Gail Kachadourian Howe Reporter covering the finance and insurance business and auto retailing [email protected] 313-720-7640 See All Staff Page Recent Stories Know limits of EV credits and which trim levels qualify Some trim levels qualify for the EV credit, and others do not, Sean Tucker, senior editor at Kelley Blue Book said. NADA Data: 2022 new-car inventory up; vehicle sales per dealership down Franchise dealerships' total payroll in 2022 was up from 2021, but the average number of new and used vehicles sold per employee fell. Auto lenders fear worsening economy could lead to more fraud Income misrepresentation is auto lender's biggest fraud concern this year. GM Financial aims to stretch its floorplanning About 40 percent of General Motors dealers in the U.S. finance their floorplans with GM Financial. Per-vehicle F&I profit down for 4 publics Average F&I profit per vehicle retailed in Q1 rose slightly at AutoNation and Sonic, while other publics saw a decline. How daily checkouts, e-contracting boosted this store's F&I profits Taylor CDJR's daily improved communication and digitized F&I sales increased profit per vehicle to more than $2,400 from $1,100. Penske Automotive Q1 earnings drop on record revenue Penske Automotive's Q1 retail automotive same-store service & parts revenue was $643 million, up 10 percent from the same period a year ago. Expected leasing decline drives lower GM Financial Q1 earnings GM Financial's full-year 2023 earnings expectations remain in the mid-$2 billion range. CarMax offers its customers financing info at the start CarMax is prequalifying customers online so shoppers know which cars they can afford from the start. RIP to coverage exemption case? Auto lenders support an appeals court decision that affirmed guaranteed asset protection waivers are exempt from the Military Lending Act. Appeals court affirms bundling GAP coverage exempts lenders from Military Lending Act The plaintiff could appeal and ask the full 4th Circuit to revision the decision, or take the case to the U.S. Supreme Court. In both cases, however, those requests are rarely granted. Why floorplanning can be a profit center or cost for dealers Floorplanning, which is the financing surrounding the car dealer's wholesale vehicle purchase, is expected to flip to become a cost for dealers this year, as opposed to a profit. Marcelo Brutti named new Hyundai Capital America CEO Marcelo Brutti was Hyundai Capital's chief risk officer from 2016 to 2019, when he established the company's enterprise risk management program and had responsibility for Hyundai Capital Canada. Capital One exits floorplan lending business Capital One decided to exit floorplan lending on March 29, but will stay in the auto finance business. Former employee at Michigan Chevy-Buick dealership accused of embezzling $68,000 A former Betten Baker Chevrolet-Buick of Cadillac title clerk is on bond after being accused of embezzling $68,000. Load More
Gail Kachadourian Howe Reporter covering the finance and insurance business and auto retailing [email protected] 313-720-7640 See All Staff Page