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Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
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Dealers would do well in aligning F&I pay plans with their objectives. But as the magazine’s newest contributor explains, adding another wrinkle to F&I pay plans may not be the best thing.
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A.M. Best Co. has increased Dealers Assurance Company’s financial size category from VI to VII. Category VII designates companies whose adjusted policyholder surplus is between $50 million and $100 million.
Read More →Sonic officials said last week the group will begin piloting its new customer experience initiative at a Charlotte, N.C., store this July. The new process promises to deliver a ‘one associate at one price in one hour’ buying experience.
Read More →Despite its Northeast and Central Midwest dealerships losing approximately 280 selling days due to harsh weather, Penske Automotive reported last week that it achieved a 15.4% increase in income from continuing operations.
Read More →Industry Summit 2014 will feature multiple education sessions dedicated to special finance and used-car retailing. Serving as master of ceremonies for those two tracks will be special finance guru Greg Goebel.
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Chicago-based BMO Harris Bank issued a notice to its dealer customers this week, stating that it has eliminated dealer markups on indirect auto loans. The policy went into effect Thursday.
Read More →With subprime auto lending volumes having more than doubled since the 2009 financial crisis, Moody’s expects to see higher credit losses, which have been gradual so far.
Read More →Fourteen credit unions across the country are participating in a product incubator for Non-Prime Auto Loans, one of five products in the Filene Research Institute’s accessible financial services incubator funded by the Ford Foundation.
Read More →The group reported during it quarterly conference call that earnings per share were up 34% from the year-ago quarter, an all-time record for the group. On the same day, Executive Vice President and COO Michael Kearney announced his retirement.
Read More →F&I gross profit per vehicle retailed reached a record $1,407 for the nation’s largest dealer group, but the achievement was overshadowed by the warning executives issued to lead providers.
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