en-usHannah Lutz Feed Magna's Stronach, 4 others named to Automotive Hall of FameWed, 25 Apr 2018 16:33:23 ESTAutoNation's Mike Jackson, Toyota's Kiichiro Toyoda, Magna's Frank Stronach and Car Talk's Ray and Tom Magliozzi will be inducted into the Automotive Hall of Fame. AutoNation's Jackson, Magna's Stronach named to Automotive Hall of FameWed, 25 Apr 2018 16:33:23 ESTAutoNation's Mike Jackson, Toyota's Kiichiro Toyoda, Magna's Frank Stronach and Car Talk's Ray and Tom Magliozzi will be inducted into the Automotive Hall of Fame. AutoNation names 1st academic to boardWed, 25 Apr 2018 15:58:13 ESTAutoNation added the first academic and second woman to its board composed entirely of outside directors under CEO Mike Jackson. Asbury's Q1 net jumps 18 percentTue, 24 Apr 2018 12:19:20 ESTAsbury Automotive's first-quarter profits jumped 18 percent, driven by FandI and parts and service gains, on a revenue increase approaching 4 percent. Washington angles to check CFPB's powerMon, 23 Apr 2018 00:01:00 ESTCongressional efforts to limit the CFPB's power are moving in parallel with similar efforts by its leader. FandI penetration rises even at luxury storesWed, 18 Apr 2018 11:10:39 ESTFandI penetration on new- and used-vehicle sales grew last year at luxury-brand dealerships, despite the prevalence of leasing among luxury customers, a NADA report shows. U.S. Senate votes to repeal CFPB's auto-lending guidanceTue, 17 Apr 2018 15:36:23 ESTA resolution rescinding the Consumer Financial Protection Bureau's auto lending guidance, which aims to limit dealerships' retail margin on loans, passed by a narrow margin in the Senate. Report: Dealerships leaning more on incentive money to turn profitMon, 16 Apr 2018 00:01:00 ESTDealerships' average net profit was more than 15 times the size of total operating profit last year, showing just how much they rely on automaker incentives. Ally Financial, Fair link on financing, auctionsTue, 10 Apr 2018 16:19:47 ESTAlly and Fair have joined to offer consumers online vehicle financing through Ally's Clearlane, while Fair will send its off-lease cars to Ally's SmartAuction. Team up to improve the lease-end processMon, 9 Apr 2018 00:01:00 ESTIf dealerships, lenders and automotive brands want customers to be happier, a more digital and personalized lease-end process may be the answer. Captives go online to educate consumersMon, 9 Apr 2018 00:01:00 ESTSome captives have put their lease-end education tools online to improve customer satisfaction with an experience that too often leaves consumers with questions. Handicapping the CFPB's next chiefWed, 4 Apr 2018 11:23:27 ESTAn American Financial Services Association leader identifies who he thinks may be on the short list to take charge of the Consumer Financial Protection Bureau. Kia awards, new product create dealer optimismMon, 2 Apr 2018 00:01:00 ESTKia dealers are riding high on vehicle quality awards and new product, but they are concerned about dealership profitability. Marketing, volume on Mini dealers' mindsMon, 2 Apr 2018 00:01:00 ESTMini dealers brought three issues -- limited sales volume, marketing spend and dealership profits -- but many answers were deferred until a BMW meeting this month. Young leaders need to 'be bold,' Flow Automotive CEO saysMon, 2 Apr 2018 00:01:00 ESTAs the automotive retail industry enters an era of unparalleled change, young leaders are faced with both opportunities and risks. Carvana CEO targets speedy expansionMon, 2 Apr 2018 00:01:00 ESTFor Carvana, building scale is key to long-term success. The used-vehicle retailer now has a presence in 55 markets. Let's hope resolution on military lending lands soonWed, 28 Mar 2018 12:15:22 ESTWhat's next for the interpretation of the Military Lending Act that has befuddled auto dealers and lenders? A quick resolution, sources say. Start FandI product education before consumers visit the store, EFG study suggests Wed, 28 Mar 2018 12:19:12 ESTAbout a quarter of car buyers expect to spend less than an hour in the dealership, including purchase time, according to a survey by EFG Cos. Kia: Customer care, product keys to profitSat, 24 Mar 2018 17:47:00 ESTFocus on new product and customer satisfaction to improve profitability, Kia executives told dealers here on Saturday. Mini's rising sales may lift dealer profitsSat, 24 Mar 2018 18:28:49 ESTWith a sales volume boost so far this year, Mini dealerships could improve profitability, executives told dealers. Carvana focuses on expanding quicklyFri, 23 Mar 2018 18:10:14 ESTFor Carvana, building scale is key to long-term success. The used-vehicle retailer now has a presence in 55 markets. Ally to be Drive