Finance Office

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Pull That Trigger
Trigger leads are an effective way to capture in-market car buyers who may have been turned down for financing at another store.
Owners Jill and Jeffrey Merriam are a brother-and-sister team at Key Hyundai. Photo: Lisa Cascone The Dealer for the People
Jill Merriam set out to change the car business mentality, and her ‘Dealer for the People’ campaign and experiments with personnel and processes have paid dividends for Key Hyundai.
Photo: ©ISTOCKPHOTO.COM/KZENON Launching Special Finance: Part Three
With a fully operational SF department, the DealerStrong team shifts their focus to finding, selling and financing customers.
Launching Special Finance: Part Two
The DealerStrong team digs in at Champion Motors and finds a few surprises, including a freshly installed CRM.
Prequalify Your Customers Online
An online, soft-pull prequalification process could help dealers sell more cars faster and satisfy new demands from consumers and regulators.
Launching Special Finance: Part One
Welcome to Part One of a six-part series of articles about the launch of a startup special finance operation at an already successful independent dealership on the fringe of a major U.S. metro market.
Solving the CFPB Problem
The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.
NADA Chairman Bill Fox’s ascendance to dealership and association leadership was largely happenstance, he says. The Great Defender
New York dealer Bill Fox brings experience, passion, humility and unwavering support for the franchised dealer model to his role as 2015 NADA chairman.
Raj Sundaram  There Is No Bubble
The magazine caught up with Dealertrack’s Raj Sundaram to discuss sales forecasts, the specter of the subprime auto finance bubble, digital retailing and the Dealers’ Choice Awards.
ADM Publisher David Gesualdo Fair-Weather Foes
The so-called consumer advocates who are bullying dealers were nowhere to be found when times were tough.

Finance Office News

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JM Family Enterprises Announces Four Senior-Level Promotions
Rajeev Ravindran was named CIO, while Hank Grooms was appointed vice president of marketing and field operations for Southeast Toyota Distributors. Additionally, Ed Brown will now serve as group vice president of operations, while Jonna Sherry was promoted to vice president of sales and marketing for World Omni.
New EasyCare App Allows Dealers to ‘Own’ the ODBII Port
EasyCare is getting set to launch a new mobile app that will allow dealers to own the ODBII port in their customers’ vehicles. The connection will allow dealers to tailor service offers and alerts, as well as allow customers to perform a full health scan of their vehicle on their mobile device.
VisionMenu Celebrates Econtracting Milestone
Econtracting through VisionMenu has grown from a few thousand contracts per month to more than 20,000 in January, and the company expects similar growth throughout the year.
GWC Warranty Releases New Website Design
GWC Warranty's newly redesigned website is now live. It features simple-to-navigate content designed for dealers and customers alike. It also provides owners of GWC products with a dealer locator, and allows them to easily look up coverage, among other features.
Q4 2015 Outstanding Loan Balances Reach Highest Level on Record, Experian Reports
Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.
Ally Financial Increasing Carvana's Floorplan Credit Line
Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.
Fighter Pilot Bruce Bright to Keynote Dealer Summit
Organizers of Dealer Summit have announced that Lt. Col. Bruce Bright, USMC (Ret.) will deliver a motivational keynote address at the event, which will be held May 3–5, 2016, at the Sheraton Tampa Riverwalk Hotel.
AutoNation’s F&I Operations Posts $1,538 Per-Copy Average for 2015
AutoNation’s F&I operations, or what the group refers to as Customer Financial Services, lived above $1,500 in F&I gross profit per vehicle retailed (PVR) in 2015, with the business unit’s full-year revenues rising by $100.5 million from 2014.
Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations
The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.
F&I Think Tank Adds Top Compliance Experts
Six of the industry’s top compliance experts will be at the Sheraton Tampa Riverwalk Hotel to lead a 20 Group-like session on compliance. Aside from fielding questions from attendees, the group will tackle some pervasive regulatory myths surrounding the F&I office.