en-usHannah Lutz Feed Wells Fargo's GAP refund problem offers a lessonWed, 16 Aug 2017 11:27:13 ESTWells Fargo found itself in hot water again last week for possibly neglecting to refund consumers' guaranteed asset protection payments after they paid off their auto loans. GM's FandI product unit partners with MaximTrakWed, 16 Aug 2017 11:23:32 ESTGeneral Motors' FandI product group will use MaximTrak Technologies as an FandI platform provider for its U.S. dealers. As MaximTrak's capabilities expand, the relationship could extend to other dealership departments. Subprime auto loans dip in Q2Wed, 16 Aug 2017 11:24:24 ESTSubprime auto originations declined in the second quarter, but delinquencies still rose as the market adjusts to recent growth in subprime originations, according to reports this week from the New York Federal Reserve and... GM's in-house FandI brand thrivesMon, 14 Aug 2017 00:01:00 ESTGeneral Motors' FandI product branch tripled its contract volume last year and is planning to double it again in 2017, no easy feat for a relatively new FandI provider in a market saturated with seasoned veterans. Court hits pause on DMS access caseWed, 9 Aug 2017 10:51:34 ESTA preliminary injunction favoring Authenticom in its antitrust case against CDK and Reynolds and Reynolds has been put on hold after appeals from the DMS giants. Credit unions claim top lending spotWed, 9 Aug 2017 12:00:00 ESTCredit unions in CU Direct's lending network climbed to the top ranking in auto loan originations in the first half of the year, passing some of the largest lenders. Huntington Bank's Stanutz to retire; role to be split Wed, 9 Aug 2017 12:57:20 ESTNick Stanutz, auto finance leader at Huntington Bank, who helped establish its auto lending business, will retire at the end of this year after 31 years with the bank. Toyota, Lexus captives add key insuranceWed, 9 Aug 2017 12:04:26 ESTToyota's captive launched a key replacement product last week, the company's latest step in providing a fuller customer experience. Nissan Motor Acceptance's McConnell retiresWed, 9 Aug 2017 12:00:51 ESTMike McConnell, vice president of operations for Nissan Motor Acceptance, will retire after about 32 years with the automaker. Being picky could cost lenders more than they expectWed, 9 Aug 2017 12:07:58 ESTAs some auto lenders tighten their credit criteria, full-spectrum lenders may gain more business from dealerships. AutoNation to stick with 1-price despite drag on used marginsMon, 7 Aug 2017 00:01:00 ESTAutoNation is sticking by its commitment to a one-price model on used-vehicle sales, even though the switch dragged down the retailer's used-vehicle margins in the second quarter. Used sales bring FandI opportunityWed, 2 Aug 2017 11:54:11 ESTMost of the six public new-car dealership groups focused on the growing used-vehicle market in their second-quarter earnings calls. That could be a plus for their FandI results. AutoNation Q2 net income down 22%Wed, 2 Aug 2017 08:00:57 ESTAutoNation's second-quarter net income dropped 22 percent to $87.7 million, while revenue dipped 3 percent to $5.28 billion. Publics lift FandI profit per unit on strong ancillary salesWed, 2 Aug 2017 11:53:22 ESTSecond-quarter FandI gross profit per unit rose at all six publicly traded U.S. new-car dealership groups, largely driven by strong product penetration. New-car interest rate hits 6-month lowWed, 2 Aug 2017 11:49:10 ESTThe average new-vehicle interest rate sunk to a six-month low in July but is still up near 2009 recession levels, Edmunds says. Lease falloff goes beyond customer apathyWed, 26 Jul 2017 12:01:20 ESTLeasing fell in the first half of the year, the first such drop since January-June 2012, according to Edmunds. But lack of consumer interest was only part of the reason. A lender has just reversed its funding decision. Now what?Wed, 26 Jul 2017 11:45:21 ESTAfter a lender approves funding and the vehicle has been delivered, the lender sometimes reverses its decision to fund the deal. If dealerships react quickly, they may be able to relieve the problem. CDK, Reynolds lawsuit will proceedWed, 26 Jul 2017 00:01:00 ESTA court ruled that Reynolds and Reynolds and CDK must allow Authenticom access to dealership data even as it sues the two for antitrust. Automakers take different paths after plunge in Canadian lease marketFri, 21 Jul 2017 00:01:00 ESTLeasing as a whole took a dive in Canada for a few years following 2008, but the plunge only significantly affected the captive finance arms of U.S. brands, experts say. Banks learn to diversify, tailor their offeringsThu, 20 Jul 2017 00:01:00 ESTAs automaker captive finance companies lost share, banks have taken on new roles, such as being exclusive