en-usHannah Lutz Feed FandI managers' skills will continue to be criticalWed, 15 Nov 2017 11:19:33 ESTCreating one adviser role for sales and FandI doesn't necessarily call for the demise of the FandI manager. Product sales drive growth in FandI profit for 4 publicsMon, 13 Nov 2017 00:01:00 ESTFour of the six public new-car retailers boosted FandI gross profit per vehicle in the third quarter, while the other two posted declines. FandI process shares computer screens with customers to build trustMon, 13 Nov 2017 00:01:00 ESTAt Schomp Automotive Group, customer-facing software smooths a one-person, one-price, one-hour car-buying process. AutoNation, Waymo and a 6-year courtshipMon, 13 Nov 2017 00:01:00 ESTWaymo's mission to develop a fully autonomous vehicle, without a human backup, was a significant draw for AutoNation. Time to organize around empowering womenWed, 8 Nov 2017 11:18:48 ESTDealership-sponsored female leadership groups could give women the empowerment and camaraderie they need to stay in auto retail and reap its benefits. E-contracts are not just safer, they could be cheaper, too Wed, 8 Nov 2017 11:17:59 ESTThe regulatory compliance benefits of electronic contracting also could have financial benefits for dealerships, saving them as much as hundreds of thousands of dollars in fines. Ally provides $2 billion in financing to CarvanaTue, 7 Nov 2017 16:00:00 ESTAlly Financial is tripling its bet on one of the auto industry's disrupters by committing $2 billion to finance retail contracts for online used-vehicle retailer Carvana over the next year. Setback for Authenticom suit against CDK, Reynolds Tue, 7 Nov 2017 17:07:20 ESTAuthenticom suffered a legal setback in an antitrust case against CDK and Reynolds, but the trial will go ahead. Founders' passion fuels Conti's network Mon, 6 Nov 2017 00:01:00 ESTContinental's women's network succeeds because of strong follow-up, CEO support and staying with the committed founders, rather than being shifted to the human resources department. 'Hi, we're calling to see if you want to renew your subscription'Sun, 5 Nov 2017 00:01:00 ESTStaff Reporter Hannah Lutz tells us how vehicle subscriptions will work in the not-so-far-off future. The habit-forming podSun, 5 Nov 2017 00:01:00 ESTSmartphones connect consumers to all facets of their lives, but in the future the vehicle will become the central link. AutoNation to provide service to Waymo's self-driving cars Thu, 2 Nov 2017 07:30:00 ESTAutoNation is partnering with Waymo, Google's self-driving car affiliate. For starters, the retailer will service vehicles in Phoenix and northern California. AutoNation Q3 net income falls after back-to-back hurricanesThu, 2 Nov 2017 07:30:00 ESTAutoNation's net income and revenue fell in the third quarter due to the impact of Hurricanes Irma and Harvey, but the company continued to build its used-car and collision businesses. Hurricanes spur GAP claims, sales Wed, 1 Nov 2017 10:45:00 ESTIn the aftermath of hurricanes Harvey and Irma, guaranteed asset protection claims have jumped, FandI product providers say. And some finance managers are using the storms as a tool when presenting GAP to customers. Are some privacy concerns overblown? Wed, 1 Nov 2017 10:45:00 ESTConsumers are used to the sharing culture. A dealer I talked with recently said his stores handle the entire FandI process on the showroom floor - with little negative feedback. Group 1 Q3 net falls as storm overwhelms strong performance; shares rise Thu, 26 Oct 2017 10:54:37 ESTGroup 1's third-quarter net income fell 16 percent due to Hurricane Harvey's impact, despite a strong operational showing in the U.S. and in its overseas markets. Ally reduces leasing in Q3Wed, 25 Oct 2017 10:49:39 ESTAlly Financial's auto loan and lease originations dipped 1.2 percent to $8.1 billion in the third quarter, the company said Wednesday. Ally has targeted reducing lease volume. Assurant boosts auto presence with Warranty Group acquisitionWed, 25 Oct 2017 11:05:23 ESTAssurant's planned acquisition of the Warranty Group next year will give Assurant a larger presence in the market and better position both companies for the future of auto retail, their executives say. FandI provides lift amid hurricanesWed, 25 Oct 2017 12:04:55 ESTIn a tough quarter for most dealerships in the southern U.S., two public retailers say they got a boost from FandI. Asbury's Q3 net, revenue each dip about 5% because of stormsTue, 24 Oct 2017 11:37:18 ESTAsbury's third-quarter net income and revenue each dipped about 5 percent, largely due to the impact of hurricanes in the Southern U.S. In digital age, paper contracts