AE Magazine
MENU
SEARCHMENUSEARCH
Ally Financial Inc., the former lending arm of General Motors, will become the preferred financing source for Mitsubishi Motors Corp. in the U.S, reported Bloomberg. Ally will replace Mitsubishi’s captive finance company and provide lease and retail financing and insurance offerings at about 380 Mitsubishi dealerships, the Detroit-based bank said Monday in a statement. Terms ... Read More »
Read More →DETROIT – General Motors on Thursday reported net income of $945 million for the first quarter of 2015. That compares to net income of $108 million for the Detroit automaker in the comparable period one year ago, reported MLive. GM’s earnings before interest and taxes increased to $2.1 billion, compared with an EBIT of $500 ... Read More »
Read More →Low gas prices are spurring Americans to drive more, reported The Detroit News. The U.S. Transportation Department says in a new report that Americans drove 6.1 billion more miles in February — up 2.8 percent over a year earlier — to 221.1 billion miles — and the second-most ever driven in a February and highest ... Read More »
Read More →DETROIT – General Motors CEO Mary Barra said the automaker has a comprehensive plan in place through the early part of the next decade, and a merger with a large, competing automaker does not appear to be part of that, reported MLive. Speaking in a conference call Thursday morning to discuss the Detroit company’s first ... Read More »
Read More →General Motors Co. said Friday it is nominating the CEO of Novartis International AG, a Switzerland-based pharmaceutical company, to join the board of directors, reported The Detroit News. The Detroit automaker also announced longtime board member E. Neville Isdell, 71, will not stand for re-election to the board in June because of the board’s retirement ... Read More »
Read More →WILKES-BARRE, Pa. — F&I product provider GWC Warranty announced this week that it is now able to operate in all 50 states after receiving regulatory approval in Alaska. “Since 1995, GWC Warranty has been helping dealers sell more cars by giving car shoppers the confidence to become car buyers,” said GWC Warranty CEO and President ... Read More »
Read More →FORT LAUDERDALE, Fla. — For the first time, AutoNation reported F&I gross profit per vehicle retailed (PVR) of more than $1,500, an all-time high for the public dealer group. The group saw an average gross PVR of $1,515 during the first quarter 2015, up $114, or 8.1%, from a year ago. Approximately two-thirds of that ... Read More »
Read More →ATLANTA — Toyota Financial Services (TFS) saw a 17% rise in conversion rates during a 16-week trial of Manheim’s Enhanced Vehicle Imaging. The results of the trial were documented in a recent case study released by both organizations. TFS formed a partnership with Manheim to implement the EVI technology. The company was looking for a ... Read More »
Read More →ATLANTA — A new study from Cox Automotive company MakeMyDeal found that shifting F&I product information online could be the key to higher sales and profitability. According to the MakeMyDeal 2015 Finance & Insurance Study, 61% of the 500 consumers surveyed believe that F&I products are just ways for the dealer to make more money. ... Read More »
Read More →MEDFORD, Ore. — Lithia Motors’ F&I operations realized a $52 increase in F&I profit per vehicle retailed, which settled in at $1,233 in the first quarter of 2015. The group’s F&I performance, coupled with the $97 increase in used-vehicle gross profit per vehicle retailed ($2,602), helped the 130-store dealer group offset lower new-vehicle gross profit ... Read More »
Read More →