November 1, 2016 - Industry News
For the third time this year, AutoNation's F&I department has cracked the $1,600 per-copy mark. But the big news is the group's intention to open used-only dealerships in 2017. They will be called AutoNation USA stores, and will feature noncommission-based sales associates and negotiation-free pricing.
Tags: AutoNation, Financial Report, Q3, Quarterly Earnings
Launched last year to serve first-time and limited credit buyers, Yamaha Motor Finance Corp. is in expansion mode. The captive launched a new credit card to replace a program managed by various banks over the last 20 years. The finance source will also be targeting prime customers with its new card.
A steep decline in Crossover/SUV wholesale values, which have been strong all year, may point to more than seasonality as the reason for the accelerated depreciation of two-year-old vehicles, Black Book said this week.
Tags: Black Book, Finance, used-vehicle values, vehicle depreciation, wholesale values
The 28-year industry veteran will spearhead the development and execution of new financing, sales, and service training programs, as well as refine the company’s overall training strategy for internal employees, agents and dealers.
Tags: EasyCare, F&I manager, F&I products, F&I training, general agents
With open recall information from Carfax integrated into the Unotifi Communicator platform, dealerships and service shops can alert new and existing customers about safety recalls on their vehicles.
Tags: Carfax, CRM, Parts and Service, Recall Management, Unotifi
Vitu Lending is designed to cut down on what had been a two-week process for Nevada and California credit union clerks to two days. Additional regional solutions are planned for the start of 2017.
Tags: Credit Unions, ELT, Finance, MVSC
October 27, 2016 - Industry News
The products will be marketed as Volvo Increased Protection Plans, or VIP. The suite will feature vehicle service contracts, including plans geared toward certified pre-owned units, prepaid maintenance, and tire-and-wheel protection. JM&A will also provide F&I performance and compliance training.
Tags: F&I products, JM&A Group, Partnership, Volvo
A Florida dealer who has ceased selling Takata airbag-equipped cars is now suing a competitor for failing to disclose to consumers that vehicles on his lot are equipped with the defective airbag.
Tags: dealer, Disclosures, Florida, Lawsuit, Takata
DRIVIN, which operates an online marketplace for dealers to sell, search and buy used inventory, was named one of the winners at the 15th annual Chicago Innovation Awards, the firm announced this week.
Tags: Awards, DRIVIN, Online Marketplace, Used Vehicles
For the first time on Kelley Blue Book’s record, SUV sales should top car sales in the United States. The firm also expects new-vehicle sales to decline 6% in October due, in part, to two fewer selling days vs. a year ago.
Tags: Kelley Blue Book, new-vehicle sales, SAAR, Subaru
Record-setting F&I, a strong used-vehicle segment, and gains in parts and service paved the way for a year-over-year improvement in total gross profit for Lithia Motors during the period.
Tags: F&I, Financial Report, Lithia Motors, Third Quarter
October 26, 2016 - Industry News
Margin over volume was the message coming out of Group 1 Automotive during its third-quarter earnings call. The dealer group reported that a sharp decline in unit sales offset improved new-vehicle margins, as well as gains in F&I and parts and service.
Tags: Financial Report, Group 1 Automotive, Third Quarter
October 25, 2016 - Industry News
Volkswagen will begin buying back its 2.0L diesel models following approval Tuesday of a $14.7 billion settlement by a federal judge. The automaker expects to complete the process by the middle of November, a spokeswoman said.
Tags: TDI, Volkswagen, Volkswagen Scandal
Ford's decision to idle production of its F-150 pickup last week has followed several months of slowing demand in retail and fleet channels and may point to a larger trend in pickup sales.
Tags: Chevrolet, Ford, F-Series, General Motors, JD Power, LMC Automotive, Pickup Trucks, Ram, Silverado
Automotive retailing isn’t the only segment exploring the risks and opportunities of the Digital Age. On Monday, the CFPB issued its first-ever Project Catalyst report highlighting its efforts so far to facilitate consumer-friendly innovation.
Tags: CFPB, Consumer FInancial Protection Bureau, Online, Project Catalyst
Millennials are bucking the stereotype that women are damsels in distress and men are confident decisionmakers, according to new research from Edmunds.com.
Tags: Edmunds.com, Millennials, Study
Automotive consulting firm BW Dealership Advisors announced the hiring of Nick Brunotte as senior operations consultant. He will lead the company's new digital capabilities and help the firm's dealer clients attract and engage car buyers online.
Tags: BW Dealership Advisors, Hiring, Retail Sales
The partnership involves the appointment of a credit facility for the acquisition and sale of vehicles. Reynolds and Reynolds' Robert Burnett, senior vice president of corporate development, and Trew Hiers, vice president of business development, were also added to The Appraisal Lane's board of directors.
Tags: Investment, Partnership, Reynolds & Reynolds, The Appraisal Lane, Used Vehicles
A rising supply of used pickups coupled with aggressive pricing for new models is expected to cause a weakening in values in the wholesale market, according to new data from Black Book.
Tags: Black Book, depreciation, Retention, Trucks, Used Vehicles
Forty-nine U.S. auto dealers have been nominated for the 2017 Time Dealer of the Year award, according to Ally Financial. For being nominated, Ally will contribute $1,000 to each dealer's charity of choice.
Tags: Ally Financial, Award, TIME
EasyCare has appointed Pete Lee as vice president of product development and business performance. His focus will be on expanding the company’s line of F&I benefits and helping dealers improve process and profitability, the company stated.
Tags: EasyCare, Hiring, Vice President
Gubagoo has announced that its dealer solutions are now fully integrated with Facebook Messenger, allowing Facebook users to chat with dealerships just like they would with friends.
Tags: Dealerships, Facebook, Gubagoo, Mobile Applications, technology
Volkswagen will begin buying back its 2.0L diesel models following approval Tuesday of a $14.7 billion settlement by a federal judge. The embattled automaker expects to complete the process by the middle of November, a spokeswoman told F&I and Showroom.
October 20, 2016 - Industry News
The automotive-specific call center announced the appointment of Ceren Isildak as director of business development. She will be responsible for developing relationships with agencies and dealer vendors that would benefit from the firm's services and infrastructure.
Tags: CloudOne, Director of Business Development, Hiring
Dent Wizard promoted Regional Business Development Manager Eric Walker to finance director of the company's South region, which includes Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas.
Tags: Dent Wizard, F&I, Promotion
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