en-usHannah Lutz Feed Carbiz goes toe to toe with CarMaxSun, 23 Apr 2017 00:01:00 ESTSome dealers shudder when they hear used-car giant CarMax is opening a store down the road. This used-only dealer deliberately placed his second store next to a CarMax. Here's his strategy. Bank programs could alter dealership-customer relationsWed, 19 Apr 2017 11:45:00 ESTNew car-shopping programs from Bank of America and Chase aim to provide leads to dealerships. But what are the risks? Bank of America pilot links customers, dealershipsWed, 12 Apr 2017 12:00:00 ESTBank of America will pilot an online platform to match its customers with its dealership clients next month. The online program follows similar moves by Chase Auto Finance and Ally Financial. Criticism lingers over CFPB's handling of auto lendingWed, 12 Apr 2017 12:00:00 ESTAuto lending wasn't among the priorities set out in December by Patrice Ficklin, fair lending director at the Consumer Financial Protection Bureau, angering some members of Congress. On our planet, money doesn't grow on treesMon, 10 Apr 2017 00:01:00 ESTInspired by a conversation with Ken Garff Automotive Group, Ally Financial has launched a book with a storyline that jumps from planet to planet to teach children financial skills. For some states, it's time to revamp CFPB structureWed, 5 Apr 2017 11:30:00 ESTLast month 15 state attorneys general filed an amicus brief supporting the call to restructure the Consumer Financial Protection Bureau. Taking the sting out of less data for credit scoresWed, 5 Apr 2017 11:45:00 ESTIn a move that might prevent auto lending from hitting a speed bump, VantageScore Solutions has developed a new generation of its credit-scoring model. Ally debuts online auto financing marketMon, 3 Apr 2017 00:01:00 ESTAlly is launching an online auto finance marketplace that connects lenders and consumers. Wells Fargo names Schupbach to head dealer servicesThu, 30 Mar 2017 15:30:32 ESTWells 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. Zurich sued over charge-back programWed, 29 Mar 2017 11:30:00 ESTIdaho 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. Leave 'warranty' out of the service contract pitchWed, 29 Mar 2017 11:30:00 ESTFandI managers encourage customers to buy a service contract, not a 'warranty,' but does the sales team? Buy-sells shuffle dealership rankingsMon, 27 Mar 2017 00:01:00 ESTIt's a good time to buy dealerships, says Brian Bates, CEO of Holman Consumer Services. Holman Automotive acquired the 14-rooftop Kuni Automotive in July. CFPB fines Experian $3 million over misleading credit scoresThu, 23 Mar 2017 15:27:07 ESTThe Consumer Financial Protection Bureau fined Experian $3 million for deceiving consumers about the nature and use of the credit scores it presented to consumers. Sage Auto settled with FTC to avoid costly litigation, its attorney saysWed, 22 Mar 2017 11:30:00 ESTSage Automotive Group and its owners settled federal charges last week that the group used deceptive and unfair sales and financing practices. Keep FandI simple and fast, no matter the toolsWed, 22 Mar 2017 00:01:00 ESTIt's important to remember that each consumer's priorities are different when it comes to the FandI process. CU Direct's network climbs to No. 2 in auto loan originationsWed, 15 Mar 2017 11:30:00 ESTCredit unions on CU Direct's auto lending network as a group were the second-largest auto financing source in 2016, CU Direct said. Sage Automotive to pay $3.6 million to settle FTC chargesTue, 14 Mar 2017 13:54:00 ESTSage Automotive and its owners agreed to settle federal charges that the dealership group used deceptive and unfair sales and financing practices. E-contracting grows, has hurdles to clearMon, 13 Mar 2017 00:01:00 ESTElectronic contracting has become increasingly prevalent in auto retail, but it still has room to improve, especially as an enabler to the fully online vehicle transaction. Do you know the rules on credit