Motors' preferred finance providerThu, 22 Mar 2018 16:39:51 ESTAlly Financial will be the preferred finance company for vehicle transactions through Drive Motors, the companies said. Ally's auto finance platform to test digital serviceThu, 22 Mar 2018 16:30:55 ESTAlly Financial's Clearlane will pilot Clearmatch, a digital service that will approve customers for vehicle financing, connect them with participating dealerships and let them shop those dealerships' inventory in the... Flow urges young leaders: #39;Be bold'Thu, 22 Mar 2018 18:53:28 ESTAs the automotive retail industry enters an era of unparalleled change, young leaders are faced with both opportunities and risks. KIA: Dealers buoyed by bolstered crossover lineupThu, 22 Mar 2018 00:01:00 ESTKia's sales slipped in 2017, but with in-demand products rolling out this year, dealers are hopeful that sales and profitability will tick up. Partnerships, investments needed for online auto financing success, panel saysWed, 21 Mar 2018 11:30:00 ESTDigital investments and partnerships are the keys to appealing to today's consumers, auto finance panelists say. Experian launches tool to better track credit, evaluate risk, identify fraudWed, 21 Mar 2018 11:30:00 ESTExperian's new Trended 3D tool aggregates raw trended credit data from Experian, Equifax and TransUnion into attributes that Experian says will help lenders better evaluate risk and identify fraud. Bring service into the FandI mixWed, 21 Mar 2018 11:30:00 ESTTrying to come up with new FandI products to offer? Ask the service department. RouteOne, Open Dealer Exchange partner to speed electronic contractingTue, 20 Mar 2018 07:00:00 ESTRouteOne and Open Dealer Exchange will partner to help dealerships speed up and improve the electronic contracting and overall FandI process. Online retailing products take the spotlightMon, 19 Mar 2018 00:01:00 ESTHere's a sampling of the online-retailing tools and enhancements that vendors will showcase at the 2018 NADA Show. Kia better positioned with new productsMon, 19 Mar 2018 00:01:00 ESTWith new and updated product rolling out this year, Kia dealers expect the brand to be better positioned to meet the market's demands. House bill would change CFPB structureThu, 15 Mar 2018 15:42:20 ESTA bipartisan House bill introduced Monday could change the Consumer Financial Protection Bureau's single-director leadership structure into a bipartisan commission. Scan a car, get pre-qualifiedWed, 14 Mar 2018 10:48:55 ESTCapital One is previewing an augmented reality tool that enables customers to scan any car, receive personalized finance information and locate nearby dealerships in seconds. Negative equity levels bear watchingWed, 14 Mar 2018 10:06:16 ESTWhich factors of auto lending should industry watchers observe with a critical eye? Consumers' trade cycles. Westlake embraces full-spectrum lending with new prime pitchWed, 14 Mar 2018 10:19:41 ESTWestlake Financial Services has launched a program for prime credit customers, the latest signal that the company has evolved from its subprime roots into a full-spectrum lender. Business rewards can follow if FandI and service work as partnersMon, 12 Mar 2018 00:01:00 ESTThe finance and insurance office and the service department are the two most profitable areas of an auto dealership, but they often work in silos, leaving revenue and customer goodwill on the table. Experts split on service selling FandI productsMon, 12 Mar 2018 00:01:00 ESTEven when FandI and service departments have a collaborative relationship, many dealerships face a decision: Let service advisers market and sell FandI products in the service drive or leave product sales to the FandI department. Training in claims pays off in happy customersMon, 12 Mar 2018 00:01:00 ESTWhen service advisers don't know how to file claims on FandI products, customers often lose faith in the FandI products and the dealership. Focus on products lifts service businessMon, 12 Mar 2018 00:01:00 ESTAfter the Consumer Financial Protection Bureau cracked down on auto lenders for potentially discriminatory practices related to dealer reserve, dealerships began prioritizing FandI product sales over reserve. FandI and service must be a team, experts sayMon, 12 Mar 2018 00:01:00 ESTA team effort between the FandI office and service department can reap significant benefits for the dealership. But tension or ignorance between the two can hurt the store, experts say. Balance of auto loans linked to synthetic fraud soarsWed, 7 Mar 2018 10:53:22 ESTThe outstanding balance on auto loans linked to suspected synthetic identity fraud more than tripled from 2012 to 2017, according to