F&I data: Auto borrowers like idea of loan payments on Venmo, PayPal

F&I data: Auto borrowers like idea of loan payments on Venmo, PayPal https://ift.tt/PE9QZUH

Majorities or near-majorities of consumers with car loans value alternative payment options such as Venmo and PayPal, calling them 'important' or 'very important' to have available, according to a March PayNearMe survey.

Toyota vs. Tesla: Hybrids surge as EVs cool in bellwether California market, Q1 data shows

Toyota vs. Tesla: Hybrids surge as EVs cool in bellwether California market, Q1 data shows https://ift.tt/MwLSO8q

First-quarter hybrid registrations rose 53% while full EVs gained 2.8%, the California dealers association said. Toyota and its hybrid lineup gained ground on Tesla's battery-electric models.

AutoNation Finance should break even by 2025: CFO

AutoNation Finance should break even by 2025: CFO https://ift.tt/5kKD7em

AutoNation CFO Thomas Szlosek said that AutoNation Finance is making steady progress as the division continues shift to company customers.

Guest commentary: The hidden financial cost of fraud for dealers

Guest commentary: The hidden financial cost of fraud for dealers https://ift.tt/RUoYN35

Some dealers are unaware of the severity, don't identify the fraudulent activity until it's too late or view fraud simply as a cost of doing business.

Column: Used vehicles in focus in Automotive News' 2024 top 100 dealership groups list

Column: Used vehicles in focus in Automotive News' 2024 top 100 dealership groups list https://ift.tt/1HxDObK

Dealership groups that moved up or held their spots on Automotive News' latest top 100 list said they didn't lose focus on their used-vehicle sales in 2023.

Automotive News Top 100 Used Dealership Groups (2024)

Automotive News Top 100 Used Dealership Groups (2024) https://ift.tt/LIp5TV1

The top 100 dealership groups ranked by used-vehicle sales

Xpeng touts 'super fast' software, AI upgrades as it mulls Europe output

Xpeng touts 'super fast' software, AI upgrades as it mulls Europe output https://ift.tt/xBzoL9W

Xpeng's exports could grow to around 10 percent of its sales this year from about 1 to 2 percent last year as the automaker pushes into new markets including France, Italy and the U.K.

Editorial: Legacy automakers toying with direct sales is wrongheaded

Editorial: Legacy automakers toying with direct sales is wrongheaded https://ift.tt/oP6sh9d

Dealer association executives are trying to turn brands associated with VW Group and Honda away from direct sales efforts and back to the franchise model.

Fred Beans buys 4 Rosenthal Automotive dealerships

Fred Beans buys 4 Rosenthal Automotive dealerships https://ift.tt/cfSbeWF

Rosenthal Automotive Organization divested four Philadelphia area dealerships it bought in June 2022 from Sussman Automotive Group.

Overheard: Mentoring young parts managers

Overheard: Mentoring young parts managers https://ift.tt/hgZrEax

Inventory help, being supportive are best ways to mentor young parts managers, said Scott Rutherford of Mike Maroone Chevrolet North and Mike Maroone Volkswagen in Colorado Springs, Colo., on "The Parts Girl Podcast."

Pretax charges drop Sonic Automotive's Q1 net income

Pretax charges drop Sonic Automotive's Q1 net income https://ift.tt/HuarTXE

The company said $7 million in pretax charges contributed to a 12 percent dip in first-quarter net income.

Group 1 net income falls nearly 7 percent in Q1

Group 1 net income falls nearly 7 percent in Q1 https://ift.tt/YPTWRJz

Group 1's net income fell, while revenue and new- and used-vehicle sales grew.

Vroom CEO: ‘Gut-wrenching' decision to end online used-car business

Vroom CEO: ‘Gut-wrenching' decision to end online used-car business https://ift.tt/5ERndPZ

When a search to secure more capital was unsuccessful, Vroom's senior leadership called it: The company would stop buying and selling used vehicles online as soon as possible.

Former AFG exec reveals 2023 CareGard data breach, criticizes company's response

Former AFG exec reveals 2023 CareGard data breach, criticizes company's response https://ift.tt/35cp2M1

AFG Cos. was unprepared for a ransomware attack last summer, for months had been unsure of the extent of the breach, and as of early this month hadn't alerted automaker partners or the agents selling its coverage to dealerships, a whistleblower alleges.

Struggling Nissan cuts profit and sales outlook on sliding volume, over-optimistic plans

Struggling Nissan cuts profit and sales outlook on sliding volume, over-optimistic plans https://ift.tt/Oq1jbhz

Nissan issues a profit warning, cutting profit and sales forecasts, as volume misses expectations and the automaker compensates suppliers for its over-optimistic plans

Collision technicians are happy overall, but issues remain, study shows

Collision technicians are happy overall, but issues remain, study shows https://ift.tt/EVhBwTP

Collision repair technicians are happier with their jobs than their service technician counterparts but not thrilled overall with the industry, a new report shows.