pulls?Mon, 13 Mar 2017 00:01:00 ESTSoft credit pulls can help consumers do more of the car-buying process, including FandI, online. But dealerships need to be aware to stay in compliance with the laws. Fully online transactions coming, but at what cost to FandI?Mon, 13 Mar 2017 00:01:00 ESTAs the auto industry prepares for the advent of the fully online transaction, there is a specific set of challenges in the FandI arena. AutoGravity, Black Book launch digital tool to crunch trade-in value Wed, 8 Mar 2017 12:15:00 ESTAutoGravity and Black Book have teamed up to offer consumers and dealers a trade-in value tool through AutoGravity's mobile app and web platform. The tool went live on Tuesday. Leasing slows from its torrid growth paceWed, 8 Mar 2017 12:00:00 ESTWhile leasing continues to drive new-vehicle sales, it's growing at a slower rate than in recent years. Edmunds expects lease penetration to decline to 30 percent overall in 2017, from a record high 32 percent in 2016. In Trump era, lenders could channel compliance resources to techWed, 8 Mar 2017 11:13:46 ESTLenders are trying to determine the impact of technology throughout the car buying, financing and ownership process and how it will affect their business. Auto loan values rise along with the length of terms, leasingThu, 2 Mar 2017 12:23:57 ESTThe average loan amounts for new and used vehicles rose in the fourth quarter, but consumers kept monthly payments low with long loan terms and leasing, Experian Automotive reported. Delinquencies edge up but remain in checkWed, 1 Mar 2017 11:52:42 ESTThe percentage of auto loans delinquent 30 or more days rose slightly in the fourth quarter, Moody's Analytics said, adding that it's not cause for alarm. For millennials, it's all about the paymentWed, 1 Mar 2017 11:55:04 ESTAs millennials age, the vehicles they choose to buy may change, but the way they look at affordability will likely remain consistent. EFG launching compliance tutorials Wed, 22 Feb 2017 11:30:00 ESTEFG aims to simplify FandI compliance for industry newcomers and veterans through a series of free podcasts and YouTube videos. Q4 FandI results improve at 5 of 6 publicsWed, 22 Feb 2017 11:45:00 ESTGroup 1, AutoNation, Asbury, Sonic and Lithia posted improved FandI results in the fourth quarter, although the retailers gave mixed views this month on whether growth will continue. Keep the buying process flexibleWed, 22 Feb 2017 11:45:00 ESTIn the evolution to the online car-buying process, it's important to remember there is no one-size-fits-all solution. Lenders, help borrowers break the subprime cycleWed, 15 Feb 2017 11:00:00 ESTAmericans have mostly recovered from the 2008-09 recession, but it can still be difficult for many subprime consumers to bounce back, especially when interest rates are high and auto insurance costs are almost as much as the... Finance portal offers 'one-stop shop' for dealership staffsWed, 15 Feb 2017 11:00:00 ESTTo help dealership employees access data needed to close deals faster, ChannelNet, with Hyundai Capital America, has upgraded its dealer portal, adding mobile use and customizing it to fit the duties of multiple staffers. GM Financial eyes more growthMon, 13 Feb 2017 00:01:00 ESTAfter gaining subvented loan and lease exclusivity over the past two years, General Motors' captive finance arm, GM Financial, is eyeing floorplanning and nonsubvented loan share, top executives say. Used-car leasing fails to meet expectationsMon, 13 Feb 2017 00:01:00 ESTIn spring 2016, the idea of used leasing buzzed around the National Automobile Dealers Association convention and the American Financial Services Association Vehicle Finance Conference in Las Vegas. To keep millennials, keep them engagedMon, 13 Feb 2017 00:01:00 ESTDealers are hiring more millennials, but struggling with how to retain them. Experts say it can be done, and here's how. Did CDK, Reynolds fence out a rival?Mon, 13 Feb 2017 00:01:00 ESTA