Federal Reserve leaves interest rates unchanged again

Federal Reserve leaves interest rates unchanged again https://ift.tt/S8450mr

The Federal Reserve opted against changing its benchmark rate during its July meeting, attempting to restrict future inflation for consumers but leaving them receiving higher interest rates than they might like on financed purchases like vehicles.

F&I data: Used-vehicle payments down while interest rate inches up

F&I data: Used-vehicle payments down while interest rate inches up https://ift.tt/eo8l7Nc

The average monthly payment for a used vehicle was slightly less in the second quarter of 2024 than a year ago, according to Edmunds.

F&I tip: Know your software programs inside and out

F&I tip: Know your software programs inside and out https://ift.tt/9iRjzmU

In the wake of the recent CDK Global outage, finance and insurance managers should make sure they know the ins and outs of their software, said Teasha McMillion, an independent dealership consultant.

How one car dealership group tackles health care insurance costs

How one car dealership group tackles health care insurance costs https://ift.tt/xd2Uc1M

A Carter Myers self-insured plan allows it to manage costs and potentially give leftover money back to help employees cover premiums.

Alfa Romeo weighs sales of Junior Veloce EV in U.S.

Alfa Romeo weighs sales of Junior Veloce EV in U.S. https://ift.tt/icAtOv5

Alfa Romeo will talk to its U.S. dealers to see if the 281-hp small EV could be sold in states such as California and Florida. 

Column: Market for decade-old vehicles is getting wild in its own right

Column: Market for decade-old vehicles is getting wild in its own right https://ift.tt/AUBI5nx

A study by iseecars.com found rapid price increases, growing market share for 10-plus-year old vehicles, which lead lenders to reconsider underwriting rules.

Beijing enhances consumer incentives to scrap older vehicles, boost sales of electrified models

Beijing enhances consumer incentives to scrap older vehicles, boost sales of electrified models https://ift.tt/Nu7lyFx

The Chinese government, seeking to boost vehicle demand, has raised subsidies significantly under a scrappage program it rolled out for passenger vehicles in late April.

Overheard: Women bring intangibles to fixed operations departments

Overheard: Women bring intangibles to fixed operations departments https://ift.tt/AUn0CNe

Women are overachievers and adaptable and therefore make good dealership service and parts workers, said Diana Shubert, former parts director at a Florida JLR dealership, on 'The Parts Girls Podcast.'

F&I tip: Dealership internal communication helpful when customers cancel F&I products

F&I tip: Dealership internal communication helpful when customers cancel F&I products https://ift.tt/GCBAeqo

Car protection product cancellation work at lenders, dealerships and finance and insurance product companies can be smoothed with good internal communication between 'front' and 'back' offices, says Kat Venner-Fowler, F&I Sentinel chief product officer.

Carvana's used EV sales are up so far this year. Here's a look at who's buying them.

Carvana's used EV sales are up so far this year. Here's a look at who's buying them. https://ift.tt/wJFCVvl

Emily Knoll, Carvana's senior director of inventory strategy, shared insights on retailer's second-quarter EV Trends Report.

Column: Good service depends on techs who follow the shop's processes

Column: Good service depends on techs who follow the shop's processes https://ift.tt/vUhGixn

Technicians who don't follow their shop's work processes 100 percent of the time are eroding the trust of the consumer and costing their employers money.

Jeep's big Wagoneers seeing growth as Grand Cherokee, Wrangler struggle

Jeep's big Wagoneers seeing growth as Grand Cherokee, Wrangler struggle https://ift.tt/MID6iZo

The burly three-row Wagoneer and Grand Wagoneer are the only Jeep nameplates to post higher U.S. sales in the first half of 2024, nearly doubling their combined volume from a year ago.

Global cyber event affects dealership groups, suppliers

Global cyber event affects dealership groups, suppliers https://ift.tt/GoZarvn

A technology stoppage, which crashed Microsoft Windows computer systems worldwide, stemmed from trouble with a software update from cybersecurity provider CrowdStrike Holdings Inc.