or semi-exclusive lenders who are the sole source of automaker retail incentives. A changed landscape in Canadian auto financeWed, 19 Jul 2017 00:01:00 ESTThe 2008 financial crisis sharply reshaped Canadian auto finance. Captives that once dominated the auto loan and lease market lost nearly half their share within four years. Wells Fargo auto originations drop 45% on tighter loan criteriaWed, 19 Jul 2017 11:42:29 ESTWells Fargo's auto originations plummeted 45 percent to $4.5 billion in the second quarter, reflecting the lender's tightened underwriting criteria. Leasing slips in first halfWed, 19 Jul 2017 11:00:00 ESTLeasing fell in the first half of this year from the year-earlier period, the first such drop since the first half of 2012, Edmunds said. The best FandI managers have a knack for peopleWed, 19 Jul 2017 11:38:22 ESTFandI is a people person job. It may sometimes hide under the guise of being a numbers profession, but most effective FandI managers succeed because they are good with people. Buyers facing fewer scripted FandI pitchesWed, 19 Jul 2017 11:41:49 ESTWord tracks, once a standard in the FandI industry, may be falling by the wayside, and for good reason, according to a recent survey and FandI experts. Credit bureau changes could put some loans at riskWed, 19 Jul 2017 11:00:00 ESTThe three major credit bureaus' decision this month to eliminate civil judgment and tax lien data from their reports means those credit bureaus will have fewer pieces of information on which to score borrowers. BMO Harris adds office for NortheastTue, 18 Jul 2017 14:24:03 ESTIn its third expansion within a year, BMO Harris has extended its dealership finance business to the Northeast. Will CFPB ban on mandatory arbitration stand?Mon, 17 Jul 2017 00:01:00 ESTIndustry players hope the CFPB's new arbitration rule will never take effect, and they may be right. But it's also unlikely to disappear immediately. Jaison LeeSun, 16 Jul 2017 00:01:00 ESTOversaw more than $100 million in co-op advertising reimbursements in 2016, and helped launch AutoNation's brand extension strategy. Jenny BeckstromSun, 16 Jul 2017 00:01:00 ESTBeat Inver Grove Toyota's monthly FandI gross profit record by $20,000 in May Authenticom wins first round in suit against Reynolds, CDKFri, 14 Jul 2017 20:35:35 ESTA court ruled that Reynolds and Reynolds and CDK must allow Authenticom access to dealer data even as it sues the two for antitrust. Auto financing via smartphone is smart moveWed, 12 Jul 2017 11:29:35 ESTConsumers have long been able to check their credit and get preapproved for financing through a dealership or lender website, but getting approved on-the-go through mobile devices may become many consumers' first choice when... BMO Harris drops single-rate dealer pay for tiered modelWed, 12 Jul 2017 11:20:40 ESTThree years after implementing a single flat fee to compensate dealerships for arranging auto loans, BMO Harris Bank has moved to a three-tier model and may soon begin originating near-prime loans. Portfolio Group scoops up Finance Concepts, looks for more purchase targets Wed, 12 Jul 2017 11:18:00 ESTPortfolio Group's acquisition of Finance Concepts last month may be its latest move in a wider acquisition strategy. CFPB arbitration rule draws industry ireWed, 12 Jul 2017 11:07:39 ESTThe CFPB's arbitration rule, issued this week, could put dealerships and auto lenders at risk for class-action lawsuits -- if it ever takes effect. Allstate name carries weight in FandI, dealer findsMon, 10 Jul 2017 00:01:00 ESTRetailer Art Schaller Jr. was reluctant to drop his FandI provider and switch to Allstate-branded FandI products. But branding has paid off. When he heard about Allstate's dealership insurance agency program, he opted for both. VW Credit invests in app developer AutoGravityMon, 10 Jul 2017 00:01:00 ESTThe lender said the $30 million investment aligns with its goal to create a digital experience for its customers. NADA unfazed by high incentive levelsMon, 10 Jul 2017 00:01:00 ESTTargeted incentives likely will continue rising this year as lease returns and lack of consumer demand pressure sedan pricing, NADA's chief economist forecasts. Group 1 buys 12 London dealershipsMon, 10 Jul 2017 00:01:00 ESTDealership buy-sells went global last week. Group 1 Automotive bought a dozen dealerships outside of London and a Dutch group investing in Houston's indiGO Auto. Dutch company buys into indiGO Auto GroupFri, 7 Jul 2017 09:31:06 ESTIndiGO Auto Group is positioning itself to be a player in the mobility world via an investment from Dutch transportation company Pon Holdings. VW Credit invests in AutoGravityThu, 6 Jul 2017 11:10:03 ESTVW Credit is taking an equity stake in