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Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
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SEARCHMENUSEARCHThe youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
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Reflecting the shift toward more creditworthy borrowers was the rise in average credit scores for both new- and used-vehicle loans. But the retreat from the high-risk tiers also comes during a quarter in which the average new-vehicle finance amount and monthly payment reached record highs.
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UDS’s Brian Crisorio and Auto Dealer Today’s Tariq Kamal will serve as co-show chairs for this year’s Compliance Summit.
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The F&I product provider rolled out a new virtual F&I model aimed at powersports and independent dealers, but the executive overseeing the service offered several scenarios in which Simplicity Finance and Insurance can help franchised dealers.
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American Financial & Automotive Services earned awards in five categories in the 2017 Dealers’ Choice Awards.
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With wholesale used-vehicle prices rising in May, the Manheim Used Vehicle Value Index rose to a record 127.9. The firm noted that dealers purchased the most vehicles at Manheim auctions for the month of May since 2008.
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Matt Boyd, who has served in various roles since joining Dent Wizard International in 2005, was promoted to director of operations for the company’s Canadian market.
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With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.
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Chief Executive Officer Colin Brown will add board chairman duties while Brent Burns takes on president and COO duties.
Read More →MaximTrak Technologies was recognized in the F&I Technology category for the third consecutive year.
Read More →The new program was designed to reduce auto dealership turnover by at least 5% in 12 months.
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