Finance & Insurance

JESSE SNYDER

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....
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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....
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JAMIE LaREAU

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....
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JIM HENRY

GM Financial-Chevy lease exclusivity seems likely

11:15 am U.S. ET | Feb. 18, 2015
There wasn't much doubt, but General Motors disclosed for the first time in an SEC filing that it is considering plans to throw all Chevrolet lease incentives to GM Financial instead of sharing them among GM Financial, Ally Financial and U.S. Bank....
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JAMIE LaREAU

Are flat finance fees inevitable? How to lessen the blow

11:30 am U.S. ET | Feb. 18, 2015
Flat finance fees are coming. And if you now derive more than 40 percent of your F&I revenue per vehicle from a finance reserve, you're in trouble....
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Lithia, DCH build on the other's strengths

12:01 am U.S. ET | Feb. 16, 2015
Just over four months after Lithia Motors closed on its deal to buy DCH Auto Group's 27 dealerships, the two groups are busy sharing best practices and instituting a new culture at DCH....
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JIM HENRY

A positive outlook for e-contracting

12:01 am U.S. ET | Feb. 11, 2015
When it comes to e-contracting, maybe the glass is finally more half full than half empty.
...
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JIM HENRY

Ally's Carpenter leaves on a high note

11:45 am U.S. ET | Feb. 4, 2015
Michael Carpenter, who retired as CEO of Ally Financial on Monday, can leave saying, “Mission accomplished.”...
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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?...
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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....
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