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Automakers, listen to your captives
Automakers should listen to their captive finance companies about which incentives would best move metal off dealerships' lots.
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New U.S. consumer watchdog chief lays out goals
The new head of the U.S. consumer financial watchdog on Tuesday said she intended to continue some of the work begun by her predecessor Mick Mulvaney, including a review of decades-old rules preventing lending discrimination against minorities.
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After years of growth, auto loan balance at banks drops
After at least six years of steady growth, banks' third-quarter auto loan balance decreased from the same period a year ago as credit unions' loan balance continued to grow, according to Experian.
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Financing concerns weigh on auto dealers in Q4, Cox survey finds
Alongside affordability challenges, high interest rates and difficulty obtaining credit for customers have clouded dealers' typically rosy outlooks, according to Cox Automotive's Dealer Sentiment Index survey.
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One-person, one-price strategy aids ethics
The transparency of a one-person, one-price approach lends itself to a more ethical culture, said some dealers who have made the switch.
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Some dealerships stray from the title of F&I manager
Whether it's better for mitigating sales resistance from customers or preventing cash-buyer confusion, some dealerships stray from the traditional title of finance and insurance manager.
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Set ground rules for self-promotion
Self-promotion can erode customer trust, F&I experts caution, and dealerships should have ethical ground rules for displays of personal achievement in the office.
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F&I managers use Facebook for support
In 2009, a Facebook group was launched to help educate F&I managers on ethics and compliance. The intention to build an online community of experts, educators and comrades was a way to reach those in need of guidance without charging a fee.
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Perfecting the sales-F&I handoff
DCH Millburn Audi in New Jersey has spent the last several years perfecting the sales-to-F&I handoff. The strategy has not only improved the sales process for the customer, but also increased the store's F&I profit.
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How F&I ethics have evolved
Today, unethical behavior at dealerships is more difficult to get away with than in the past. Dealers set policies to weed out unethical characters, and social media and consumer resources often shed light on unethical business practices.
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