endureMon, 23 Oct 2017 00:01:00 ESTGoing digital can be worrisome for dealership employees who have been handling deals the same way for decades. Getting employees on board is the hardest partMon, 23 Oct 2017 00:01:00 ESTE-contracting doesn't require much training, but getting employees on board can be a sizable hurdle. Women prove themselves every daySun, 22 Oct 2017 00:01:00 ESTAutomotive clients, customers and peers often question women's expertise and credibility in their fields. No matter how high-level, many women regularly have to prove their skills and knowledge. Wells Fargo, Chase clip auto originationsWed, 18 Oct 2017 11:18:09 ESTThird-quarter auto loan and lease originations dropped 47 percent at Wells Fargo and 5 percent at Chase as the lenders continued to tighten their credit standards. J.D. Power counts on name recognition for success of new FandI productsWed, 18 Oct 2017 11:22:27 ESTJ.D. Power says brand recognition will make its new suite of FandI products stand out, despite a crowded market. The company launched the suite last month at 10 dealerships in the Southeast. What's in a name? A lotWed, 18 Oct 2017 11:24:30 ESTBrand recognition goes a long way -- even with FandI products. Connecting with employees improves performance but only if done the right wayThu, 12 Oct 2017 00:01:00 ESTMost workplaces strive for employee engagement, but only a select group gets it right. Prioritizing engagement could improve employees' performance. New Washington, new dialogue for industry, CFPB Wed, 11 Oct 2017 11:18:46 ESTOne clear benefit for retailers and lenders under the Trump administration? A better relationship between industry associations and the CFPB. FandI profits exceed vehicle profits as dealers' aftermarket acumen growsWed, 11 Oct 2017 11:20:03 ESTStrip away manufacturers' dealer incentives, and FandI gross profit on new vehicles is exceeding vehicle gross profit, according to the latest benchmark data from DealerStrong. NADA's Scarpelli says stair-step programs can damage brandsTue, 10 Oct 2017 15:45:26 ESTAutomakers' use of stair-step incentive programs could hurt consumer loyalty and weaken demand for the brand, said NADA Chairman Mark Scarpelli. Used-vehicle leasing to see 'big lift,' MUSA saysMon, 9 Oct 2017 00:01:00 ESTMUSA Auto Finance has its sights set on a heavy leasing market, especially used-vehicle leasing. It just launched automated decisioning for leases submitted through Dealertrack, RouteOne and its own online portal. '17 spiffs expected to get sweeter as vehicles jam lotsWed, 4 Oct 2017 11:27:51 ESTAutomakers sweetened incentives last month to sell down a glut of 2017 models on dealership lots and make room for 2018 cars and light trucks. But the higher spiffs won't end there, Edmunds says. How lenders can help speed the FandI processWed, 4 Oct 2017 12:06:20 ESTSpeeding up the FandI process has been a goal of FandI managers for the past few years, and lenders can help with automated decisions. Credit unions led growth in Q2 lendingWed, 4 Oct 2017 11:50:53 ESTCredit unions led U.S. auto lending growth in the second quarter as other lender types pulled back, CU Direct says in its latest State of the Credit Union Auto Lending Market report. Santander names new president of Chrysler Capital Mon, 2 Oct 2017 16:55:55 ESTRichard Morrin, COO for Santander Consumer USA, has been named president of Chrysler Capital and auto relationships, effective immediately. Dealers, lenders could fight fraud better together Wed, 27 Sep 2017 11:00:00 ESTLenders and vendors are working toward developing consortia to get ahead of fraud. Dealers shouldn't be left only with their own resources. Experts: Boost sales with stories, not scriptsWed, 27 Sep 2017 11:00:00 ESTA scripted FandI interview may be a good foundation for an FandI rookie, but emotion-based selling goes further, experts say. How to get sales staffers to embrace FandI Wed, 20 Sep 2017 11:37:26 ESTFandI managers can get sales staff to help with FandI by learning about their goals and investing in their training. Against the clock, one approach doesn't fit allWed, 20 Sep 2017 11:31:52 ESTIf a hybrid sales-FandI model isn't the answer to smoother, faster process, what is? Hyundai Capital America joins with AutoGravity Wed, 20 Sep 2017 11:36:51 ESTConsumers looking to buy a Hyundai, Kia or Genesis model now can shop for and finance their vehicles through Hyundai Capital America using AutoGravity's mobile app and web platform. How long will terms stretch?Wed, 13 Sep 2017 11:23:59 ESTWith a third of new-vehicle loans now at 73 to 84 months, will even longer loans become commonplace? Outlook for