lawsuit accuses CDK Global and Reynolds and Reynolds of blocking an electronic title company from getting the data it needs, through jacked-up fees and other barriers, specifically because the two DMS giants are favoring a... Group 1's PVR bar will be tough to beatWed, 8 Feb 2017 11:15:39 ESTGroup 1 Automotive hit a record $1,636 in FandI gross profit per unit in the fourth quarter, likely becoming the new leader in the FandI race among the six largest publicly traded new-vehicle retail groups. Asbury Q4 income rises on a 2% revenue gainTue, 7 Feb 2017 11:11:57 ESTAsbury Automotive Group's fourth-quarter net income surged 63 percent to $67.1 million, as revenue rose 2 percent to $1.67 billion, the dealership group said Tuesday. CDK, Reynolds sued over access to DMS dataMon, 6 Feb 2017 18:15:00 ESTMotor Vehicle Software has filed an antitrust lawsuit against CDK Global, Reynolds and Reynolds and their joint company, Computerized Vehicle Registration. CEO: Used sales at AutoNation show promiseMon, 6 Feb 2017 00:01:00 ESTAutoNation sees used-vehicle sales at its soon-to-launch AutoNation USA used-vehicle stores as a major growth opportunity in 2017. CEO expects Lithia to maintain growth paceMon, 6 Feb 2017 00:01:00 ESTAfter acquiring 18 stores last year, Lithia Motors CEO Bryan DeBoer said the dealership group plans to grow at the same pace in 2017. Make compliance a priority, experts sayMon, 6 Feb 2017 00:01:00 ESTThe future of the Dodd-Frank Act and Consumer Financial Protection Bureau has been largely questioned since President Donald Trump took office, but no matter the status of the CFPB, dealers should prioritize compliance,... AutoNation's Q4 net jumps 18%, revenue up 2.6%Fri, 3 Feb 2017 07:15:00 ESTAutoNation's fourth-quarter net income jumped 18 percent to $115.3 million, as revenue rose 2.6 percent to $5.48 billion on gains in all major business operations. Are fines lurking in your filing cabinet?Wed, 1 Feb 2017 12:15:00 ESTHaving a documented process in place can help dealers avoid expensive consequences. Showroom intros, videos plant the FandI product seed Wed, 1 Feb 2017 12:00:00 ESTWith squeezed new-vehicle margins, many dealers are relying on FandI for profit, but customers are often skeptical of FandI products. Cross-training boosts resources and teamwork Mon, 30 Jan 2017 00:01:00 ESTBy cross-training the dealership staff, most experts say, dealerships have more resources and expertise in their stores. And by zeroing in on a shared goal, the staff can create a more effective transaction process. Customer experience imperative drives changes in hiringMon, 30 Jan 2017 00:01:00 ESTSECOND IN A FOUR-PART SERIES: Dealership pay plans and job descriptions are changing amid a growing realization that a positive customer experience comes from flexible employee hours and an atmosphere of teamwork. No letup in product and profitability driveSat, 28 Jan 2017 14:00:00 ESTMitsubishi is expanding its lineup to offer crossovers at different sizes and price points that appeal to car buyers at various stages of life. And its U.S. Experts: Make compliance a priorityFri, 27 Jan 2017 16:22:50 ESTThe future of the Dodd-Frank Act and Consumer Financial Protection Bureau has been largely questioned since President Donald Trump took office, but no matter the status of the CFPB, dealers should prioritize compliance,... New-, used-vehicle financing trends convergeThu, 26 Jan 2017 18:52:49 ESTFinance trends in the new- and used-vehicle markets are merging, as shown by product announcements and data presented at the American Financial Services Association's vehicle finance conference this week in New Orleans. Lithia CEO: Growth will keep paceThu, 26 Jan 2017 18:22:49 ESTAfter acquiring 18 stores last year, Lithia Motors CEO Bryan DeBoer said the dealership group plans to grow at the same pace in 2017. Automakers, digital deals hinge on youWed, 25 Jan 2017 11:45:00 ESTThe online car-buying experience