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Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.
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May’s wholesale prices for used vehicles up to eight years in age fell 1.7% from the prior month, a level that’s typical for this time of year, the firm stated in its June Used Car and Light Truck Guidelines report.
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EFG Companies CEO John Pappanastos said digital buying habits, millennial and Gen Z consumers, and women are forcing industry change dealers must embrace.
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May new-vehicle sales grew by 4.8% from the year-ago period, while average incentive spending per unit grew 6.6% from a year ago to $3,740.
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The new feature provides instant vehicle location and status to help reduce risk and streamline recovery for buy-here, pay-here dealers and lenders.
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The Toronto-based mergers-and-acquisitions firm has advised on the closing of more than 160 dealerships in deals worth more than $3 billion. Its expansion into the U.S. market will be led by industry veteran Russell Hill.
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For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest rates and tighter credit have already led to softening retail demand, noting that further rate increases will impact all corners of the car business.
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Although shoppers continue to flock toward pricier trucks and SUVs, steadily rising gas prices are beginning to stimulate consumer demand and increase residual values for smaller vehicles.
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SpringStack is an end-to-end auto finance platform designed to power a direct-to-consumer online experience for banks and other finance sources. It supports multiple financing product options and offers real-time loan configuration, document upload, vehicle valuation and pricing, electronic signature and more.
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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.
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Thirty-year innovation and tech veteran Marianne Johnson has joined Cox Automotive as the company’s chief product officer. She will lead a team developing products across a family of 20-plus brands.
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