auto delinquencies improvesWed, 13 Sep 2017 11:42:30 ESTThe 30-day delinquency rate has improved, and 60-day delinquencies likely will follow suit as prime originations rise, Experian says. The faces of fraudMon, 11 Sep 2017 00:01:00 ESTThe value of auto loan originations that contain some element of fraud may be as high as $6 billion this year, double last year's level. Trying to win 'a game of cat and mouse'Mon, 11 Sep 2017 00:01:00 ESTFraud and identity theft are escalating across the board, and auto lenders have become vigilant, acting to prevent crimes from affecting their business, their dealer clients and customers. Multiple lenders look into teaming up to fight fraudMon, 11 Sep 2017 00:01:00 ESTAlthough auto lenders are sharing fraud experiences more often, a full-fledged anti-fraud consortium has yet to take shape. Growing threat to lenders: Synthetic identitiesSat, 9 Sep 2017 00:01:00 ESTThe fastest growing type of identity theft, synthetic identity fraud, is largely unknown to the public and a mounting threat for auto lenders, experts say. AutoNation shuts down in FloridaFri, 8 Sep 2017 11:01:21 ESTThe largest U.S. dealership group plans to close 76 stores in Florida -- nearly all of its outlets in the state -- at least through Saturday as it braces for Hurricane Irma. Outstanding auto loans hit record $1.1 trillionThu, 7 Sep 2017 14:52:50 ESTOutstanding U.S. auto-loan balances reached a record-high $1.1 trillion in the second quarter, a 7.1 percent rise paced by prime loans, an Experian report said. AutoFi strikes partnership with Canada's Tricor Wed, 6 Sep 2017 09:24:32 ESTAutoFi, a company that automates online vehicle sales and financing, will enter Canada in 2018, partnering first with FandI company Tricor Automotive Group. AutoFi strikes partnership with Canada's Tricor Wed, 6 Sep 2017 09:24:32 ESTAutoFi, a company that automates online vehicle sales and financing, will enter Canada in 2018, partnering first with FandI company Tricor Automotive Group. Fewer 0% deals as vehicles languish on dealership lotsWed, 6 Sep 2017 11:00:00 ESTVehicles sat on dealership lots longer in August than at any point since mid-2009. Even so, the 0 percent financing deals that can spur sales ebbed, Edmunds said. FandI providers unfazed by GM's new disclosure form Wed, 6 Sep 2017 11:00:00 ESTWhile some expressed concern about GM's new disclosure form for non-GM service contracts, FandI providers were unfazed by the requirement and even applauded the automaker. New GM disclosure form riles dealersMon, 4 Sep 2017 00:01:00 ESTGM dealers could face major penalties, even termination, if they fail to use a new disclosure form for customers who buy non-GM service contracts. Darwin parent hits Reynolds with suitMon, 4 Sep 2017 00:01:00 ESTSuperior Integrated Solutions, owner of Darwin Automotive, filed an antitrust suit against Reynolds for indirectly blocking Superior's access to dealership systems. Millennials are more bullish on auto loans than Gen Xers wereWed, 30 Aug 2017 11:40:30 ESTMillennials are opening auto loans at a 21 percent higher rate than Gen X consumers did at the same age. GM warns dealers over service contract disclosureWed, 30 Aug 2017 11:40:22 ESTGeneral Motors dealerships that sell non-GM-branded service contracts without following the company's new disclosure process could be in hot water with the automaker, according to a letter sent to dealers. Big dealer groups split on used-car venturesMon, 28 Aug 2017 00:01:00 ESTThe publicly traded dealership groups are sharply split over stand-alone used-vehicle stores. Here's what drives their thinking. Monaghan: 'It's been a phenomenal run'Mon, 28 Aug 2017 00:01:00 ESTAsbury CEO Craig Monaghan will end a nine-year "phenomenal run" on Jan. 1. COO David Hult will replace him. Ford Credit will revamp credit-risk modelFri, 25 Aug 2017 13:31:16 ESTFord Credit's consumer credit-risk model will include nontraditional data and machine learning to give the lender a better view of a car buyer's likelihood to make payments. Car supermarkets are a step backwardWed, 23 Aug 2017 10:56:05 ESTThe future of vehicle retail and FandI could take a variety of forms, but another type of brick-and-mortar store would be an unexpected route. Advancements toward an online transaction would serve the industry better. Canada's auto loan debt per borrower, delinquency rates riseWed, 23 Aug 2017 10:55:16 ESTAverage auto loan debt per borrower and delinquency rates rose in Canada in the second quarter as vehicle prices increased, customers took on additional debt and various regions continued to recover from the economic crisis,... FICO