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Finance

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May 22, 2017 - Industry News

CNA National Appoints New Senior Vice President of Customer Service

Trace Thaxton will be responsible for overseeing the company's claims, operations, and reinsurance departments. He previously served as the head of customer care and relations for AGIA Affinity's Scottsdale division.

Tags: claims, CNA National, F&I products

May 22, 2017 - Industry News

Ford Appoints Jim Hackett CEO

Executive Chairman Bill Ford (right) and Hackett met with employees and members of the press to discuss the appointment.

More than a year after being hired to lead the automaker's ‘Smart Mobility’ innovation unit, Jim Hackett was named Ford’s CEO and president. He replaces Mark Fields, who ends his three-year tenure at the helm of Ford Motor Co.

Tags: Ford Motor Co., Hire, Jim Hackett, Mark Fields, Promotions

May 22, 2017 - Industry News

Kontos: Wholesale Prices Show Strength Again in April

Average wholesale used-vehicle prices reached $11,141 in April, a 2.2% increase from March and a 2.5% increase from a year ago, Tom Kontos reported. The only three segments registering declines were compact, mid-size, and luxury cars.

Tags: Tom Kontos, used-vehicle sales, Wholesale Values

May 22, 2017 - Industry News

RoadVantage Releases New Series of Point-of-Sale Product Videos

Six months after releasing its first educational F&I product video, the F&I product provider released a new series of point-of-sale product videos dealers can use in their F&I offices and on their websites.

May 18, 2017 - Industry News

Former Chase Custom Exec Joins Westlake

The once head of Chase Custom Finance is back. Today, Westlake Financial Services announced it has contracted Bill Jensen to focus on developing its strategic accounts division.

Tags: auto finance, Bill Jensen, Chase Custom, special finance, subprime, Westlake Financial Services

May 18, 2017 - Industry News

NY Fed: Household Debt Surpasses 2008 Peak in Q1

The feat comes almost nine years after the Great Recession, when household debt reached $12.68 trillion. But the debt and its borrowers look quite different today, the New York Fed noted, and auto finance sources showed signs of tightening in response to some deterioration in auto loan performance.

Tags: auto finance, Delinquencies, Federal Reserve Bank of New York, Originations, Oustanding Auto Loan Balances

May 16, 2017 - Industry News

New Study: Generation Gap On Auto Ownership Is as Wide as a Highway

Teens say they're ready for car ownership, while parents disagree. The reason, a new study from American Honda Finance Corp. reveals, will make Baby Boomers shake their heads.

Tags: American Honda Finance, Baby Boomers, Gen Z, Millennials

May 11, 2017 - Industry News

Ally Adding Digital Signature, Contract Management Capabilities to Clearlane

Launched in April, Clearlane will soon be getting an upgrade. Through eOriginal, the auto finance marketplace will soon allow car buyers to sign and submit their financing documents online or via mobile devices.

Tags: Ally, auto finance, Clearlane, digital retailing, online F&I

May 11, 2017 - Industry News

GM Financial Completes Transition to Captive in Q1

Executives with the former AmeriCredit Corp. described GM Financial’s transition to General Motors’ captive finance source as ‘substantially complete’ during its recent first-quarter earnings call.

Tags: auto finance, GM Financial

May 10, 2017 - Industry News

TransUnion: Auto Delinquencies Tick Up as Originations Slow

The impact of wider access to credit on repayment rates could be causing auto finance sources to reevaluate their guidelines for subprime and nearprime borrowers.

May 10, 2017 - Industry News

Longtime Wells Fargo Dealer Services Exec Joins CRB Auto

Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.

Tags: auto finance, Bill Katafias, CRB Auto, Indirect Lending, Mechanics Bank, Wells Fargo Dealer Services

May 10, 2017 - Industry News

PayLink Direct, Omnisure Group Announce Merger

The merger creates what officials describe as the largest vehicle service contract payment plan provider in the United States. The new entity will operate under the PayLink Direct brand. Rebecca Howard, cofounder of PayLink Direct, will serve as CEO.

Tags: F&I products, Omnisure, PayLink Direct, Payment Plan, vehicle service contracts

May 10, 2017 - Industry News

Auto Finance Sources Team Up to Combat Fraud

Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.

Tags: auto finance, bank fraud, compliance, PointPredictive, Santander Consumer USA

May 9, 2017 - Industry News

Manheim Used Vehicle Value Index Increases 1.6% in April

The index's April reading was 124.7, a year-over-year improvement thanks to the 0.5% increase in wholesale used-vehicle prices. Manheim officials said any weakness is more a result of excessive new-vehicle inventory, with more than four million new units sitting on dealer lots for the last three months.

Tags: Manheim Used Vehicle Report, new-vehicle sales, Used Vehicle Value Index, used-vehicle values, Wholesale Pricing

May 9, 2017 - Industry News

Maserati Rolls Out CPO Program

© 2017 Copyright Maserati Automotive

The new offering places two years of unlimited mileage warranty coverage on the hoods of all vehicles sold under the Officine Maserati Certified Pre-Owned program. Buyers also get a free three-month trial of SiriusXM.

Tags: certified pre-owned vehicles, Maserati, used-vehicle sales

May 8, 2017 - Industry News

Asbury Appoints New CFO

Certified public accountant Sean D. Goodman was appointed senior vice president and CFO of the group. He previously served as vice president, chief accounting officer and CFO for Unifi Inc., a textile solutions manufacturer and distributor listed on the New York Stock Exchange.

Tags: Asbury Automotive

May 4, 2017 - Industry News

TEGNA Board Approves Spin-Off of Cars.com

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

May 4, 2017 - Industry News

Sonic: Record F&I Performance Offset by Lower Retail Sales

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.

May 4, 2017 - Industry News

Asbury Hits $1,500 Per Copy in Q1

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

Group 1: Earnings Hurt by 'Extreme Weakness' in Oil-Dependent States

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

May 2, 2017 - Industry News

Wise F&I Rolls Out Pre-Owned VSC

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

May 2, 2017 - Industry News

AutoNation Reports Flat Results, Positive Outlook

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.

May 2, 2017 - Industry News

KBB: New-Car Transaction Prices Climb Nearly 2% in April

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.

April 27, 2017 - Industry News

Lithia: More Acquisitions, More F&I Money

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

April 27, 2017 - Industry News

Trade-In Quotes Critical Factor in Consumer-Buying Decisions, Study Finds

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

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