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Subscription service provider Flexdrive uses telematics devices installed on vehicles to trim the cost of depreciation and insurance for its dealership partners.
Longtime Mercedes-Benz financial executive Alex Mallmann has been named CEO of AutoGravity, the financial technology company said. Mallmann, 47, replaces Andy Hinrichs, who has left the company.
Turns out, if you want to be a disrupter but have little to no automotive experience, you're going to need some help.
F&I has been a dealership profit center for decades but industry trends such as subscription services, online shopping and electric vehicles could prompt dealerships to restructure the role.
AutoGravity co-founder and CEO Andy Hinrichs has left the company to pursue other opportunities. He will be replaced by Alex Mallmann, former head of Mercedes-Benz Auto Finance China.
Mason oversees all finance operations for the nine stores within the dealership group. In Mason's first five months with the company, F&I profit per vehicle has increased $300.
Raised the F&I revenue per new vehicle at Suntrup Automotive Group in St. Louis, Mo., more than $300 in five months
Created an analysis tool that helped a dealership group's new-vehicle operations achieve a six-figure gain in annual profit.
Several automakers are experimenting with subscription services, but Edmunds says the math doesn't work out for consumers.
A New York dealership accused of deceptive practices toward non-English-speaking Chinese customers agreed to pay more than $423,000 in restitution and penalties as part of a settlement with the state's attorney general.
As auto loan interest rates climb, will car shoppers put off a purchase or jump in before the market overheats? Some will likely push ahead with a purchase, while others will postpone a deal.
To prevent downsizing in the F&I department as new vehicle ownership models take hold, product providers should look to other areas of the automotive industry to create products outside the usual F&I realm, such as...
As new-vehicle auto loan interest rates hit a nine-year high in June, consumers' average amount financed was relatively flat, and they put more money down.
In the F&I office, where mistakes can cost dealerships far more than a sale, hiring the right people matters, auto retail experts say.
The share of zero-percent financing deals nearly halved in June from a year earlier, a sharp decline that could signal the end of "cheap and easy" auto finance deals, Edmunds said.
Negative-equity levels hit a record high in the first quarter, Edmunds said, as interest rates and loan terms continue to increase.
With the prominence of the physical auto auction shrinking, Cox Automotive and its Manheim unit are honing digital services and building up other revenue streams such as reconditioning.
Chase's marketing real estate sets it apart from its auto lending peers.
Ally Financial agreed to pay nearly $20 million to settle a class-action lawsuit accusing the lender of charging customers fees outside their lease-to-own agreements.
GM Financial stopped reporting customer payment information to the credit bureaus after problems following a systemwide technology upgrade, and legally, that was the lender's only choice.
GM Financial customers were thrust into a state of uncertainty from January through May after the lender stopped reporting payment information to credit bureaus because of problems following a systemwide technology upgrade.
Dealerships using AutoFi can now construct deals to send to customers, but at least one dealership is taking the platform much further, integrating the tool into its vehicle-delivery program.
Prices for small used cars are climbing to unexpected levels- a sign that demand is growing as price-sensitive consumers face dwindling options in the new-car market.
Those looking to whittle down monthly car payments could see F&I products as burdens, but investing in those products could be the key to avoiding a truly unmanageable cost later.
Dealer concern about rising interest rates has sharply increased, Cox Automotive survey finds.
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