TransUnion. Average rate on new-car loans at 8-year high Wed, 7 Mar 2018 10:54:33 ESTLast month, the average interest rate on a new-vehicle loan reached its highest level since the third quarter of 2009, as federal rate increases made last year trickled down to vehicle finance, Edmunds said. There's more to the story on delinquency dropWed, 7 Mar 2018 10:47:46 ESTThe auto loan delinquency rate dropped in the fourth quarter, but that doesn't necessarily mean more borrowers are making their payments on time. Credit unions' 'different playing field' enables share growthWed, 7 Mar 2018 10:49:34 ESTCredit unions continued to take on share of the auto finance market last quarter, helped by different rules, costs of funds and fund structures, Experian says. AutoNation operators settle suitMon, 5 Mar 2018 00:01:00 ESTAutoNation dealership and collision center operators have settled with California over charges of improperly disposing of hazardous waste and customer records. Better FandI experiences start with expanded financial literacy Wed, 28 Feb 2018 12:00:46 ESTProviding consumers basic financial literacy may be the first step in improving their FandI experience. Falotico brings hefty digital chops to new Ford, Lincoln rolesWed, 28 Feb 2018 11:53:10 ESTAs Ford Motor Credit CEO Joy Falotico takes the next step in her career this week, the digital skills she honed throughout 29 years at the captive will poise her for new roles at Ford Motor Co. and Lincoln Motor Co. FandI gains at public retailers could be short-livedWed, 28 Feb 2018 11:36:13 ESTAll six public new-car dealership groups increased FandI gross profit per unit in the fourth quarter, with one even setting a historic high. But the Falotico follows fast track to Ford's top marketing postMon, 26 Feb 2018 00:01:00 ESTThe dealer relationships, marketing expertise and leasing acumen Joy Falotico cultivated over nearly three decades with Ford's financing arm stood out amid the void created by a top executive's sudden departure. BMW settles federal lawsuit over military leasingThu, 22 Feb 2018 14:30:03 ESTBMW Financial Services North America has agreed to pay more than $2 million to resolve allegations that it violated the Servicemembers Civil Relief Act. Don't fret over data security; try these steps Wed, 21 Feb 2018 11:00:00 ESTOne of the biggest security hazards for dealerships and their vendors is a data breach, but many are unsure of the best ways to protect their information, EFG says. Auto balance growth rate slowsWed, 21 Feb 2018 11:00:00 ESTLast quarter, auto borrowers' total loan balance outstanding grew at the lowest rate since the second quarter of 2012, while delinquency rates plateaued, TransUnion says. Still putting off buying cyber insurance? Wed, 21 Feb 2018 11:00:00 ESTWill cyber liability insurance become more widespread among dealerships? Considering the number of security breaches across many industries today, it should. As CFPB retreats, what's next for dealer reserve?Mon, 19 Feb 2018 00:01:00 ESTTwo lenders that ditched dealer reserve in favor of flat fees, when the Consumer Financial Protection Bureau favored the latter, have revised their policies. Ivanka Trump talks about lending issue with Pa. dealerFri, 16 Feb 2018 12:37:05 ESTDo auto retailers befuddled by the Military Lending Act clarification now have the ear of the White House? Pennsylvania dealer Corina Straub Diehl thinks so. Canvas looks to boost dealer tiesWed, 14 Feb 2018 11:38:40 ESTCanvas, the vehicle subscription affiliate of Ford Motor Credit Co., will focus on expanding and strengthening dealership partnerships in 2018. BBandT reverts to traditional finance reserveWed, 14 Feb 2018 11:40:26 ESTBBandT Dealer Finance, one of at least two major auto lenders to launch a flat-fee dealer compensation model after a Consumer Financial Protection Bureau crackdown on finance reserve, will end its flat-fee program in March in... Facing down the prospect of dwindling reserveWed, 14 Feb 2018 12:00:02 ESTShrinking finance reserve means dealers will have to make FandI product sales even more of a priority to maintain profitability, but likely, many are prepared. Synthetic ID fraud is hot today, but think about the bigger pictureWed, 14 Feb 2018 11:46:13 ESTAuto lenders should develop a holistic approach to fighting fraud rather than react to the "fraud of the moment," experts say. AutoNation FandI profit hits highMon, 12 Feb 2018 00:01:00 ESTAutoNation's FandI gross profit per vehicle retailed reached an all-time high in the fourth quarter, lifted by branded product sales and a training approach that boosts weaker stores' results. Tax changes boost public dealershipsMon, 