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FORT LAUDERDALE, Fla. — AutoNation reported record F&I gross profit per vehicle retailed, with the dealer group’s F&I operations now averaging $1,401 per copy. The gain in back-end profitability, along with strong performances in used- and new-vehicles sales as well as parts and service, drove a 10% increase in third-quarter revenue from last year. AutoNation ... Read More »
Read More →CANTON, Mass. — LoJack Corporation has deployed its LoJack inventory management system with South Florida’s Braman Motorcars, a top 30 dealer group. The new inventory management system will help deliver an accurate location of vehicle inventory across multiple lots, helping to minimize the time required in the regular dealer inventory process. LoJack is working with ... Read More »
Read More →DETROIT – The number of approved death compensation claims related to a recall of a faulty General Motors ignition switch has risen to 30, reported MLive. The number of claims was at 29 last week, after rising from 19 such claims in September. The claims were approved by a fund set up by GM to ... Read More »
Read More →HANOVER, Md. – Michael Benoit, senior partner in Hudson Cook, LLP’s automotive finance group, has been honored with a 2014 Auto Finance Excellence Award, which recognizes achievement and contribution to the automotive finance industry. The award was presented on October 7, 2014 at the Auto Finance News’ annual Auto Finance Summit in Las Vegas, NV. ... Read More »
Read More →Takata Corp.’s chairman and chief executive officer issued an apology in response to an auto-safety crisis created by flaws in its air bags, reported Bloomberg. “We deeply regret that the recent recalls of vehicles equipped with our airbags have likely raised significant concerns and troubles to our product users, our customers, shareholders and other stakeholders,” ... Read More »
Read More →Toyota Motor Corp. said global sales climbed 2.8 percent in the first nine months of this year as the carmaker battles Volkswagen AG for leadership, reported Bloomberg. Worldwide deliveries for Toyota, including its Hino Motors Ltd. and Daihatsu Motor Co. units, climbed to 7.6 million vehicles through September, spokesman Dion Corbett said by phone. Volkswagen ... Read More »
Read More →SANTA MONICA, Calif. — Edmunds today pulled an online advertising campaign designed to promote its Price Promise program after backlash from dealers. The campaign, which was launched Monday, included four YouTube videos that depict a cashier trying to overcharge customers for items at a grocery store, then haggling with shoppers who refused to pay. At ... Read More »
Read More →IRVING, Texas — Exeter Finance Corp. announced late Tuesday that CEO Mark Floyd will step down from the post he’s held since 2010. Replacing him will be Thomas Anderson, a veteran of the financial service industry. He will step into his new role on Nov. 3. Officials with the subprime auto finance company said Floyd ... Read More »
Read More →LANSING, Mich. — Michigan Governor Rick Snyder signed into law on Tuesday legislation that adds tighter restrictions on direct-to-consumer vehicle sales. The move effectively bans Tesla Motors from selling vehicles in the state. Introduced in May, House Bill 5606 originally focused on prohibiting auto manufacturers from dictating what fees a franchised dealer can charge customers. ... Read More »
Read More →Toyota Motor Corp. said Friday it has sold some of its stake in Tesla Motors Inc., days after German luxury car maker Daimler AG disclosed it had divested its Tesla shares for a sizable gain, reported The WSJ. The sale came “as part of our process of regularly reviewing our investment portfolio,” Toyota said in ... Read More »
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