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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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F&I Showroom Magazine
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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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For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.
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Drive Motors’ Aaron Krane predicted that, for 2018, dealerships that embrace digital dealmaking will become known as the ecommerce hubs of their regions, a move that will end up pressuring manufactures to sell their cars directly online as well.
Read More →Thanks to the lingering effects of hurricanes Harvey and Irma, J.D. Power’s seasonally adjusted used-vehicle price index recorded its third straight monthly increase. It rose 1.1 points to 114.5.
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According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.
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Darwin Automotive has launched Darwin Online, described by the company as the auto industry’s first fully functional 24-hour F&I department.
Read More →The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.
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EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.
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The Edmond, Okla., Cadillac dealership is one of two Cadillac stores in the Bob Moore Auto Group, a 14-rooftop dealer group founded by Robert W. Moore.
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In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.
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Meet the two operations that were also in the running for the American Financial & Automotive Services Inc.-sponsored F&I Dealer of the Year.
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