The dealer group's U.S. F&I operations increased its per-copy average by $26 to a record $1,564. Including operations in the United Kingdom and Brazil, the group's consolidated average increased 0.7% to $1,385.
Used-vehicle buyers are turning to sports cars in greater numbers thanks to low fuel prices, which are allowing them to forego fuel efficiency in favor of performance, KBB said this week.
Delinquencies remained in check despite total outstanding auto loan balances rising to an all-time high, signaling a healthy automotive credit climate.
In the first quarter of 2015, the percentage of automotive loans that fell within the subprime and deep subprime risk categories made up 19.7% of the market, the lowest share since 2012, according to Experian Automotive.
The international dealer group’s U.S. F&I operations grew its F&I per-copy average $80 from a year ago to a record $1,538. Training and execution were the drivers, officials said.
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.
In the first quarter of 2015, the percentage of automotive loans that fell within the subprime and deep subprime risk categories made up 19.7% of the market — the lowest share since 2012, according to Experian Automotive.
Lithia’s F&I operations grew its per-copy average by $52. The performance helped offset a $90 drop in new-vehicle gross profit per unit.
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.
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.
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