Finance Office

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June 13, 2018 - Industry News

Industry Summit 2018 to Feature Technology Shootout

Set for mid-October in Orlando, this year’s Industry Summit will include several new features and events, including the inaugural Technology Shootout.

June 12, 2018 - Industry News

Webinar: Gil Van Over to Tackle Compliance Issues on the Road to the Sale

Compliance expert Gil Van Over will deliver Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.” The webinar is scheduled for July 11 at 11 a.m. PT/2 p.m. ET.

Tags: auto finance, compliance, Desking, edealership, F&I manager, F&I menu, F&I office, Gil Van Over, Payment Quotes

June 11, 2018 - Industry News

Survey: Buyers Are Using VSC and Ancillary Product Benefits

According to results, the top areas most likely covered under a vehicle service contract include steering, technology feature service, brakes, electrical components, and drive axles. Areas such as transmission and suspension repairs showed the smallest responses among the 120 car owners surveyed.

June 7, 2018 - Industry News

Mercedes-Benz, FCA to Offer Three-Tier Subscription Programs

Mercedes-Benz will offer three tiers in its subscription service, but hasn't announced which vehicles would fall into the tiers. Photo courtesy of Mercedes-Benz USA.  

Mercedes-Benz customers can choose between Signature, Reserve, and Premier, with the automaker’s three-tier subscription program costing subscribers between $1,095 and $2,995 per month. Jeep Wave will also offer subscribers three tiers from which to choose. Pricing has yet to be released.

Tags: Jeep, Jeep Wave, Mercedes-Benz, Mercedes-Benz Financial Services, Subscription Service

June 5, 2018 - Industry News

Alpha Earns Two Stevies in the American Business Awards

Alpha Warranty Services’ earned a Silver Stevie in the American Business Awards’ Veteran-Owned Business of the Year category, while CEO Steve Rosenvall earned a Bronze Stevie in the Executive of the Year category for the insurance industry.

Tags: Alpha Warranty Services, American Business Awards, F&I product provider, Stevie Awards

June 1, 2018 - Industry News

Fiat Chrysler to Establish Captive Finance Company

The automaker's chief executive told investors today that the company will establish its own captive finance company by 2022. One option being considered is the purchase of Chrysler Capital from Santander Consumer USA, which is five years into the 10-year preferred financing agreement it signed with FCA in 2013.

Tags: auto finance, captive finance, Chrysler Capital, FCA

May 31, 2018 - Industry News

Assurant Completes Acquisition of The Warranty Group

Following the announced closing of its acquisition of The Warranty Group, Assurant announced new leaders for its global automotive business.

Tags: Assurant, F&I manager, F&I products, general agents, online F&I, The Warranty Group, vehicle service contracts

May 31, 2018 - Industry News

Experian: Americans Borrow Record Amounts for Auto Purchases in Q1

The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.

Tags: auto finance, average finance amount, average monthly payment, Experian Automotive, interest rates, prime, subprime

May 31, 2018 - Industry News

Dealers’ Choice Awards Voting Ends Today

Dealers and dealership personnel who wish to recognize their favorite vendors and finance sources must submit their votes by midnight tonight.

May 31, 2018 - Industry News

OTE Releases Ecommerce Solution for Selling F&I Products Online

The turnkey, ecommerce solution allows dealers to present options for service contracts, tire-and-wheel, GAP, and many other F&I products during or after the time of purchase. Consumers simply visit the dealer’s website and enter their VIN to access competitive rates from multiple F&I product vendors.

Tags: digital retailing, Ecommerce, F&I products, online F&I, OTE, Over the Edge

May 30, 2018 - Industry News

Drive Motors Hires New Senior Director of Consumer Experience

Lauren Wolfe, a more than 15-year digital-marketing specialist, will spearhead growth on the West Coast as the digital retailing provider’s new senior director of consumer experience.

Tags: digital retailing, Drive Motors, online F&I

May 30, 2018 - Industry News

Car-Ware Integrates BillingTree Digital Payment Technology

Users of Car-Ware’s dealer management solutions can now offer an industry-specific digital payment solution for auto finance transactions.

May 29, 2018 - Industry News

Alpha’s Jeff Olsen Honored With 2018 Corporate Counsel Award

The award was handed out by Utah Business magazine during a ceremony at The Grand America Hotel on April 26. Jeff Olsen, the F&I product provider’s in-house legal counsel, is also featured in the publication’s May 2018 edition.

Tags: Alpha Warranty Services, F&I products, in-house counsel, Jeffrey Olsen

May 24, 2018 - Industry News

GWC Warranty Adds to Sales Management Team

The F&I product provider has added more than 100 years of combined sales and automotive experience with the addition of five new regional sales managers.

Tags: F&I products, GWC Warranty, Used-Vehicle Service Contracts

May 24, 2018 - Industry News

AutoGravity Names Jason Bonifay Vice President of Engineering

The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.

Tags: auto finance, AutoGravity, digital retailing, online F&I, technology

May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.

Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups

May 17, 2018 - Industry News

Freed From CFPB Order, Toyota Financial to Raise Markup Caps

Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.

May 15, 2018 - Industry News

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.

Tags: Attorneys General, compliance, dealer participation, Federal Trade Commission, regulation

May 14, 2018 - Industry News

TransUnion: Auto Finance Registers Lowest Growth Rate Since Q1 2012

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

May 14, 2018 - Industry News

Votes Pour in for 2018 Dealers’ Choice Awards

DCA voting has begun in earnest as auto dealers nationwide recognize their favorite vendors, suppliers, and finance sources.

May 10, 2018 - Industry News

Asbury Maintains $1,500 PRU, Goes Digital in Q1

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.

May 10, 2018 - Industry News

Group 1 Hits Record PRU in Q1

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.

May 8, 2018 - Industry News

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

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

May 8, 2018 - Industry News

Safe-Guard Canada Announces New Montreal Training Facility

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

May 8, 2018 - Industry News

NIADA: Cost of Doing Business Up, Finance Availability Down

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