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Report Uncovers $4.7B Opportunity for Auto Dealers
Solving mismatched payment quotes can boost sales, profits
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SEARCHMENUSEARCHSolving mismatched payment quotes can boost sales, profits
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According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for purported down payments over a six-year period beginning in 2009. The dealer, David Hallman, accepted responsibility for the scheme and agreed to pay a $1.4 million fine and more than $737,000 in restitution to end federal prosecution.
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A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.
Read More →Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
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A new report from Portfolio details the effects of the Tax Cuts and Jobs Act on the six most common reinsurance program types and explains why at least one is now no longer advisable for most dealers.
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Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem unfazed, with outstanding balances climbing to a new record high.
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New tax law and economies of scale help publics and consolidators buck trends to grow earnings and fuel the buy/sell market to 92% growth in the second quarter. According to the firm, the market is on track for a fifth consecutive year of more than 200 acquisitions.
Read More →Through July, J.D. Power’s Adjusted Used Vehicle Price Index stood at 119.3, which is 4.7 percentage points higher than the year-ago period. The firm said used-vehicle prices began showing strength in the middle half of 2017, a trend that continued deep into this year’s summer selling season.
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Despite the decline, the trade group expects the California market will end the year with around 2 million new-vehicle registrations. That would be a slight decline from the 2.05 million registrations the market recorded in 2017, providing further proof the market has plateaued after several years of big increases.
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Retail expert and industry veteran Joseph Najar brings 25 years of technology and retail automotive experience to his new role as a reinsurance specialist at Portfolio.
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The U.S. Senate Banking Committee narrowly approved the nomination of Kathy Kraninger to head the Bureau of Consumer Financial Protection. The vote sends her nomination to the full Senate for consideration.
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