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Welcome to F&I E-NEWS ALERT, your online update for the latest news in the automotive finance, insurance and aftermarket industries.
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Jul 22, 2008
Voting Opens for the 2008 Captive and Non-Captive Company of the Year
Voting for the 2008 Captive and Non-Captive Finance Company of the Year (sponsored by RouteOne) begins Tuesday, July 22, and will continue through Monday, August 25.
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Jul 22, 2008
First Half of 2008 Auto ABS Perfomance Down Year-over-Year, Rating Volatility to Increase
Declining asset performance in U.S. prime auto-loan asset-backed securities (ABS) has done little to adversely affect ratings performance, though that may change during the second half of 2008, according to Fitch Ratings.
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Jul 22, 2008
Industry Pushes Into Auto DefCon 4, Says CNW
Likening the industry's current challenges to defense condition rankings, CNW Market Research says pent-up consumer demand is the only thing preventing the auto industry from reaching DefCon 5.
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Jul 22, 2008
Toyota Financial Services Shuffles Senior Leaders, Hires New CIO
Toyota Financial Services appointed and promoted new senior executives on Monday, and additionally named a new chief information officer to the company. All changes will be effective July 28.
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Jul 22, 2008
MenuVantage Teams With American Financial on Electronic Deal Jacket
MenuVantage, provider of a web-based menu selling system, has teamed with American Financial Automotive Services (AFAS) and created an electronic deal jacket that includes all AFAS F&I products on MenuVantage's Provider Exchange Network.
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Jul 17, 2008
GMAC Financial Services Granted 10-Year Extension of FDIC Disposition Requirement for GMAC Bank
GMAC Financial Services has been granted by the Federal Deposit Insurance Corporation (FDIC) a 10-year extension of GMAC Bank's current ownership by extending the existing disposition requirement that was established in connection with the sale of a majority stake in GMAC.
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Jul 18, 2008
Average New-Vehicle Prices Drop to 2004-2005 Levels
The average price of a new vehicle sold in May or June was
$25,924, down 4 percent from a year ago and in between the average 2004 and 2005 prices, according to the Power Information Network.
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Jul 21, 2008
Chevrolet Malibu Conquest Rates Experience Modest Rise
The redesigned 2008 Chevrolet Malibu conquested owners
of non-Chevrolet products at greater rates during May and
June vs. a year ago, according to the Power Information Network.
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Jul 21, 2008
DealerTrack Connects 700th Financing Source to Network
DealerTrack Holdings Inc., a provider of on-demand software and data solutions for the automotive industry, announced that the number of active financing sources connected to the DealerTrack network has reached 700.
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Jul 21, 2008
Toyota Offers Bluetooth Hands-Free Systems on 15 Models
Toyota Motor Sales U.S.A. Inc. currently offers integrated Bluetooth hands-free wireless systems in 15 models and will make it available on the all-new 2009 Venza when it goes on sale this fall.
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Jul 18, 2008
BMW Outperforms Lexus for Second Time in Three Months
Based on total U.S. sales BMW outsold Lexus in both April and June, following 23 consecutive months in which Lexus held the No. 1 sales position among luxury brands, according to the Power Information Network.
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Jul 22, 2008
South Carolina Warranty Insurer Faces Closure
A South Carolina-based warranty insurer faces closure after the state's Department of Insurance filed a lawsuit requesting its shutdown and turn over of property, reported Automotive News.
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Jul 22, 2008
Bids Sought to Run-Off More Than 74,500 of API's VSCs
The trustee overseeing Automotive Professional Inc.'s filing of Chapter 11 bankruptcy protection is seeking proposals from qualified insurance carriers to run-off approximately 74,500 vehicle service contracts.
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Jul 21, 2008
Impact Group Launches New Web-Based Presentation Software
The Impact Group has introduced Ignition, a new web-based F&I presentation system that replaces the company's flagship Process300 presentation software.
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Jul 21, 2008
National Automotive Experts Names Indirect Sales Manager
National Automotive Experts has named Mike Lee as its indirect sales manager in charge of agent relations.
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Jul 21, 2008
Exeter Finance Opens Sixth Branch Location
Exeter Finance Corp., an auto finance company specializing in subprime auto finance contracts from franchise dealers, has opened its sixth branch office in Manchester, N.H.
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Jul 18, 2008
Edmunds.com Reports June Incentives Down One Percent from 2007
Edmunds.com estimated the average automotive manufacturer incentive in the U.S. was $2,356 per vehicle sold in June 2008, up $32, or 1.4 percent, from May 2008, and down $22, or 0.9 percent, from June 2007.
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The July 2008 issue of F&I Management and Technology is here. It features a finance expert's take on how lenders are coping with the tough economic landscape, an interview with Larry Highbloom, president of VINtek, about how states are going electronic, and six signs of e-contracting readiness.
If you would like to send us comments or questions regarding our e-news alert, magazine or the F&I industry, please e-mail Gregory Arroyo at gregory.arroyo@bobit.com.
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