1 Thing We're Talking About: UVeye, myKaarma bring vehicle inspection data to customers' phones

1 Thing We're Talking About: UVeye, myKaarma bring vehicle inspection data to customers' phones https://ift.tt/VxI5vjq

Automated vehicle inspection platform UVeye has teamed with service drive technology provider myKaarma to provide customers with detailed inspection data delivered to their phone.

GM’s core China joint venture faces existential crisis

GM’s core China joint venture faces existential crisis https://ift.tt/z2c7UIw

SAIC-GM in June cut production by 70 percent to below 28,400, with year-to-date output slipping 54 percent to just under 210,000. 
 

F&I data: EV payment difference smaller than industry average in Q1 2024

F&I data: EV payment difference smaller than industry average in Q1 2024 https://ift.tt/DavRd0o

The average payment difference for electric vehicles was $88 in the first quarter.

Why American Honda expects to grow faster in the U.S. than the industry this year

Why American Honda expects to grow faster in the U.S. than the industry this year https://ift.tt/YZlb97I

The Japanese automaker expects U.S. growth on returning brand loyalists and consumers sidelined during the pandemic.

Column: Unraveling the true cost of owning an electric car

Column: Unraveling the true cost of owning an electric car https://ift.tt/qz4THhx

Two contradictory choruses dominate the electric vehicle discussion: 'EVs are much more expensive than gasoline vehicles' and 'EVs cost less to own than gasoline vehicles.' We set out to determine which was true.

Honda leaps Stellantis, pickups down in '24

Honda leaps Stellantis, pickups down in '24 https://ift.tt/B3rHSZq

Although the industry grew 2.2% in the first half of the year, GM, Hyundai-Kia, Stellantis and Tesla experienced declines.

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis https://ift.tt/FvDi46f

Every dealer should now recognize the need to have a strong business continuity management plan and make it a strategic priority.

Mercedes sales rebound in Q2

Mercedes sales rebound in Q2 https://ift.tt/uO12IbX

Mercedes-Benz saw its China deliveries gain 2 percent year on year to 172,600 in the second quarter after sliding 12 percent to 168,900 in the first quarter. 

F&I tip: Don't forget interest when refunding a customer if mistake made during CDK outage

F&I tip: Don't forget interest when refunding a customer if mistake made during CDK outage https://ift.tt/t7fHou5

If a dealership inadvertently overcharged a customer during the CDK outage, 'it needs to be promptly refunded to the consumer,' says Hudson Cook law firm partner Jean Noonan.

F&I data: Credit unions edge out captives for Gen Z auto loans

F&I data: Credit unions edge out captives for Gen Z auto loans https://ift.tt/KqHp7SO

Captive finance lenders were the most popular source of car loans for most generations — but not Generation Z, which was slightly more likely to borrow from a credit union during the first third of the year, according to Equifax data.

Hyundai pushed fake EV sales reporting scheme, Napleton lawsuit claims

Hyundai pushed fake EV sales reporting scheme, Napleton lawsuit claims https://ift.tt/wCrtV9W

Hyundai said it does not "condone any intentional falsification of sales reporting data and [has] launched an immediate investigation."

Fifth Third Bank settles CFPB forced auto loan insurance case for $5M

Fifth Third Bank settles CFPB forced auto loan insurance case for $5M https://ift.tt/cm9pQZt

Fifth Third Bank has agreed to pay restitution to auto borrowers and a $5 million civil penalty to settle Consumer Financial Protection Bureau allegations it mishandled the "force-placed insurance" it applied to thousands of customer cars, the agency said.

Porsche sales off 7% in H1 as China slump deepens

Porsche sales off 7% in H1 as China slump deepens https://ift.tt/n3blL98

Sales in China fell by 33% and 6% in the U.S. Executives said they believe a raft of new and updated models in the next year will give the VW Group brand a boost.

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis https://ift.tt/VQK5uwe

Every dealer should now recognize the need to have a strong business continuity management plan and make it a strategic priority.

