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SCHAUMBURG, Ill. — Experian Automotive reported today that outstanding automotive loan balances totaled $968 billion in the third quarter. That’s up $98 million from a year ago and up more than 53% from the post-recession low in 2010. The firm noted that while outstanding balances have grown substantially, borrowers continue to keep the market stable ... Read More »
Read More →Volkswagen and Audi executives will meet with U.S. environmental regulators this week, ahead of a Nov. 20 deadline to submit a plan to fix nearly 500,000 diesel cars that violate pollution emission rules, people familiar with the matter said. Friedrich Eichler, VW’s powertrain development chief, is scheduled to meet with the Environmental Protection Agency and ... Read More »
Read More →BERLIN— Volkswagen AG on Friday reported a drop in new-car sales in October as a result of sharp declines in some emerging markets and troubles for its namesake VW brand in the U.S. and Europe stemming from the company’s emissions scandal. Meanwhile, the Wolfsburg, Germany-based auto group is negotiating with a group of banks to ... Read More »
Read More →WESTLAKE VILLAGE, Calif. — Dealerships that use technology like tablets and computer displays during the sales process can substantially improve customer satisfaction among new-vehicle buyers, according to the J.D. Power 2015 U.S. Sales Satisfaction Index (SSI) Study. Released on Thursday, the study measures satisfaction with the sales experience among new-vehicle buyers and rejecters — those ... Read More »
Read More →ATLANTA, Ga. — Three top executives at Cox Automotive were named to Automotive News’ 100 Leading Women in the North American Auto Industry during the publication’s annual awards ceremony. Jane Barnard, president of Manheim North America, Lori Wittman, vice president and general manager of VinSolutions and Sharon Kitzman, vice president and general manager of Dealer ... Read More »
Read More →HOUSTON — Group 1 Automotive, an international dealer group with outlets in the United States, the United Kingdom and Brazil, raised its consolidated F&I profit per-copy average by $27 to $1,352. The group’s U.S.-based F&I operations continued to live $1,500 per copy. In the United States, the group’s F&I operations averaged $1,515 in F&I per ... Read More »
Read More →FORD LAUDERDALE, Fla. — Strong performances in all of AutoNation Inc.’s business sectors — particularly the group’s F&I operations, which continued to live above $1,500 per copy during the period — drove record third-quarter results for the nation’s largest dealer group. While F&I accounted for 4.3% of the company’s $5.1 billion in same-store revenue, F&I ... Read More »
Read More →DALLAS — F&I product provider EFG Companies was named to the Dallas Morning News’ list of Top 100 Places to Work, marking the ninth national award the company has earned this year for excellence and customer service. “EFG’s awards and certifications reflect our intense focus on operating in our clients’ best interest at all times. ... Read More »
Read More →DETROIT — Budco Financial has integrated its interest-free financing plan for service contracts into iTapMenu’s tablet F&I menu. Budco Financial serves as Ford’s exclusive provider of service-contract payment plans, financing more than 40,000 Ford service contracts annually, according to officials. With the new integration, dealerships can now present a service contract to cash customers or ... Read More »
Read More →DEERFIELD BEACH, Fla. – After surveying more than 128,000 women and 69,000 minority employees nationwide, Fortune and Great Place to Work ranked JM Family Enterprises Inc. No. 47 on its 2015 list of 50 Best Workplaces for Diversity. The automotive company was also ranked No. 9 on Essence’s list of 10 Best Workplaces for African ... Read More »
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