AutoNation, Sonic Set Records as Publics Grow PVR
All six of America’s big publicly traded dealership groups enjoyed year-over-year gains in F&I profit per vehicle retailed in Q3, led by record highs at AutoNation and Sonic Automotive.
Charlotte, N.C.-based Sonic Automotive grew F&I profit per vehicle retailed by 18% on a same-store, year-over-year basis in the third quarter.
Photo courtesy Sonic Automotive Inc.
(Bobit) — Finance and insurance performance boosted profits and took the edge off plateauing new vehicle sales at all six of the nation’s publicly traded dealer groups in Q3, according to reports compiled by Automotive News.
AutoNation continues to set the pace with a Q3 PVR of $1,939, an 8.4% ($150) same-store year-over-year improvement. But Sonic Automotive led the pack with a remarkable 18% ($266) increase, reaching $1,771 in F&I profit per vehicle. Both set new quarterly records.
AutoNation and Sonic Automotive were trailed by Group 1 Automotive (up 3.2% to $1,751), Asbury Automotive Group (up 7.9% to $1,628), Lithia Motors (up 7.3% to $1,471), and Penske Automotive Group (up 4% to $1,262).
In Q3 calls with investors, executives variously warned that increasing used car sales, highline sales, and lease rates could dampen future results.
To read the full report, click here.
More F&I
Modern Technology Objection Handling
In this video, Trent White shares how to confidently handle technology-based objections by helping customers understand the value of protection, even with modern vehicle technology.
Read More →
Consistency at Scale: Driving F&I Performance
With 75 rooftops across the Sunshine State, Morgan Auto Group has proven to Floridians that it knows a thing or two about driving performance in a competitive market. But it didn’t start at the top.
Read More →
Gitty Up on GAP
The foundational finance-and-insurance product hasn’t kept up with the latest conditions for auto dealers. Is the time ripe?
Read More →
How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →