A letter on Page 12 of the June 25 issue gave the wrong title for Edward K. Planchon. Planchon is chairman of Valeo Electrical Systems Inc.
A story on Page 24 in the June 25 issue misstated the distinction between direct and indirect lending and exaggerated dealer profits on indirect loans.
In a direct loan, the customer gets a loan directly from a bank or another finance source. The dealer often makes zero profit on a direct loan. In indirect lending, the customer gets a loan via the selling dealer. The dealer earns a share of the interest-rate profit. The National Automobile Dealers Association said the average dealership made an F&I profit of $411.57 per new vehicle sold in the first four months of 2001, which includes interest-rate profit on indirect loans.