en-usHannah Lutz Feed 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. 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.