EchoPark, F&I Offset Sagging Sales Numbers for Sonic in Q2
Poor retail sales were offset by a 3.1% increase in total F&I gross profit and a 40.5% increase in revenue at Sonic Automotive's EchoPark locations. While declining oil prices have hurt the company's performance in the Houston market, officials are confident the group will recover.
ORIAS Offers Prize to Industry Summit Attendees
Organizers of the upcoming Industry Summit have announced that Old Republic Insured Automotive Services (ORIAS) will award two $500 American Express gift cards in a random drawing of attendees who register by this Friday, July 29.
FTC Issues Refunds to Buyers of Bogus "Extended Auto Warranties'
The Federal Trade Commission (FTC)'s six-year effort to collect on a $4.2 million judgement against a telemarketer of “extended auto warranties” came to a end last week. The telemarketer, which did business under the name My Car Solutions, led victims to believe it was affiliated with auto dealers and manufacturers.
Trade Groups Call on U.S. Senators to Support CFPB-Reform Bill
The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.
87% of Consumers Dislike Dealership Experience, Survey Finds
Conducted by Harris Poll on behalf of online retailer Beepi, the study revealed an apparent distrust and negative opinion of car dealerships among consumers polled. In the survey’s findings, 61% of respondents felt like they were taken advantage of at some point in the dealership.
Capital Z Acquires Portfolio Group
Capital Z Partners Management announced it has acquired Portfolio Group Inc. from Frontenac Company LLC. The F&I product provider's current management team will retain their current roles and significant ownership.
Dent Wizard Appoints New Regional Operations Director
The new director, Paul Spears, will be responsible for leading the company's safety and compliance efforts, as well as providing additional operational support for the company's paint shops and Frontline Fast dealer clients.