arms lenders with assorted deal offers in secondsWed, 23 Aug 2017 10:54:29 ESTLenders on FICO's new platform provide dealers with multiple offers from the get-go, potentially eliminating the back and forth with dealers to achieve a customer's perfect deal structure, the company says. Canada's loan debt per borrower and delinquency rates riseWed, 23 Aug 2017 10:55:16 ESTAverage auto loan debt per borrower and delinquency rates rose in Canada in the second quarter as vehicle prices increased, customers rolled in additional debt and various regions continue to recover from the economic... Asbury CEO Monaghan will retire; COO Hult moves upTue, 22 Aug 2017 17:38:24 ESTAsbury Automotive CEO Craig Monaghan will step down Jan. 1 after nine years leading the public dealership group. COO David Hult will replace him. Wells Fargo's GAP refund problem offers a lessonWed, 16 Aug 2017 11:27:13 ESTWells Fargo found itself in hot water again last week for possibly neglecting to refund consumers' guaranteed asset protection payments after they paid off their auto loans. GM's FandI product unit partners with MaximTrakWed, 16 Aug 2017 11:23:32 ESTGeneral Motors' FandI product group will use MaximTrak Technologies as an FandI platform provider for its U.S. dealers. As MaximTrak's capabilities expand, the relationship could extend to other dealership departments. Subprime auto loans dip in Q2Wed, 16 Aug 2017 11:24:24 ESTSubprime auto originations declined in the second quarter, but delinquencies still rose as the market adjusts to recent growth in subprime originations, according to reports this week from the New York Federal Reserve and... GM's in-house FandI brand thrivesMon, 14 Aug 2017 00:01:00 ESTGeneral Motors' FandI product branch tripled its contract volume last year and is planning to double it again in 2017, no easy feat for a relatively new FandI provider in a market saturated with seasoned veterans. Court hits pause on DMS access caseWed, 9 Aug 2017 10:51:34 ESTA preliminary injunction favoring Authenticom in its antitrust case against CDK and Reynolds and Reynolds has been put on hold after appeals from the DMS giants. Credit unions claim top lending spotWed, 9 Aug 2017 12:00:00 ESTCredit unions in CU Direct's lending network climbed to the top ranking in auto loan originations in the first half of the year, passing some of the largest lenders. Huntington Bank's Stanutz to retire; role to be split Wed, 9 Aug 2017 12:57:20 ESTNick Stanutz, auto finance leader at Huntington Bank, who helped establish its auto lending business, will retire at the end of this year after 31 years with the bank. Toyota, Lexus captives add key insuranceWed, 9 Aug 2017 12:04:26 ESTToyota's captive launched a key replacement product last week, the company's latest step in providing a fuller customer experience. Nissan Motor Acceptance's McConnell retiresWed, 9 Aug 2017 12:00:51 ESTMike McConnell, vice president of operations for Nissan Motor Acceptance, will retire after about 32 years with the automaker. Being picky could cost lenders more than they expectWed, 9 Aug 2017 12:07:58 ESTAs some auto lenders tighten their credit criteria, full-spectrum lenders may gain more business from dealerships. AutoNation to stick with 1-price despite drag on used marginsMon, 7 Aug 2017 00:01:00 ESTAutoNation is sticking by its commitment to a one-price model on used-vehicle sales, even though the switch dragged down the retailer's used-vehicle margins in the second quarter. Used sales bring FandI opportunityWed, 2 Aug 2017 11:54:11 ESTMost of the six public new-car dealership groups focused on the growing used-vehicle market in their second-quarter earnings calls. That could be a plus for their FandI results. AutoNation Q2 net income down 22%Wed, 2 Aug 2017 08:00:57 ESTAutoNation's second-quarter net income dropped 22 percent to $87.7 million, while revenue dipped 3 percent to $5.28 billion. Publics lift FandI profit per unit on strong ancillary salesWed, 2 Aug 2017 11:53:22 ESTSecond-quarter FandI gross profit per unit rose at all six publicly traded U.S. new-car dealership groups, largely driven by strong product penetration. New-car interest rate hits 6-month lowWed, 2 Aug 2017 11:49:10 ESTThe average new-vehicle interest rate sunk to a six-month low in July but is still up near 2009 recession levels, Edmunds says. Lease falloff goes beyond customer apathyWed, 26 Jul 2017 12:01:20 ESTLeasing fell in the first half of the year, the first such drop since January-June 2012, according to Edmunds. But lack of consumer interest was only part of the reason. A lender has just reversed its funding decision. Now what?Wed, 