F&I data: Santander study finds pent-up auto demand, need for lower payments

F&I data: Santander study finds pent-up auto demand, need for lower payments https://ift.tt/06voUPL

A Santander Consumer USA survey in February found 55 percent of middle-class customers delayed a car purchase during the previous year because of cost, up 5 percentage points from the last survey.

April vehicle shipments forge ahead behind exports

April vehicle shipments forge ahead behind exports https://ift.tt/SgLkOUJ

Wholesale deliveries of vehicles industrywide gained 9.3 percent year on year to 2.36 million last month, the China Association of Automobile Manufacturers said this week. Exports continued to drive the shipment growth, according to the trade group’s tally. 

Genesis dealership count triples

Genesis dealership count triples https://ift.tt/Ju45Uwk

Genesis now has 35 exclusive storefronts across the U.S., helping to edge the premium brand away from mainstream Hyundai.

Volvo's Q1 EV sales plunge: A momentary blip or a sign its 2030 plan is in jeopardy?

Volvo's Q1 EV sales plunge: A momentary blip or a sign its 2030 plan is in jeopardy? https://ift.tt/KZJcNqB

Volvo EV sales in the U.S. plummeted 65 percent in the first quarter. According to Cox Automotive estimates, it was the largest year-over-year percentage decline in the luxury segment.

What will high vehicle prices and interest rates mean for the auto finance market in 2024?

What will high vehicle prices and interest rates mean for the auto finance market in 2024? https://ift.tt/pq8zJax

Automotive News asked five auto finance experts to share their thoughts on these challenges and what affordability constraints might mean for the months ahead.

QoreAI places ID verification process in customer's hands

QoreAI places ID verification process in customer's hands https://ift.tt/s485iCl

The startup developed a platform that combines anti-fraud and ID verification processes typically handled by separate systems.

New-vehicle market contracts 2% in April

New-vehicle market contracts 2% in April https://ift.tt/flts1pL

Retail sales of new sedans, crossovers, SUVs and multi-purpose vehicles industrywide dipped 2 percent year on year to below 1.59 million in April, the China Automobile Dealers Association said Wednesday.

Digital auto finance will bring efficiency and better customer experience, experts say

Digital auto finance will bring efficiency and better customer experience, experts say https://ift.tt/JV3kPHa

Using technology to improve internal efficiency and external consumer experience were key themes for panelists speaking on digital auto finance at the 2024 Auto Finance Summit East conference.

‘Black box' auto finance decisions can complicate dealer lender choice

‘Black box' auto finance decisions can complicate dealer lender choice https://ift.tt/21D7axC

Lenders ditching traditional rate sheets and adopting new underwriting models for considering car loan applicants presents a challenge to car dealership finance offices, leaders at FinBe USA and Axos Bank say.

Stella Automotive AI raises VC from Reynolds and Reynolds, dealerships

Stella Automotive AI raises VC from Reynolds and Reynolds, dealerships https://ift.tt/4XQOtG7

Stella, which makes automotive artificial intelligence technology for dealerships, secured $19.7 million.

Register now for the Automotive News Leading Women Conference

Register now for the Automotive News Leading Women Conference https://ift.tt/CQy3I1z

The May 21 event features Ford Motor Co.'s Lisa Drake and Hyundai Motor America's Tia Battle as keynote speakers.

AI-powered auto finance company LendBuzz looks to expand after 2023 boom

AI-powered auto finance company LendBuzz looks to expand after 2023 boom https://ift.tt/B2dGApW

Lendbuzz's use of AI, neural networks and machine learning to evaluate credit applicants finds insights about risk that traditional underwriting would overlook.

Rivian to report Q1 earnings as EV maker cuts costs, prepares new models

Rivian to report Q1 earnings as EV maker cuts costs, prepares new models https://ift.tt/BbEgUey

While Rivian announced an $827 million incentive package from the state of Illinois last week, analysts still expect it to burn through billions in cash this year.

10-day sales reports were unending battle

10-day sales reports were unending battle https://ift.tt/0Ce2jiv

Keeping up with the sales numbers and getting compared to our competition every 10 days drove us nuts at Chrysler because our sales at the time were not keeping up with our competition.

Public retailers grapple with soft EV demand in Q1

Public retailers grapple with soft EV demand in Q1 https://ift.tt/yvjuS8M

All six public retailers experienced challenges with electric vehicles, but also saw opportunities.

TruCar details car-buying platform pilot; Q1 numbers improve

TruCar details car-buying platform pilot; Q1 numbers improve https://ift.tt/5Nktocq

TrueCar CEO Jantoon Reigersman said its pilot of an enhanced TrueCar+ platform will enable a digital car buying transaction from start to finish.

Top 5 stories of the week: Asbury looks to sell dealerships; UAW threatens Stellantis stamping plant

Top 5 stories of the week: Asbury looks to sell dealerships; UAW threatens Stellantis stamping plant https://ift.tt/Cg4sjxa

A quick look at the top automotive stories of the week as determined by reader interest.

Steps a new service manager should take in the first 30 days to set foundation for success

Steps a new service manager should take in the first 30 days to set foundation for success https://ift.tt/UA9dX5L

As a new service manager, the first 30 days are pivotal for laying down a strong foundation, says Corey Smith, national fixed operations training manager at EasyCare.

Sonic Automotive's EchoPark used-car business shows Q1 turnaround

Sonic Automotive's EchoPark used-car business shows Q1 turnaround https://ift.tt/9AzGucV

Sonic Automotive President Jeff Dyke said the group won't open any EchoPark stores this year.

Carvana Q1 net income swings to $49 million; revenue up 17%

Carvana Q1 net income swings to $49 million; revenue up 17% https://ift.tt/8Bs3Ugj

The online used-vehicle retailer said it sold 91,878 used vehicles in the first quarter, up 16 percent from the same period last year. Shares surged in aftermarket trading.

Fed holds rates steady, flags 'lack of further progress' on inflation

Fed holds rates steady, flags 'lack of further progress' on inflation https://ift.tt/rQD3ziK

The Federal Reserve said it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2%."