has become a major industry focus as consumers expect the process to be as simple as buying a book on Amazon. Wal-Mart says auto retailing venture won't sell cars directlyWed, 25 Jan 2017 09:30:00 ESTWal-Mart's venture into auto retailing won't involve selling cars directly, nor will it partner directly with dealers. AutoGravity expands financing app, websites to 46 statesWed, 25 Jan 2017 11:45:00 ESTCar buyers across the country can now select a vehicle and financing offer through AutoGravity's mobile app and web platform. FandI buys drive dealer, brand loyalty, study findsWed, 25 Jan 2017 11:45:00 ESTCar buyers who purchase FandI products are more loyal to the dealership and brand and are more satisfied than those who choose not to buy products, according to a study by The Warranty Group. Wal-Mart, CarSaver will sell carsMon, 23 Jan 2017 00:01:00 ESTWal-Mart Stores, the nation's largest retailer, is jumping into car sales through a partnership with CarSaver, an online automotive retail platform. Dealertrack aims to introduce 'seamless, easy' FandI platformMon, 23 Jan 2017 00:01:00 ESTDealertrack's next-generation FandI system is a simpler, more deal-centric approach to working with Dealertrack's tools, such as credit applications, bureau reports, compliance tools, desking solutions and FandI product menus. Ford Credit program makes dealer visit optionalMon, 23 Jan 2017 00:01:00 ESTFord Motor Credit customers will soon be able to purchase and finance new vehicles from a dealership's website, thereby making a visit to the store optional. Mitsubishi dealers await impact of NissanMon, 23 Jan 2017 00:01:00 ESTWith the Nissan alliance, strong crossover sales and future-product announcements, Mitsubishi dealers had an exciting 2016. Now, dealers are waiting to see how the changes will affect them this year and beyond. NADA forms partnerships with other associations, and all of the groups benefitSun, 22 Jan 2017 00:01:00 ESTNADA's partnerships with other dealership-related associations help it to bolster advocacy efforts and broaden its industry view. Washington Conference, Hill Day bring dealers' views to CongressSun, 22 Jan 2017 00:01:00 ESTOver each of the last few years, about 500 dealers, automotive trade association executives, Political Action Committee trustees and NADA staffers have attended the NADA's Washington Conference. Trended data better at assessing auto loan risk, analysis showsWed, 18 Jan 2017 11:45:00 ESTAuto loan accounts could jump 11 percent a year if lenders use trended data, according to Equifax. Incentives to rise, be more strategic in 2017Wed, 18 Jan 2017 11:45:00 ESTIncentives not only will climb in 2017, they'll be more strategically placed, too, experts at the North American International Auto Show said. Auto shows are great places to expose consumers to FandIWed, 18 Jan 2017 11:45:00 ESTIntroducing FandI products to customers at an auto show, where they're relaxed and admiring cars they'd love to have, could lead to an easier sell for FandI managers down the line. Head of Wells Fargo Dealer Services to retireWed, 11 Jan 2017 11:30:00 ESTDawn Martin Harp, head of Wells Fargo Dealer Services, will retire April 1 after more than 20 years with the lender. Head of Wells Fargo Dealer Services to retireTue, 10 Jan 2017 18:59:03 ESTDawn Martin Harp, head of Wells Fargo Dealer Services, will retire April 1 after more than 20 years with the lender. BEST PRACTICES: Lexus dealership cultivates wrap artistsMon, 9 Jan 2017 00:01:00 ESTJM Lexus began its own wrapping business, JM Custom Creations, with a Lexus LS wrapped in a chrome-like design. Now it takes personal requests from car buyers and commercial orders from outside companies. Ford targets stand-out customer experienceMon, 9 Jan 2017 00:01:00 ESTFord and Lincoln are celebrating 40 years of selling branded FandI products. AutoNation to hire nationwide next TuesdayWed, 4 Jan 2017 17:23:51 ESTAutoNation said it will