May 15, 2018 - Industry News
Salt Lake City-based Larry H. Miller Dealerships has earned an award from Best of State, a program designed to honor Utah’s best companies.
May 14, 2018 - Industry News
The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.
Tags: auto finance, Auto Loan Balances, delinquencies, TransUnion
DCA voting has begun in earnest as auto dealers nationwide recognize their favorite vendors, suppliers, and finance sources.
May 10, 2018 - Industry News
Asbury Automotive executives reported on a busy first quarter that included a 2% increase in F&I revenue and gross profit per vehicle and the full embrace of two ‘omnichannel’ ecommerce tools.
Group 1 Automotive’s 117 U.S. dealerships averaged $1,718 in F&I gross profit per retail unit, a 4.9% increase from a year ago and a new company record.
AAA officials say the price of gasoline has leveled off at $2.81 per gallon after climbing more than 12% in March and April, but a steady seasonal uptick looms ahead.
Production on the Ford F-150, GM’s full-size vans, and the Chrysler Pacifica has been disrupted by a fire that struck a major Detroit Three parts supplier last week.
May 8, 2018 - Industry News
As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA
The new facility is located just outside Montreal in St. Laurent, Quebec. It features a boardroom to host corporate and dealer personnel, a large training room, and business offices staged like real F&I offices to simulate real-world scenarios.
Tags: Canada, F&I manager, F&I office, F&I training, Safe-Guard
The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.
Tags: auto finance, compliance, Nation Independent Dealers Association, tax season
Crusading New York Attorney General Eric T. Schneiderman has resigned in the face of reports of assaults and threats against multiple women.
May 7, 2018 - Industry News
January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.
Tags: auto finance, auto loan origination, Equifax, Subprime Financing
Mike Howse will serve as a senior vice president for First Extended Resource Automotive, replacing the recently departed John Luckett.
When a financed or leased vehicle is in a licensed mechanical or collision repair facility for more than seven days, Charter Warranty’s new program will reimburse a portion of the vehicle’s monthly payment for up to three months per eligible repair.
Tags: auto finance, Car Payment Reimbursement, Charter Warranty, F&I products
May 3, 2018 - Industry News
The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.
Tags: Federal Reserve, interest rates
Executives said dealers using Dealertrack’s credit app solution will benefit from faster decisions thanks to a new partnership with Megasys.
Addison Thomas will serve as COO and Doug Grill takes over as Mid-South regional vice president.
Tags: ancillary products, cosmetic wheel, Dent Wizard, F&I products, paintless dent removal
Bob Dziadosz, who spent the last 16 years with LoJack, has joined the F&I product provider as a dealer performance driver for its SAVY connect car mobile app suite.
Tags: connected car, EasyCare, mobile app, SAVY
US Equity Advantage now offers F&I managers bonus income in addition to standard commissions.
May 2, 2018 - Industry News
The latest forecast from Wantalease.com says factory incentives will spur lease originations for compact and mid-size vehicles throughout May.
The software firm’s new feature allows dealers to manage and respond to all webchats from a single dashboard, consolidating SMS/text, Google Business Messaging and Facebook Messenger conversations into one place.
Tags: digital marketing, Podium, technology, Web Tools
Dallas luxury auto group Park Place has launched Park Place Select, a subscription service offering access to a wide range of premium vehicles.
Voting for this year’s DCAs has commenced with the launch of a survey open to dealers and dealership professionals until May 31.
The latest edition of Vboost’s viral marketing platform includes Vboost Live and Vboost Showroom.
They guidelines were created by members of the Standards for Technology in Automotive Retail and Michigan-based Nuspire Networks in an effort to provide OEMs and DMS providers with a variety of data security measures and industry best practices.
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