, 2015
Rising disparities in pay between the F&I and sales departments are leading to morale problems and high turnover at dealerships, a noted F&I authority said at a conference in Las Vegas. Dealerships are testing a number of alternative pay plans, but nothing proposed so far appears to solve the problem.... Read More »

 

Faster is better in F&I, Power survey shows

12:00 pm U.S. ET | Jan. 22, 2015
The latest J.D. Power Sales Satisfaction Index Study underscores how important it is to get customers in and out of the F&I office as quickly as possible.... Read More »

 

What's an F&I pro worth?

12:00 pm U.S. ET | Jan. 22, 2015
On average, F&I managers earn fatter paychecks than people in any other key dealership position except the general manager, according to the 2013 NADA Dealership Workforce Study Industry Report. Some dealers are beginning to rethink that.... Read More »

 

ONWARD ONLINE

After decades of store confinement, the F&I office is inching digital

12:00 pm U.S. ET | Jan. 22, 2015
Lou Bregou, a director of operations at Driver's Village in Cicero, N.Y., says he has embraced putting financing tools on the dealership group's e-commerce website. Why not? The features that enable online car shoppers to get firm financing quotes, monthly payment calculations and trade-in values are helping the 16-dealership, 20-franchise group sell vehicles.... Read More »

 

Big banks slow auto lending

11:00 am U.S. ET | Jan. 21, 2015
Wells Fargo and Chase, two of the biggest banks in auto lending, posted increases in consumer auto originations in 2014 but at a slower rate of growth than in 2013.... Read More »

 

Auto finance, sales look strong for 2015

11:00 am U.S. ET | Jan. 21, 2015
The good outweighs the bad in the outlook for auto finance. For dealers, the high points are that U.S. light-vehicle sales are expected to keep on growing in 2015, for the sixth consecutive year, reaching as high as 17 million units, analysts say. In addition, lenders are competing harder and in greater numbers for loans originated at dealerships, according to speakers at an auto finance conference Tuesday.... Read More »

 

Strong job market defangs default threat

11:00 am U.S. ET | Jan. 21, 2015
There’s a simple economic reason not to worry about auto-loan delinquencies, says Tom Webb, Manheim’s chief economist.... Read More »

 

Nicolosi returns to Volvo Financial with broader duties

9:00 am U.S. ET | Jan. 21, 2015
Tony Nicolosi has been named president of Volvo Cars Financial Services of the Americas, 16 months after he became CEO of Volvo Cars of North America. The move is part of a management shakeup at the struggling brand, which also includes global corporate product strategy chief Lex Kerssemakers being named to the post of CEO for North America.... Read More »

 

Loan terms will grow, making price increases more affordable, FCA's Bigland says

12:01 am U.S. ET | Jan. 21, 2015
Fiat Chrysler Automobiles' head of US and Canadian sales says loose credit terms will continue to drive new vehicle sales, even as pent-up demand dwindles in a recovered economy.... Read More »

 

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