You must have an Automotive Newssubscription to view the digital edition
Click here to subscribe
Peter Zieringer, CEO of Mercedes-Benz Financial Services USA, will leave his post to lead Daimler Financial Services' European operations. Peter Henn will replace him.
With Rep. Maxine Waters as the likely candidate to lead the House Financial Services Committee, auto finance industry experts are preparing for a shift in the tone of the group.
Customer satisfaction with auto lenders is highest when the dealer is left out of the equation, according to J.D. Power. Direct financing remains one of the smallest slices of the auto financing market, but gets the highest satisfaction scores.
Customers may someday be able to apply for an auto loan via a voice-enabled device, according to Experian. But with security and adoption hurdles to clear, it may still be years away.
Lincoln Automotive Financial Services and Mercedes-Benz Financial Services tied as the highest ranked luxury-brand auto lenders in J.D. Power's 2018 U.S. Consumer Financing Satisfaction Study, while World Omni Financial Corp. secured the top ranking among mass-market-brand customers.
New CDK Global CEO Brian Krzanich has no experience in the auto industry, but he might just have the tech skills the company needs.
As Democrats gain control of the House, a new chairman of the House Financial Services Committee with views radically different from her predecessor could shift the panel's stance on automotive finance regulation.
CarGurus, an online automotive marketplace for consumers, is now allowing third-party vendors access to data about how customers are using the shopping platform. By sharing customer shopping data on other platforms, CarGurus will allow participating dealerships to learn more about how their inventory is performing on the site.
Dealership software giant CDK Global said it hired former Intel boss Brian Krzanich to take over as CEO. Krzanich, 58, replaces Brian MacDonald, CDK's CEO since 2016. The move is effective immediately.
Five of the six public new-vehicle dealership groups improved average F&I gross profit per vehicle in the third quarter, driven by growing F&I product penetration and F&I training efforts.
To increase transparency in F&I product offerings and benefits, F&I training company Reahard & Associates has launched a series of product videos for dealerships to feature on their websites.
As dealerships refine how F&I products should be presented online, one thing is clear: The handoff in-store must be seamless.
During the Great Depression, a young Jim Moran pumped gas before borrowing $360 to purchase his own gas station. This month, the $15.1 billion company he built in phase two of his career turns 50.
The effects of hurricanes both this year and in 2017 were felt by some public retailers who reported earnings results last week.
Public retailers that reported third-quarter earnings last week said they are bolstering their e-commerce efforts to better accommodate the growing number of vehicle buyers who want to shop online.
Brent Burns, CEO of JM Family Enterprises, talks about the magnitude of the responsibility of running an enterprise founded by the legendary Jim Moran.
Asbury Automotive executives said the group is interested in entering new markets as well as acquiring "tuck-in" stores, generally described as one or two stores that help round out a retailer's presence in an existing market.
Despite substantial gains in the used-vehicle market and lease originations, Ally Financial's consumer auto originations remained flat in the third quarter because of declining new vehicle business.
Lithia reported net income of $93.1 million in the third quarter, a 79 percent increase over last year. That increase in part reflected gains related to the sale of dealerships and tax benefits.
Ally Financial has axed its pilot of Clearmatch -- a digital service designed to approve customers for vehicle financing, connect them with participating dealerships and let them shop those dealerships' inventory in the platform -- just seven months after announcing the program.
F&I managers, especially those who haven't experienced a downturn, may have to step up their game in the coming months.
Some dealerships are relying on DealerPolicy, a digital insurance platform that allows customers to compare quotes for car insurance while still in the dealership. The result helps customers save money, participating dealers say, and keeps F&I product sales from competing with insurance costs.
Asbury Automotive's net income surged in the third quarter, driven by increases in the company's finance and insurance and parts and service business lines. The company also lifted its revenue.
Customers coming back to the new-vehicle market are finding heftier price tags and dwindling financing options. For those underwater on their loans, a new vehicle is even further from reach just as automakers are pulling back on incentives that could help.
Sales associates seeking to speed through the car-buying process by taking on duties traditionally done by the F&I manager can often do more harm than good. But more training overall and guidance from the F&I director could keep sales associates on track.
Automotive NewsJobs Board
Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that's vital to your business.
Sign up today to get the best of Automotive News delivered straight to your email inbox, free of charge. Choose your news – we'll deliver.