AutoGravity, a car shopping and financing mobile app and Web platform. Beware of hard-to-detect synthetic ID fraud Wed, 5 Jul 2017 12:30:00 ESTCompliance has been on the minds of dealers and lenders. But at least one fraud type has been largely overlooked, and it's costing hundreds of millions of dollars in losses annually across the credit industry, Experian says. A flat tire taught me a warranty lessonWed, 5 Jul 2017 10:41:23 ESTOne of the several lessons I learned from a flat-tire experience last week was be more aware of my warranty. Auto finance growth in Canada exceeds expectations Wed, 5 Jul 2017 10:28:49 ESTAuto lending continued to be one of the fastest-growing segments of the Canadian credit market in the first quarter of 2017 as the country's auto industry saw multiyear growth, according to TransUnion's latest Canada... Nissan, Infiniti shuffle finance unit executivesWed, 5 Jul 2017 00:01:00 ESTMark Kaczynski, after six years as president of Nissan Motor Acceptance, is leaving his post to become vice president of administration and finance for Infiniti. Nissan Canada Finance chief gets U.S. gig; replacement comes from RCI BankThu, 29 Jun 2017 11:36:32 ESTKevin Cullum, general manager of Nissan Canada Finance, will become president of Nissan Motor Acceptance Corp., effective Aug. 1. He will be replaced by Alain Ballu of RCI Bank. Nissan, Infiniti shuffle finance unit executivesWed, 28 Jun 2017 19:52:39 ESTMark Kaczynski, after six years as president of Nissan Motor Acceptance, is leaving his post to become vice president of administration and finance for Infiniti. Are consumers' vehicle aspirations too high?Wed, 28 Jun 2017 11:23:08 ESTConsumers may be trying to bite off more than they can chew. Swapalease.com approved fewer than half of lease applicants in May because consumers applied for leases on out-of-budget, high-end vehicles. The disconnect between vehicle price and affordabilityWed, 28 Jun 2017 11:30:02 ESTThe average price tag on a new car is too high for median-income households in 24 of the 25 largest U.S. metro areas, according to a Bankrate.com study. A case for recapping FandIWed, 21 Jun 2017 11:23:05 ESTAt the end of the car-buying process, many customers want to rush through FandI, get in their new car and drive away. It may pay off to visit FandI again later. AutoGravity launches national TV adsWed, 21 Jun 2017 11:26:55 ESTAutoGravity, a car shopping and financing mobile app and web platform, is aiming to catch the eyes of more consumers with a national TV campaign debuting this week. Westlake expands lending footprint with Credit Union Leasing dealWed, 21 Jun 2017 11:15:34 ESTWestlake Financial Services acquired Credit Union Leasing of America, expanding its portfolio to include leasing and a more prime customer base. Credit unions lead auto balance growthWed, 21 Jun 2017 11:21:56 ESTCredit unions as a group reaped higher auto balance growth in the first quarter than any other lender type, according to Experian. More used, fewer new sales could improve negative-equity levelsWed, 21 Jun 2017 00:01:00 ESTExperts have mixed views on the future of negative-equity levels, but most agree that it will largely depend on used-vehicle values and the new-vehicle sales rate. Babies on board at California dealershipMon, 19 Jun 2017 00:01:00 ESTAt Freeman Toyota, employees can bring infants to work for one year. It helps the mother manage childcare and lifts employees' spirits. More upside-down customers won't bring doom Wed, 14 Jun 2017 11:54:10 ESTWith 32. CFPB reformers move forwardWed, 14 Jun 2017 12:01:03 ESTWithin the past week, the U.S. Subprime falls, scores rise on tighter lending criteriaWed, 14 Jun 2017 11:16:48 ESTThe share of auto loans rated subprime hit a first-quarter 10-year low and the average credit score rose as lenders adjusted financing criteria, according to Experian's latest Why so many motorists are underwater Mon, 12 Jun 2017 00:01:00 ESTNegative-equity levels are at record highs as lengthening loan terms, rising transaction prices and falling used-vehicle values combine to take a toll on consumers and the industry. More buyers are upside down. Will it pull down the industry?Mon, 12 Jun 2017 00:01:00 ESTAs negative equity has ballooned to record levels, dealers have learned to cope with getting underwater customers financed, and lenders are kept loan terms in check. Can those efforts keep the industry strong? Online intros could draw Gen Y to FandI productsMon, 12 Jun 2017 00:01:00 ESTMillennials are more cost-conscious than Gen Xers or baby boomers, according to a Cox Automotive study, but transparency and online FandI product introductions could sway them to open their wallets for add-ons. How vehicle