Asbury Automotive Group, which reported a record fourth quarter, does not plan to alter any business practices in response to the CFPB’s scrutiny of rate participation programs. Officials reveal that the dealer group already has already adopted many of the regulator's recommendations.
Asbury Automotive Group has implemented StoneEagle’s SEcureMetrics F&I and sales reporting platform in all 80 of its dealerships.
Asbury Automotive reported a total revenue increase of 13% in the fourth quarter 2013, compared to 2012. Officials expect continued growth in 2014 thanks to a healthy automotive retail environment.
Asbury Automotive Group Inc. appointed Keith R. Style as its new CFO. He will assume his new role on Jan. 1, following Scott Krenz’s retirement.
Lithia officials said the group is focused on increasing F&I performance, while officials with Sonic announced the launch of a new initiative that will have “guest advocates” handle transactions from start to finish. Asbury reported a per-copy average of $1,305 during the third quarter.
Dealer group execs showcase big gains in average PRUs, say they're prepared for whatever action the CFPB takes with respect to dealer participation.
Most of the major dealer groups posted big gains in the fourth quarter and for the full-year 2012. One group reached an all-time high of $1,215 in F&I gross profit per retail unit.
Asbury was firing all cylinders during the third quarter, with the 77-rooftop dealer group reporting revenue and profit increases of 14 and 68 percent, respectively.
AutoNation, Asbury and Sonic report solid second-quarter gains behind rising consumer demand and better credit conditions.
TrueCar adds another car guy to its board of directors. This time its Tom Gibson, former president and COO of Subaru America and founder of Asbury Automotive Group.
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