Finance managers should bring F&I foundation to deal

Finance managers should bring F&I foundation to deal https://ift.tt/CPVDGBM

During a presentation, Ascent Dealer Services CEO Adam Marburger encouraged finance managers to focus on the foundation of the dealership's finance and insurance operation and not just the sales themselves.

Tesla's global job cuts include leading markets U.S., China

Tesla's global job cuts include leading markets U.S., China https://ift.tt/IWh1toR

Tesla cuts jobs in U.S. and China amid falling sales. The layoffs affect sales and service positions. 

CarMax plans to shorten window for vehicle returns, refunds

CarMax plans to shorten window for vehicle returns, refunds https://ift.tt/OEmLWbj

Used-vehicle retailer CarMax announces changes to the length of its Money Back Guarantee that go into effect May 12.

New-car inventory and price changes approach normal in 2023, NADA report shows

New-car inventory and price changes approach normal in 2023, NADA report shows https://ift.tt/Jn5MkRa

The average retail selling price increased 1.6 percent to $47,014 in 2023, marking slower growth than the 9.2 percent increase in 2022.

Guest commentary: Video's role in selling vehicles in a buyer's market

Guest commentary: Video's role in selling vehicles in a buyer's market https://ift.tt/TWn5dYu

One of the most effective ways to raise a dealership's brand online and influence car shoppers is with video.

Shop Talk: Service departments part of dealership construction focus

Shop Talk: Service departments part of dealership construction focus https://ift.tt/63bqwoF

As dealerships are built or current facilities upgraded, service departments are part of the conversation, says Sam Rockaway, vice president of sales at Redcom Design & Construction in Westfield, N.J.

West Herr Automotive finds service advisers from within the organization

West Herr Automotive finds service advisers from within the organization https://ift.tt/5yt9TjI

West Herr Automotive Group is piloting an effort to recruit and train more female service advisers from within the organization — mainly its business development center.

Mercedes-Benz to introduce 2 new models ahead of Beijing auto show

Mercedes-Benz to introduce 2 new models ahead of Beijing auto show https://ift.tt/A0veOlr

The Mercedes AMG GT 63 S E Performance and the all-electric version of the G Class, Mercedes Benz' venerable off-roader, are set to debut in China this month.

Used-vehicle demand gathers pace

Used-vehicle demand gathers pace https://ift.tt/oYBAqeM

Used-vehicle sales in China rose 9.6 percent year on year to approach 1.38 million in March after growing 6.7 percent in the first two months of this year, the China Automobile Dealers Association said this week. 

Try a 'you may also like' pitch to sell low-cost extras to customers

Try a 'you may also like' pitch to sell low-cost extras to customers https://ift.tt/CKFqpau

Catching the customer's eye with "you may also like" car protection product selections in the manner of Amazon can drive incremental business in a car dealership finance and insurance office, according to Shawn McCool president of F&I sofware company iTapMenu.

Vehicle shipments rise 9.9% in March behind exports

Vehicle shipments rise 9.9% in March behind exports https://ift.tt/vxOzJNK

Automakers in China shipped some 502,000 vehicles abroad last month, an increase of 38 percent from a year earlier.

New Mexico EV mandate will remain in place, despite opposition from auto dealers

New Mexico EV mandate will remain in place, despite opposition from auto dealers https://ift.tt/2MDj7tO

The New Mexico Automotive Dealers Association and Garcia Automotive Group have opposed the state's EV mandate to adopt California's zero-emission vehicle rules.

BMW reveals new products, retail strategy at dealer meeting

BMW reveals new products, retail strategy at dealer meeting https://ift.tt/tF4yW1A

BMW will use technology and data sharing with dealerships to improve the customer experience and drive loyalty and after-sales revenue.

Lucid sales surge 40% in Q1 after price cuts

Lucid sales surge 40% in Q1 after price cuts https://ift.tt/BG2UOJX

The EV startup delivered 1,967 Air sedans in the first quarter and produced 1,728 after building up inventory last year. Lucid cut the price of its base Air by $7,500 in mid-February to spur demand.

Wolfe Automotive enters U.S., buys two Montana dealerships

Wolfe Automotive enters U.S., buys two Montana dealerships https://ift.tt/LtdJh1b

Wolfe Automotive Group, of Calgary, Alberta, in Canada, has purchased its first two U.S. dealerships.

AI and digital tools combat auto finance fraud, Informed.IQ report shows

AI and digital tools combat auto finance fraud, Informed.IQ report shows https://ift.tt/oxHdSA9

Just over 30 percent of Informed.IQ's survey respondents said they had an error in 1 out of every 4 deal jackets.

