| | | WEEKLY REPORT | April 18, 2012 |
| | | | | | | How an F&I manager uses jar of scrap to pitch wheel-and-tire plans
 Keep your eyes on the nuts and bolts if you want to boost sales of wheel-and-tire protection plans. That's what F&I manager Chris Brunner of Curry Honda in Chicopee, Mass., did to spur sales of the plans during the store's recent renovation. ...  story
| AutoTrader, DealerTrack partner to place indirect loans online
AutoTrader.com and DealerTrack have formed a partnership to try and get dealerships more online finance deals. “There's a tremendous amount of dissatisfaction out there,” for both consumers and dealers, because consumers' online credit applications are poorly integrated -- or not integrated at all -- with the dealership F&I process, Chip Perry, CEO of Atlanta-based AutoTrader.com, ... story
| BMW Financial taps app in lending turn
 BMW Financial Services, in a twist for a captive lender, is offering a $300 voucher toward the purchase of a 2012 BMW 3 series to customers who arrange a test drive through a smartphone app. ... story
| Reynolds' Vanover brings rich career to F&I Week
 Julie Vanover, a former F&I manager who now consults with more than 100 dealerships a year on F&I and related issues for Reynolds and Reynolds, will be a lead speaker during Automotive News F&I Week in June. She will kick off the online event's opening session, “Creative Strategies That Drive F&I Performance.” Five other Webinars will follow over three days, June 19-21. ... story
|
| |
| | | | |  | | |
F&I BY THE NUMBERS
American Honda Finance loan growth slows
Growth in loans and leases for new and used vehicles has slowed during the current fiscal year for American Honda Finance Corp. Sales of new Hondas and Acuras fell in the United States in 2011 because of product shortages following the earthquake in Japan. Dollars in billions. | | | | | | | Period | Amount outstanding | Yr.-ago change | | 9 mos. ended Dec. 2011 | $27.5 | 4% |
| | Fiscal year ended March 31 | | 2011 | $26.8 | 5.5% | | 2010 | $25.4 | -6.7% | | 2009 | $27.2 | 4.7% | | 2008 | $26.0 | 3.7% | | | | |
| | Source: American Honda Finance Corp. |
|
|
|
| | | | |
JIM HENRY
Hole in the no-loan argument
| |  | Jim Henry is a special correspondent for Automotive News | |
Don't look now but NADA is trying to bring the F&I office into its fight against CAFE standards. The dealer association is suggesting that F&I managers won't be able to get financing for millions of customers if the Obama administration has its way.
The thinking was outlined in a study released by NADA last week.
The study, citing government estimates, said meeting the proposed Corporate Average Fuel Economy standards could hike retail prices by $3,000 per vehicle. The standards increase from model years 2017 to 2025, when CAFE will top out at 54.5 mpg.
According to the study, the price hike would knock millions of U.S. consumers out of the new-car market because they couldn't qualify for an auto loan large enough to cover the cost of meeting fuel-economy standards.
The obvious hole in that argument is that if customers can't qualify for a higher loan, they'll simply buy something cheaper. Everybody can't afford a Cadillac; that's why they make Chevrolets.
But the auto-loan argument deserves to be taken seriously, said Doug Greenhaus, NADA chief regulatory counsel for environment, health and safety issues. There's no disputing higher new-car prices would price at least some buyers out of the new-car market and into thirstier used cars. For those buyers, the new CAFE standards would have unintended consequences, he said in a phone interview on Monday.
If NADA is right, F&I managers might as well just stay in bed.
JAMIE LaREAU
Forget working 9 to 5 if you do F&I
| |  | Jamie LaReau covers auto dealers for Automotive News | |
Facebook COO Sheryl Sandberg recently revealed she leaves work at 5:30 p.m. every day.
Now that is a perfectly reasonable hour to head home, in my opinion.
But Sandberg admitted in news reports that she struggled to be comfortable with how others might perceive her departure time.
There seems to be a popular misperception that quitting work before 8 p.m. is lazy.
But Sandberg wants to be home to have dinner with her family by 6.
Good. Work-life balance leads to a healthier and more productive worker. Sadly, many finance and insurance managers probably won't get to live the Sandberg lifestyle.
It's typical for F&I managers to work 10-plus-hour days at least a couple of times a week, especially if their store is open late.
And F&I managers often tell me they work at least one weekend day. Their days off frequently are scattered somewhere in the middle of the week.
Those blessed with regular 9-to-5 hours often come in early or stay late to accommodate a customer's schedule.
And in this industry, the odd hours are what has come to be expected of F&I managers.
For example, one F&I manager said on a Facebook page that there is a Toyota dealership looking to hire an F&I manager to work 12-plus-hour days, six days a week with shorter hours on Sunday. That job likely will remain unfilled for a while, he speculates.
Many F&I folks -- and other dealership employees -- don't mind their schedules, though, because they love their jobs.
But a few have said the work weeks can be long and unpredictable.
And sometimes, it means missing a family dinner.
F&I PRESS RELEASES
» Provider Exchange Network (PEN) to Enable Aftermarket Product E-Contracting for AUL Products
» