Subprime Approvals Up, But Off Pre-Recession Pace
Subprime approvals are climbing, which could bode well for the rest of the year. But dealers will have to beef up their marketing to get more buyers off the sidelines.
Subprime approvals are climbing, which could bode well for the rest of the year. But dealers will have to beef up their marketing to get more buyers off the sidelines.
Driven by an uptick in subprime loan approvals, the industry bounced back in July after a tough June. But an increasingly jittery consumer may put the brakes on sales going forward.
CNW Research reports that the industry took some hits in June.
Two dealers report substantial increases in sales and F&I profitability, while CNW predicts the industry will close May in the 1.37 to 1.41 million-unit range.
As of May 18, sales are on track for a 6 percent increase vs. a year ago despite a dramatic slowdown in closing ratios, CNW reports.
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