How we compile the top 150 dealership groups list

How we compile the top 150 dealership groups list https://ift.tt/zwrHZog

There were 14 groups from Automotive News' 2023 top 150 dealership groups list that submitted surveys this year but didn't make the 2024 list.

Pickups left out of Q1 auto sales growth

Pickups left out of Q1 auto sales growth https://ift.tt/L9SW75e

Sales of large pickups fell 4 percent in the first quarter in a new light-vehicle market that grew 5.6 percent.

Leo Michael cartoon: A seller eclipse

Leo Michael cartoon: A seller eclipse https://ift.tt/soAeSW5

Unlike most scientific experiments, any lessons learned by automakers and dealers — for example, how record-low inventories allowed them to achieve record profitability during an industrywide supply shortage — probably are not repeatable.

Used-vehicle wholesale prices fell slightly in March, Cox Automotive says

Used-vehicle wholesale prices fell slightly in March, Cox Automotive says https://ift.tt/S6Q0jHV

Cox Automotive also broke out year over year price fluctuations in vehicle segments.

Guest commentary: AI is a win-win for automotive retail

Guest commentary: AI is a win-win for automotive retail https://ift.tt/8KJgtLQ

While AI has been contributing positively to automotive retail, there is so much more on the horizon.

1 Thing We're Talking About: GAO report examines right-to-repair issue

1 Thing We're Talking About: GAO report examines right-to-repair issue https://ift.tt/9dQpz4f

The U.S. Government Accountability Office released a report on potential impacts that changing technologies would have on the right-to-repair issue.

GM’s China sales dip 4.5% in Q1

GM’s China sales dip 4.5% in Q1 https://ift.tt/BMmciby

Chevrolet deliveries dropped 47 percent to about 18,000 while Buick sales dipped 2.8 percent to around 103,000.

New-car sales expand 7% in March, trade group estimates

New-car sales expand 7% in March, trade group estimates https://ift.tt/gzR7uME

Sales of new passenger vehicles including sedans, crossovers, SUVs and multipurpose vehicles industrywide rose 7 percent year on year to approach 1.7 million in March, the China Passenger Car Association estimated Wednesday, drawing on a preliminary tally.

STELLANTIS: Q1 sales down 9.7% on lower Ram volume

STELLANTIS: Q1 sales down 9.7% on lower Ram volume https://ift.tt/bvVxhEy

Ram and Dodge saw the biggest declines, but Jeep started the year with a 1.8 percent increase after five consecutive years of lower sales.

F&I data: Leasing up to 22% of new-vehicle deals in Q4 2023, Experian says

F&I data: Leasing up to 22% of new-vehicle deals in Q4 2023, Experian says https://ift.tt/wPV3ZWU

Leasing rebounded to 22 percent of new-car deals in the fourth quarter of 2023, up from 18 percent a year earlier, according to Experian.

Guest commentary: AI poised to have positive impact on auto finance

Guest commentary: AI poised to have positive impact on auto finance https://ift.tt/L5ikQyK

With the help of AI, automotive finance and lease businesses are already streamlining processes, improving customer experience and detecting fraud.

Consumers with low credit face confusion in auto financing, survey finds

Consumers with low credit face confusion in auto financing, survey finds https://ift.tt/5Wnk1aS

A key factor holding consumers with lower credit scores back is confusion with the lending process, Open Lending found.

Champ Titles says more states are adopting its digital vehicle titling

Champ Titles says more states are adopting its digital vehicle titling https://ift.tt/8LZp5Xz

Champ Titles will bring its digital vehicle titling to one of the nation's most populous states, and its CEO said two more state governments will sign on soon.

GM sales dip in Q1; Toyota, Honda rack up double-digit gains

GM sales dip in Q1; Toyota, Honda rack up double-digit gains https://ift.tt/h2KUSBV

U.S. light-vehicle sales are projected to rise 4.7 percent to 12 percent in March, and 4.5 to 5.6 percent in the first quarter, based on estimates from forecasters, as market growth slows.

Used-vehicle sales get tax refund lift, Cox says

Used-vehicle sales get tax refund lift, Cox says https://ift.tt/SFHxB17

Used-vehicle retail transactions grew weekly from late January to March 14, an indication of the seasonal uptick those sales typically experience as consumers spend their tax refund dollars.

March U.S. sales edge up at Hyundai, slip again at Kia

March U.S. sales edge up at Hyundai, slip again at Kia https://ift.tt/gBKsvP4

U.S. light-vehicle sales are projected to rise 4.7 percent to 12 percent in March, and 4.5 to 5.6 percent in the first quarter, based on estimates from forecasters, as market growth slows.