12 Feb 2018 00:01:00 ESTPublicly traded dealership groups turned in generally good results in the fourth quarter. Then U.S. corporate tax cuts pumped up those earnings -- often by a lot. Huntington counts on 'boots on the ground' to drive successMon, 12 Feb 2018 00:01:00 ESTHuntington Bank's new president of auto finance will focus on driving more business to dealerships and leveraging Huntington's local model. Social media can help dealers, lenders cultivate millennialsWed, 7 Feb 2018 12:26:57 ESTMillennials are saving up to buy vehicles, and when they do, most will get advice and share their own experience with their social media network, according to Ally Financial and the Center for Generational Kinetics. The case for a bespoke approach to auto retailWed, 7 Feb 2018 12:25:46 ESTTo keep up with retailers in other industries, dealers would be wise to provide the personal touches that consumers have come to expect. Asbury Q4 net falls on waning special gainsTue, 6 Feb 2018 09:58:38 ESTAsbury Automotive's fourth-quarter net fell, as one-time gains for the dealership group were far short of the year-earlier's extraordinary gains. Tax advice for dealers: Be patientMon, 5 Feb 2018 00:01:00 ESTDealers are winners under the new tax code. But they should be aware of new limitations and hold off on changing their business structures, experts say. GM Financial fights fallout from tech glitch Mon, 5 Feb 2018 00:01:00 ESTGlitches stemming from a systemwide technology upgrade at GM Financial has led to several hundred customers being incorrectly charged on their monthly auto payments. AutoNation tapping tax windfall for worker trainingSat, 3 Feb 2018 00:01:00 ESTAutoNation is tapping its tax-change windfall to train associates to work with its brand extensions and on its partnership with Waymo. Reynolds, CDK antitrust suits transferred to Ill. courtThu, 1 Feb 2018 18:05:58 ESTFive federal antitrust civil suits against CDK and Reynolds have been transferred to the Northern District of Illinois. AutoNation Q4 net rises, aided by tax changesThu, 1 Feb 2018 07:30:00 ESTAutoNation's fourth-quarter net income increased 31 percent, boosted by the federal tax bill and a strong performance in its FandI and service departments. GM Financial customer accounts disrupted after computer upgradeWed, 31 Jan 2018 12:50:57 ESTGM Financial had servicing issues, including phone problems and overcharging or undercharging U.S. and Canadian customers, while upgrading computer systems this month, Automotive News has learned. GM Financial customer accounts disrupted after computer upgradeWed, 31 Jan 2018 12:50:57 ESTGM Financial experienced servicing issues this month, including overcharging and undercharging customers and intermittent phone problems, Automotive News has learned. Ally Q4 net income takes 27% hit as tax expense dents profitsWed, 31 Jan 2018 10:15:34 ESTAlly Financial's fourth-quarter net income took a hit as the lender absorbed a multimillion-dollar tax expense prompted by late-year changes to the U.S. tax code. AutoNation's drive to beat cancer has become a brandMon, 29 Jan 2018 00:01:00 ESTAfter AutoNation decided to dedicate itself to fighting breast cancer, the mission has become visibly embedded in its culture and unmistakably linked to the company's brand. AutoNation's ties to cancer centers helps its employeesMon, 29 Jan 2018 00:01:00 ESTAutoNation has developed relationships with cancer centers across the country and launched company policies to assist employees and their family members who are fighting cancer. Ally commits $750 million for retail contracts at DriveTimeWed, 24 Jan 2018 12:00:00 ESTAlly Financial said it will commit $750 million to finance retail contracts for used-vehicle retailing giant DriveTime this year. Wrestling with Military Lending Act? Insiders offer helpWed, 24 Jan 2018 11:12:12 ESTDealerships and lenders that have been grappling with the latest interpretation of the Military Lending Act may have solutions that will help them remain compliant with the guidelines. Speak up! Wed, 24 Jan 2018 10:00:00 ESTDealers, lenders and other industry players may finally have their shot at sharing their opinions with the CFPB. Watch payments, not unit sales, economist saysWed, 24 Jan 2018 10:00:00 ESTThe industry counts vehicle sales as a broad measure of consumers' economic health, but the monthly payment may provide a better assessment, an economist said. Turo bets Vegas tourists will drive rental programMon, 22 Jan 2018 00:01:00 ESTGlobally, the peer-to-peer car rental program has 4 million customers. Strong 2018 sales expectedMon, 22 Jan 2018 00:01:00 ESTRising interest rates and