GM’s China sales slide 29% in Q2 amid EV transition

GM’s China sales slide 29% in Q2 amid EV transition https://ift.tt/iPv9sq6

GM and its two Chinese partners delivered 373,000 vehicles in China in the second quarter, a drop of 29 percent from a year earlier, as the Detroit automaker continues to struggle in a market shifting to electric vehicles and hybrids.

Column: Meet this year's class of 40 Under 40 honorees

Column: Meet this year's class of 40 Under 40 honorees https://ift.tt/6Ctul7z

Automotive News spotlights its latest class of 40 Under 40 honorees in its July 8 issue.

We asked our 40 Under 40 honorees: What would people be surprised to learn about you?

We asked our 40 Under 40 honorees: What would people be surprised to learn about you? https://ift.tt/Z0inPhf

We try to get to find out just a little more about our 2024 40 Under 40 honorees.

Michigan dealership group takes branding to the skies with hot air balloon

Michigan dealership group takes branding to the skies with hot air balloon https://ift.tt/xUIFbeO

A hot air balloon emblazoned with the name of the Kalamazoo, Mich., dealership group dances through Midwest skies every summer.

Dealers say EV sales training provides a competitive edge

Dealers say EV sales training provides a competitive edge https://ift.tt/koEZ3tz

Staff learn how to sell EVs to consumers who have different concerns than buyers of internal combustion vehicles. 

Geely hikes 2024 sales target

Geely hikes 2024 sales target https://ift.tt/va3Zwmp

Geely Automobile Holdings, citing strong first-half volume, raised its sales target for 2024 to 2 million, a 5.3 percent increase from goal it set at the start of the year. 

FORD: EVs, Lincoln drive slight gain as F-Series slips in Q2

FORD: EVs, Lincoln drive slight gain as F-Series slips in Q2 https://ift.tt/69OaqGp

Ford sold 532,466 light vehicles in the quarter, including a record 53,822 hybrids. Overall pickup sales rose 5 percent, but deliveries of its flagship F-Series line fell 6.1 percent.

More highlights from amicus briefs in FTC CARS Rule case

More highlights from amicus briefs in FTC CARS Rule case https://ift.tt/76mqh5I

Stakeholders including used-car dealer group NIADA and two Florida auto retailers have filed amicus briefs offering the 5th Circuit Court of Appeals additional perspectives on the FTC's impending CARS Rule for dealerships.

Editorial: Buy-sells undergo ‘Great Recalibration' as expectations adjust

Editorial: Buy-sells undergo ‘Great Recalibration' as expectations adjust https://ift.tt/xuvpNej

Dealers who sold their stores asked for and received top dollar for their stores during pandemic boom times. Expectations now need recalibrating.

Collision repair organization I-CAR develops new curriculum for schools, shops

Collision repair organization I-CAR develops new curriculum for schools, shops https://ift.tt/wVxD1Oo

The Inter-Industry Conference on Auto Collision Repair is introducing new entry-level curriculum for career and technical schools as well as collision repair centers as part of its I-CAR Academy.

Tesla's Q2 deliveries fall 4.8% for second straight decline despite sales promotions

Tesla's Q2 deliveries fall 4.8% for second straight decline despite sales promotions https://ift.tt/x8Uh7NB

Tesla said it delivered 443,956 vehicles globally in the second quarter, which was better than expected by Wall Street analysts. Tesla's stock price rose about 8 percent in July 2 early trading

Hyundai, Kia sales drop in wake of CDK cyberattack

Hyundai, Kia sales drop in wake of CDK cyberattack https://ift.tt/8xTjNwM

The market was on track to rise modestly in June but the widespread cyberattack at CDK, disrupting new-car deliveries, is expected to put a dent in volume, though many sales will be made up in July.

Study looks at how well dealerships answer service department telephone calls

Study looks at how well dealerships answer service department telephone calls https://ift.tt/Yte6Ng4

Pied Piper called more than 2,700 dealerships across the U.S., trying to schedule a service appointment. The fresh metric could show auto retailers a new way to enhance customer brand loyalty.