host a one-day hiring event in 15 cities next Tuesday. More than a thousand sales and service positions are available at the stores and service centers. Should car buyers pay with plastic?Wed, 4 Jan 2017 11:00:00 ESTCredit card payments are convenient for the on-demand culture, but when it comes to purchasing a car, are they worth the risk for extra debt? Dealers would do well to provide customers the pros and cons of whipping out the... Ally Financial agrees to finance up to $600 million in Carvana retail contractsWed, 4 Jan 2017 12:00:00 ESTAlly Financial and online used-vehicle retailer Carvana have expanded their relationship to include vehicle financing. Ally said today it will finance up to $600 million in Carvana's retail contracts over the next year. Attracting women to FandI 'just makes sense'Wed, 4 Jan 2017 11:00:00 ESTMen still dominate the FandI business, but women are looking to claim a spot, insiders say. 5 FandI trends to watch in 2017Wed, 4 Jan 2017 12:15:00 ESTAre there big changes in store for the finance and insurance office in 2017? Here are five issues and trends to watch in the new year. Credit repair specialist helps customers and her storeWed, 4 Jan 2017 00:01:00 ESTEvery couple of months, Jennifer Oribello spends time mining the docket of the U.S. Bankruptcy Court in Detroit and Googling contact information for bankruptcy attorneys. Comedian's blasting of subprime auto loans led top stories in 2016 Wed, 28 Dec 2016 10:30:00 ESTNews stories on a variety of topics caught the attention of Automotive News' FandI readers this year. After 40 years, Ford FandI keeps evolving, execs sayWed, 28 Dec 2016 10:30:00 ESTForty years ago last month, an evolving auto industry drove Ford and Lincoln to become pioneers among their peers in offering FandI products. How to engage customers and other savvy adviceWed, 28 Dec 2016 10:30:00 ESTEach week the FandI Report features a savvy tip from an industry expert. This year FandI insiders shared advice on engaging customers, working with sales staffers, catering to millennials, sharing positive reviews and more. A look back at 5 FandI trends we watched in 2016Wed, 28 Dec 2016 10:30:00 ESTLast December, we pointed out five trends to watch in 2016. Two were tied to regulation. The others touched on digital FandI, lengthening loan terms and creditworthiness. Here's a look at how each trend fared this year. Early connections boost lease satisfactionWed, 28 Dec 2016 10:30:00 ESTLess than half the time, dealers and lenders reconnect with lease customers before the end of the lease, a new study by J.D. Power found. Will the tone on compliance change under Trump?Wed, 28 Dec 2016 10:30:00 ESTA year ago, we wrote that compliance was the theme of industry conferences in 2015. The discussion continued in 2016, but in 2017, will the new presidential administration change the tone? Gaining insight, theme by themeWed, 21 Dec 2016 11:00:00 ESTOne of my favorite parts of the FandI beat is choosing a theme to explore every quarter in our FandI Insight special sections for print and online. App adds used buyers to franchised dealer matchesWed, 21 Dec 2016 11:00:00 ESTStarting today, AutoGravity, a smartphone app and web platform that connects new-vehicle buyers in California with franchised dealerships and finance offers, has extended its service to used-car buyers, the company told... FandI managers make good impression, survey findsWed, 21 Dec 2016 00:01:00 ESTFandI managers have long had a reputation as being disingenuous and pushy, maybe because of the stress many of them feel in the face of performance pressures, long hours and changing pay plans. 