tightening credit are reasons for concern, but shouldn't cause new-vehicle sales to tumble, speakers at the Automotive News World Congress said. Zurich pulls back on some dealerships' insuranceFri, 19 Jan 2018 15:26:20 ESTZurich North America no longer will offer property and casualty insurance to independent dealerships and some franchise dealerships. FandI products are not affected. Auto industry has historic opportunity, AutoNation CEO saysTue, 16 Jan 2018 17:34:36 ESTThe auto industry can slash pollution and fatalities through production of electric and autonomous vehicles, said AutoNation CEO Mike Jackson. AutoNation expects to reap millions in tax-change benefitsTue, 16 Jan 2018 06:30:00 ESTAutoNation expects to save as much as $100 million in 2018 because of the tax overhaul. It will use much of its savings to invest in employee training and benefits. Military members deserve fast resolution on lending Wed, 10 Jan 2018 11:52:26 ESTDealers and lenders are facing significant challenges following the Department of Defense's latest interpretation of the Military Lending Act, but until the DOD clarifies the interpretation, an act that was designed to... Murky Military Lending Act requirements leave industry scrambling Wed, 10 Jan 2018 11:50:51 ESTThe Department of Defense's latest interpretation of the Military Lending Act, published last month, includes a murky set of rules that could retroactively put dealers and lenders in regulatory jeopardy,... Average new-car down payment, transaction price hit all-time highs Wed, 10 Jan 2018 11:48:40 ESTNew-car down payments reached a record-high average in December as vehicle transaction prices hit their own high, Edmunds says. Will competition soften impact of banks' expected rate hikes?Wed, 10 Jan 2018 11:49:45 ESTAuto loan interest rates at banks will rise this year, pushed by the Federal Reserve's expected rate increases. But heightened competition among auto lenders will mitigate banks' rate hikes, according to Bankrate.com. At Daimler, mobility falls under financeMon, 8 Jan 2018 00:01:00 ESTMany of Daimler AG's mobility initiatives in the U.S. and internationally fall under its finance arm, Daimler Financial Services. FandI trends won't let up in 2018Mon, 8 Jan 2018 00:01:00 ESTLast year brought its fair share of changes in auto finance. Here are some trends that likely will continue in 2018. Tool helps dealers target likely customers, manage vehicle acquisitionsWed, 3 Jan 2018 11:20:41 ESTPropensity360, a tool by Pearl Technology Holdings and Experian, helps dealerships target potential customers based on factors such as what they're currently paying or driving. 'Always check bank rates' and other savvy FandI advice Wed, 3 Jan 2018 11:20:09 ESTEach week the FandI Report features a savvy tip from an industry expert. Here's a sampling of our 2017 FandI tips and the month in which each appeared. In 2018, some trends will sustainWed, 3 Jan 2018 11:19:37 ESTLast year brought its fair share of changes in auto finance. Here are some trends that likely will continue in 2018. Sales staff gains from introducing FandI productsMon, 1 Jan 2018 00:01:00 ESTAt Sam Pack's Five Star Ford of Lewisville, the sales team gets 5 percent of FandI income for alerting customers to products. The result is higher FandI profit per unit. 'We have proven all the naysayers wrong'Wed, 27 Dec 2017 10:00:00 ESTCEO Andy Hinrichs muses on AutoGravity's growth, the evolution of digital retail and how vehicle shopping and financing will continue to evolve. Plan now for a changing industryWed, 27 Dec 2017 10:00:00 ESTDealers who just a few months ago may have been reluctant to plan for the future could be shifting their perspectives as the pace of change quickens in auto retail. Darwin Online offers a next step toward digital FandIWed, 27 Dec 2017 10:00:00 ESTTool enables customers on dealership websites to finance vehicles and add FandI products to their shopping carts. Transactions are completed in-store. It's time to lay down some definitionsWed, 20 Dec 2017 11:11:56 EST"Digital retail" and "online transaction" have become popular terms in recent years, but what do they really mean? Look at FandI benchmarks beyond numbersWed, 20 Dec 2017 10:59:22 ESTQualitative benchmarks can show dealers where more training may be necessary to improve FandI results, John Stephens of EFG says. Mixed lease-end messages leave customers mixed-upWed, 20 Dec 2017 11:09:19 ESTMost lease customers consider their lease-end options just a few months before their term expires, according to J.D. Power, but they often receive lease-end messages much earlier and from multiple sources, causing confusion.