Asbury Automotive executives were confident that the dealer group’s internal caps on dealer markup and its fixed F&I product prices will keep it safe from any actions by regulators.
July 23, 2015
Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.
July 21, 2015
Sonic executives said that until the group perfects its vehicle-pricing tool, the One Sonic-One Experience initiative will not expand beyond the five stores currently employing the program's hybrid sales and F&I process.
May 7, 2015
For the first time, the public dealer group’s F&I profit per deal average surpassed the $1,500 mark. Officials said the company will continue to emphasize F&I product sales as it preps for the launch of an AutoNation-branded maintenance contract later this year.
April 23, 2015
The tablet-driven, fixed-price F&I process at Asbury’s Q Auto stores didn’t perform as well as the traditional F&I process employed at the group's core stores, but officials said they are happy with the new format’s progress.
April 21, 2015
The country’s largest auto lender, Wells Fargo, tempered its auto lending activities in 2015’s first quarter, with new originations down 10% from the previous year. Also reporting was J.P. Morgan Chase, which increased originations by 9%.
April 16, 2015
Fourth-quarter F&I net per vehicle retailed rose $30 from a year ago to $1,374 for the public dealer group. That performance helped drive record earnings during the quarter.
February 12, 2015
The dealer group realized its 17th consecutive quarter of double-digit year-over-year growth in earnings per share, with net income from continuing operations reaching a record $117 million in the end-of-year quarter.
February 5, 2015
During a quarterly earnings conference call last week, Ally’s former CEO opened up about General Motors’ unexpected decision to move all of its lease incentives to its captive, GM Financial.
February 3, 2015
The dealer group reported this week that its F&I operations achieved a record per-copy average of $1,401 in the third quarter. Officials also announced plans to cut spending on third-party lead providers 'every quarter' in order to invest in its own online presence.
October 30, 2014
The dealer group reported a 21% increase from last year’s adjusted income from continuing operations, as well as a 12% increase in total gross profit.
July 29, 2014
Dealertrack officials reported this week that average monthly subscription revenues from dealers were up 30% in the first quarter, thanks in part to the company’s recent acquisition of Dealer.com. Company officials also revealed plans to combine Dealer.com’s CRM capabilities with Dealertrack's own offering to produce a single solution.
May 15, 2014
The company’s revenues exceeded $1 billion in the fourth quarter and $4 billion for the full year. Its F&I operations also posted increases in F&I penetrations and profit per retail unit.
February 20, 2014
Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.
February 18, 2014
TD Bank officials said the company will trim down its 9,000 member U.S. dealer network in order to provide better service.
December 17, 2013
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