May 4, 2017 - Industry News
With the approval, the separation of the two brands is expected to be completed on May 31. While the spin-off still requires regulatory approval, Cars.com shares are expected to begin trading June 1 on the New York Stock Exchange.
Tags: Cars.com, digital marketing, TEGNA, third-party sites
Sonic's F&I operations posted a record per-copy average of $1,370. But with new-vehicle retail volume down 2%, total same-store F&I gross profit remained flat with a year ago. Officials also talked expansion of the EchoPark platform and the expected roll out of an ecommerce site next year.
Elizabeth McClung has started a social media campaign aimed at convincing Sterling McCall Toyota to give her a new Tundra to replace an older truck that was stolen from the dealership’s service center.
Describing F&I as 'very fundamental' to its success, Asbury CEO Craig Monaghan said the group will continue to push for improvements in that area as long as 'margin pressure' continues to squeeze the showroom.
May 3, 2017 - Industry News
Not even another strong performance in U.S. new-vehicle margins, a record quarter in the group's U.K. market, and a profitable quarter in Brazil were enough to offset "extreme weakness" in Group 1's energy price-impacted markets.
Tags: F&I profit, Group 1 Automotive, new-vehicle sales, used-vehicle sales
The American International Automobile Dealers Association reports slumping sales for imports, particularly among sedans and coupes.
For the first time in more than two years, Black Book’s Used Vehicle Retention Index registered a slight increase.
The multitouch attribution provider says the new tool will improve data-driven media purchases at the dealership level.
Alberta Koch Automotive Group unveiled its new ecommerce platform with a relaunch of the Koch Ford Lincoln website.
May 2, 2017 - Industry News
Morgan Stanley analyst Adam Jonas engaged AutoNation Chairman and CEO Mike Jackson in a frank discussion about whether new safety technology could hasten the obsolescence of used units.
WiseMVP offers three levels of coverage for vehicles up to 20 years in age and with up to 200,000 miles on the odometer. The new offering includes towing, car rental, and roadside assistance, among other benefits.
Tags: F&I manager, F&I office, pre-owned, Used-Vehicle Service Contracts, vehicle service contract, Wise F&I
Executives with the nation’s largest auto retailer are looking forward to the second quarter after recording falling new-car sales and flat F&I profits. They also provided an update on the dealer group's move to a one-price strategy.
The vehicle information site pinned the year-over-year increase on high demand for SUVs, noting that most manufacturers registered higher average transaction prices despite softening sales.
May 1, 2017 - Industry News
Through the new co-listing capability, dealers can gain access to vehicles listed on manufacturers’ digital sales platforms powered by RMS Automotive before they cross the auction block.
Tags: Manheim, Off-Lease Vehicles, RMS Automotive, used-vehicle values
April 27, 2017 - Industry News
Lithia Motors’ first-quarter results include continued gains in F&I penetrations and revenue, a result the dealer group credits to its aggressive acquisition strategy.
Tags: F&I products, fixed operations, Lithia Motors, used-vehicle sales, used-vehicle values
According to an online survey conducted by Black Book, 46% of the 2,100 consumers polled said getting the right trade appraisal was either ‘very important’ or ‘extremely important’ to pulling the trigger on a vehicle purchase.
Tags: Black Book, Car-Buying Experience, Trade-In Appraisal
Program designed to spur friendly competition among digital marketers industrywide will accept entries until May 12.
Tags: digital marketing, digital retailing, F&I Express, online F&I
April 26, 2017 - Industry News
Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.
Tags: auto finance, CFPB, compliance, Security National Automotive Acceptance Corporatio, SNAAC
A ‘weaker-than-expected’ March and an abbreviated April prompts Kelley Blue Book to reduce its 2017 new-vehicle sales forecast. It calls for sales in the range of 16.8 million to 17.3 million units, which would represent the first down year for the industry since 2009.
The two former Iraqi refugees who own and operate Garland, Texas-based Safeen Motors are featured in the latest entry in the award-winning series.
April retail sales are expected to reach 1.17 million thanks to record incentive spending. However, average days to turn continues to rise, with nearly 30% of vehicles sold so far in 2017 having sat on dealer lots more than 90 days.
Tags: incentive spending, JD Power, LMC Automotive, new-vehicle sales
April 25, 2017 - Industry News
California roads are crumbling, and a nonprofit, nonpartisan think tank says in a newly published white paper that a recently passed transportation funding bill won’t raise enough funds to complete the backlog of needed repairs.
Tags: California, California New Car Dealers Association, F&I products, Road Hazard Protection
An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.
Tags: compliance, Eric Schneiderman, New York, used-vehicle sales, vehicle recall
NsightLive is a content engagement company that delivers leads to dealers through its Live content platform. With Black Book’s trade appraisal engine, the company now offers independent dealers an online trade appraisal tool.
Tags: Black Book, digital retailing, lead generation, NsightLive
April 24, 2017 - Industry News
While wholesale prices were below year-ago levels for cars, they were up for trucks. The revelation prompts KAR Auction Services' chief economist to revisit a study he began during the industry's first experience with $4 gas back in 2008, when the price gap between trucks and cars closed dramatically.
Tags: ADESA Analytical Services, Kar Auction Services, Tom Kontos
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