data could help drive FandI salesMon, 12 Jun 2017 00:01:00 ESTIn the future, vehicles will send data to dealerships and FandI product vendors directly, helping them to determine which products car owners need and when, industry insiders predict. More used, fewer new sales could improve negative-equity levelsMon, 12 Jun 2017 00:01:00 ESTExperts have mixed views on the future of negative-equity levels, but most agree that it will largely depend on used-vehicle values and the new-vehicle sales rate. New-vehicle down payments reach a near record in MayMon, 12 Jun 2017 00:01:00 ESTThe average down payment on new vehicles reached a near-record high last month, data from Edmunds show. Down payments on new vehicles rise as rates creep upWed, 7 Jun 2017 11:24:12 ESTThe average down payment on new vehicles reached a near-record high last month, data from Edmunds show. Delinquencies are highest on loans with 73-76 month termsWed, 7 Jun 2017 11:27:21 ESTIndustry insiders have expressed concerns over 84 month loans, but 73-76 month loans have the highest delinquency rates, according to Experian. Women and FandI -- let's talkWed, 7 Jun 2017 11:30:26 ESTOne finance director says most of the successful FandI managers she knows are women. Yet the assumption lingers that the FandI world is unwelcoming to women and mothers. Loan terms continue to lengthenMon, 5 Jun 2017 00:01:00 ESTThe share of new-vehicle loans with maturities of 73 to 84 months has nearly tripled in the past eight years. Used-vehicle financing is seeing the same trend. At AutoNation, still no CEO-in-waitingMon, 5 Jun 2017 00:01:00 ESTAutoNation tapped regional president Lance Iserman as its COO, but that doesn't mean he has the inside track to succeed CEO Mike Jackson when the time comes. Watch out for month-end fraud Wed, 31 May 2017 11:01:54 ESTThe dealership fraud rate is 56 percent higher in the last week of the month than in the first week, PointPredictive says. The threat comes from outside and inside the dealership. AutoNation names Iserman COO, executive vice president of salesWed, 31 May 2017 17:38:33 ESTAutoNation named Lance Iserman COO and executive vice president of sales, promoting the president of the dealership group's western region. New-car loans lasting 73 to 84 months soar Wed, 31 May 2017 11:17:13 ESTNew-vehicle loans lasting 73 to 84 months have risen sharply in the past eight years. Longer terms are becoming more commonplace in used-vehicle financing, too. Ally looks to boost online used volume via TRED partnershipWed, 31 May 2017 11:33:43 ESTAlly Financial has begun offering auto loans and FandI products to online used-vehicle buyers through a partnership with TRED. How vehicle data could help drive FandI salesWed, 24 May 2017 11:00:00 ESTIn the future, vehicles will send data to dealerships and FandI product vendors directly, helping them to determine which products car owners need and when, industry insiders predict. Should dealerships go back to the basics for best FandI results?Wed, 24 May 2017 11:29:57 ESTWhether it's a customized presentation, a digital menu or online FandI product intros, many FandI companies have suggested an adjusted approach for today's consumer. Cox Automotive spreads its racing betsMon, 22 May 2017 00:01:00 ESTRacing is a huge part of the marketing strategy across Cox Automotive's media brands, which include Kelley Blue Book and Autotrader. Here's why. What's the succession plan at AutoNation?Mon, 22 May 2017 00:01:00 ESTA series of high-level executive departures at AutoNation -- highlighted by COO Bill Berman's abrupt departure last week -- has raised questions about the succession plan for CEO Mike Jackson, 68. FandI departments would do well to tap high schoolersWed, 17 May 2017 12:00:00 ESTAutomakers and suppliers have established partnerships with high schools to breed the next generation of talent and give teenagers an industry education. Can the same be done in the FandI world? Consumers continue to make car payments a priorityWed, 17 May 2017 12:00:00 ESTWhen consumers pay down debt, car loans tend to get priority, Still, auto delinquencies rose in the first quarter, TransUnion says. APR hits marker not seen since 2010Wed, 17 May 2017 12:00:00 ESTThe average interest rate on a new-vehicle loan in April topped 5 percent, marking the first time since 2010 that the average U.S. interest rate has exceeded that level for two straight months. High school's work program feeds industry's talent poolMon, 15 May 2017 00:01:00 ESTGeneral Motors has partnered with Detroit Cristo Rey High School since 2011, bringing students into its engineering world. The Detroit program is part of a national network that gives employers a source of future