'In your blood': Few FandI pros quit the businessWed, 21 Dec 2016 00:01:00 ESTWhen FandI managers leave their dealerships, they likely are staying within the automotive industry, insiders say. Career goals: From quick stop to long haulWed, 21 Dec 2016 00:01:00 ESTWhat lands FandI managers in FandI? Is the role their end goal, a steppingstone to a higher title or happenstance? The answer in part may lie in the store where they work. RouteOne acquires MaximTrak in bid to boost digital retail businessTue, 20 Dec 2016 09:15:34 ESTRouteOne has acquired FandI sales tool provider MaximTrak, effective as of now, RouteOne Holdings said Tuesday. Equifax expands access to income, employment databaseThu, 15 Dec 2016 06:00:00 ESTDealers can now verify customers' income and employment through dealer service finance platforms they may already be using in their stores, Equifax said Dec. 15. Auto delinquencies predicted to riseWed, 14 Dec 2016 11:30:00 ESTAuto loan delinquency rates will jump in 2017 as a result of higher interest rates and more subprime borrowers, TransUnion predicts. FCA, Hyundai promote online sales, offline financingWed, 14 Dec 2016 11:30:00 ESTLast month, Fiat Chrysler Automobiles and Hyundai Motor America said they would offer an online car-buying experience. But in both cases, customers have to arrange financing at the dealership. Leasing satisfaction differs for luxury and mass-market customersWed, 14 Dec 2016 11:00:00 ESTWith leasing accounting for nearly a third of new-vehicle transactions, lease-end customer satisfaction is becoming more important. But the keys to satisfaction differ for luxury and mass-market customers, J.D. Front-loading FandI cuts transaction timeWed, 14 Dec 2016 11:00:00 ESTDealerships' transaction times are improving, but lengthy buying processes are still a pain point for stores, a survey by eLend Solutions shows. Ford Credit wants a role in the sharing economyMon, 12 Dec 2016 00:01:00 ESTFord Credit's shared-lease pilot program in Austin, Texas, has closed, CEO Joy Falotico told Automotive News. Credit repair specialist helps customers and her storeMon, 12 Dec 2016 00:01:00 ESTEvery couple of months, Jennifer Oribello spends time mining the docket of the U.S. Bankruptcy Court in Detroit and Googling contact information for bankruptcy attorneys. Early connections boost lease satisfactionMon, 12 Dec 2016 00:01:00 ESTLess than half the time, dealers and lenders reconnect with lease customers before the end of the lease, a new study by J.D. Power found. After 40 years, Ford FandI keeps evolving, execs sayMon, 12 Dec 2016 00:01:00 ESTForty years ago last month, an evolving auto industry drove Ford and Lincoln to become pioneers among their peers in offering FandI products. More FandI managers are quitting. Are expectations for output, speed and compliance to blame?Mon, 12 Dec 2016 00:01:00 ESTFandI managers tackle a multitude of challenges daily, and the stress could be taking a toll. Thirty-eight percent of FandI managers left their jobs last year, up 1 percentage point from 2014. Dealers revamp FandI managers' hours, payMon, 12 Dec 2016 00:01:00 ESTLong hours and fluctuating compensation can cause FandI managers significant stress, leading to job dissatisfaction and even burnout. FandI managers make good impression, survey findsMon, 12 Dec 2016 00:01:00 ESTFandI managers have long had a reputation as being disingenuous and pushy, maybe because of the stress many of them feel in the face of performance pressures, long hours and changing pay plans. 'In your blood': Few FandI pros quit the businessMon, 12 Dec 2016 00:01:00 ESTWhen FandI managers leave their dealerships, they likely are staying within the automotive industry, insiders say. AutoNation branded FandI products pay off with more profitMon, 12 Dec 2016 00:01:00 ESTCEO Mike Jackson credits AutoNation's consistent gains in FandI gross profit to its branded product line. Ninety percent of the retailer's customers choose AutoNation-branded FandI products, he said. Career goals: From quick stop to long haulMon, 12 Dec 2016 00:01:00 ESTWhat lands FandI managers in FandI? Is the role their end goal, a steppingstone to a higher title or happenstance? The answer in part may lie in the store where they work.