26 Jul 2017 11:45:21 ESTAfter a lender approves funding and the vehicle has been delivered, the lender sometimes reverses its decision to fund the deal. If dealerships react quickly, they may be able to relieve the problem. CDK, Reynolds lawsuit will proceedWed, 26 Jul 2017 00:01:00 ESTA court ruled that Reynolds and Reynolds and CDK must allow Authenticom access to dealership data even as it sues the two for antitrust. Automakers take different paths after plunge in Canadian lease marketFri, 21 Jul 2017 00:01:00 ESTLeasing as a whole took a dive in Canada for a few years following 2008, but the plunge only significantly affected the captive finance arms of U.S. brands, experts say. Banks learn to diversify, tailor their offeringsThu, 20 Jul 2017 00:01:00 ESTAs automaker captive finance companies lost share, banks have taken on new roles, such as being exclusive or semi-exclusive lenders who are the sole source of automaker retail incentives. A changed landscape in Canadian auto financeWed, 19 Jul 2017 00:01:00 ESTThe 2008 financial crisis sharply reshaped Canadian auto finance. Captives that once dominated the auto loan and lease market lost nearly half their share within four years. Wells Fargo auto originations drop 45% on tighter loan criteriaWed, 19 Jul 2017 11:42:29 ESTWells Fargo's auto originations plummeted 45 percent to $4.5 billion in the second quarter, reflecting the lender's tightened underwriting criteria. Leasing slips in first halfWed, 19 Jul 2017 11:00:00 ESTLeasing fell in the first half of this year from the year-earlier period, the first such drop since the first half of 2012, Edmunds said. The best FandI managers have a knack for peopleWed, 19 Jul 2017 11:38:22 ESTFandI is a people person job. It may sometimes hide under the guise of being a numbers profession, but most effective FandI managers succeed because they are good with people. Buyers facing fewer scripted FandI pitchesWed, 19 Jul 2017 11:41:49 ESTWord tracks, once a standard in the FandI industry, may be falling by the wayside, and for good reason, according to a recent survey and FandI experts. Credit bureau changes could put some loans at riskWed, 19 Jul 2017 11:00:00 ESTThe three major credit bureaus' decision this month to eliminate civil judgment and tax lien data from their reports means those credit bureaus will have fewer pieces of information on which to score borrowers. BMO Harris adds office for NortheastTue, 18 Jul 2017 14:24:03 ESTIn its third expansion within a year, BMO Harris has extended its dealership finance business to the Northeast. Will CFPB ban on mandatory arbitration stand?Mon, 17 Jul 2017 00:01:00 ESTIndustry players hope the CFPB's new arbitration rule will never take effect, and they may be right. But it's also unlikely to disappear immediately. Jaison LeeSun, 16 Jul 2017 00:01:00 ESTOversaw more than $100 million in co-op advertising reimbursements in 2016, and helped launch AutoNation's brand extension strategy. Jenny BeckstromSun, 16 Jul 2017 00:01:00 ESTBeat Inver Grove Toyota's monthly FandI gross profit record by $20,000 in May Authenticom wins first round in suit against Reynolds, CDKFri, 14 Jul 2017 20:35:35 ESTA court ruled that Reynolds and Reynolds and CDK must allow Authenticom access to dealer data even as it sues the two for antitrust. Auto financing via smartphone is smart moveWed, 12 Jul 2017 11:29:35 ESTConsumers have long been able to check their credit and get preapproved for financing through a dealership or lender website, but getting approved on-the-go through mobile devices may become many consumers' first choice when... BMO Harris drops single-rate dealer pay for tiered modelWed, 12 Jul 2017 11:20:40 ESTThree years after implementing a single flat fee to compensate dealerships for arranging auto loans, BMO Harris Bank has moved to a three-tier model and may soon begin originating near-prime loans. Portfolio Group scoops up Finance Concepts, looks for more purchase targets Wed, 12 Jul 2017 11:18:00 ESTPortfolio Group's acquisition of Finance Concepts last month may be its latest move in a wider acquisition strategy. CFPB arbitration rule draws industry ireWed, 12 Jul 2017 11:07:39 ESTThe CFPB's arbitration rule, issued this week, could put dealerships and auto lenders at risk for class-action lawsuits -- if it ever takes effect. Allstate name carries weight in FandI, dealer findsMon, 10 Jul 2017 00:01:00 ESTRetailer Art Schaller Jr. was reluctant to drop his FandI provider and switch to Allstate-branded FandI products. But branding has paid off. When he heard about Allstate's dealership insurance agency program, he opted for both.