talent. Plastic salesman finds his calling in educationMon, 15 May 2017 00:01:00 ESTAfter Michael Khoury, a salesman for a simulated wood grain supplier, wrote the final college tuition check for his youngest child in 2007, his worldview shifted. GM wind tunnel serves as classroomMon, 15 May 2017 00:01:00 ESTThe duties of work-study students typically consist of writing safety operating procedure documents for equipment in the wind tunnel, such as welding machines and charging stations. FandI vendors take aim at used vehiclesWed, 10 May 2017 11:30:00 ESTThe trend toward used vehicles has extended beyond financing. It's become a focus in the FandI product world, too. Auto lenders unite to fight fraudWed, 10 May 2017 11:30:00 ESTMajor lenders, representing more than a third of U.S. auto loan originations, have begun to share internal auto lending data and experiences to combat fraud. Ninety percent of the lenders say fraud is a growing concern. Online intros could draw Gen Y to FandI products Wed, 10 May 2017 11:30:00 ESTMillennials are more cost-conscious than Gen Xers or baby boomers, according to a Cox Automotive study, but transparency and online FandI product introductions could sway them to open their wallets for add-ons. AutoNation builds on the power of its brandMon, 8 May 2017 00:01:00 ESTAutoNation's branding power, and the trust that comes with it, can been elusive for many car dealers. Reynolds, CDK put their pact in writing, lawsuits sayMon, 8 May 2017 00:01:00 ESTTwo dealership software companies' antitrust lawsuits against Reynolds and Reynolds and CDK cite the same document: a written agreement by the two DMS giants that implies collusion. 70% of AutoNation sales staffers opt for new pay planSat, 6 May 2017 00:01:00 ESTAutoNation's new pay-plan option, which offers sales staffers a base salary plus bonuses, went into effect last quarter and has been embraced by 70 percent of the sales staff. Robust leasing, when managed right, still offers benefitsWed, 3 May 2017 09:00:00 ESTWhile the high level of leasing has set some industry insiders on edge, it could still be beneficial if managed correctly. Public dealership groups improve Q1 FandI results Wed, 3 May 2017 09:00:00 ESTFive of the six public new-vehicle retailers improved their FandI performance in the first quarter. Among the reasons cited for the gains: acquisitions, FandI product sales and working more closely with the sales team. Ally continues to grow used businessWed, 3 May 2017 09:00:00 ESTAlly Financial increased its lease originations in the first quarter. But rather than aggressively seeking growth in its leasing business, Ally is prioritizing used-vehicle financing, executives said. Reynolds, CDK hit by another antitrust lawsuitTue, 2 May 2017 16:42:22 ESTAuthenticom, a data integration service provider, has accused CDK and Reynolds of creating a duopoly in the dealership data integration market. 17 million or bust? Red flags for retailersMon, 1 May 2017 00:01:00 ESTThe industry has crossed the line into risky territory on automaker incentives, leasing levels and new-vehicle inventory, said AutoNation CEO Mike Jackson. Several other public dealership group executives agreed. How to sell the future of carsMon, 1 May 2017 00:01:00 ESTHow do you sell something no one's ever experienced? In our latest podcast episode, we examine how the industry can get consumers -- skeptics, early adopters and everyone in between -- to embrace a vision of a green,... Ally's Q1 net falls 14% on increased loan-loss provisionThu, 27 Apr 2017 14:19:45 ESTAlly Financial's first-quarter net income dropped 14 percent from a year earlier primarily because of an increased provision for auto losses Asbury's Q1 net rises 9.7% on FandI, parts and service gainsThu, 27 Apr 2017 09:16:14 ESTAsbury Automotive Group's first-quarter net income climbed 9.7 percent to $34 million on parts and service and finance and insurance gains, as revenue held flat. What Protective gained when it bought U.S. WarrantyWed, 26 Apr 2017 11:30:00 ESTWhen Protective Asset Protection's parent acquired U.S. Warranty Corp. last year, the purchase came with a value proposition: expertise in helping dealers design their own FandI products. AutoNation Q1 FandI results softenWed, 26 Apr 2017 11:30:00 ESTAutoNation's FandI results eased slightly in the first quarter, and the company expects a flat or slight downward trend to continue this year as its used-vehicle volume expands as a share of total unit sales. AutoNation Q1 net rises 2.3% on flat revenueTue, 25 Apr 2017 07:45:00 ESTAutoNation's first-quarter net income rose 2.3 percent to $98.1 million on parts and service growth, while revenue inched up 0.4 percent to $5.14 billion.