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Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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Joe Oliveri, a 20-year industry veteran, was named vice president of KAR's Autoniq business unit, which provides mobile and digital vehicle pricing and evaluation reports.
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May's average transaction price for light vehicles rose by a healthy 3%, even as new-vehicle demand is expected to falter in 2018, according to the vehicle information site.
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The automaker's chief executive told investors today that the company will establish its own captive finance company by 2022. One option being considered is the purchase of Chrysler Capital from Santander Consumer USA, which is five years into the 10-year preferred financing agreement it signed with FCA in 2013.
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The company's executive leadership, including outgoing chief executive Sergio Marchionne, outlined the new investments during a June 1 investors meeting. Marchionne presented a five-year plan for the company, even though he has said he will retire in 2019.
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Following the announced closing of its acquisition of The Warranty Group, Assurant announced new leaders for its global automotive business.
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F&I tracks the rise and fall of the Consumer Financial Protection Bureau’s aggressive but ultimately futile five-year assault on dealer participation.
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The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.
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Lauren Wolfe, a more than 15-year digital-marketing specialist, will spearhead growth on the West Coast as the digital retailing provider’s new senior director of consumer experience.
Read More →Users of Car-Ware’s dealer management solutions can now offer an industry-specific digital payment solution for auto finance transactions.
Read More →The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.
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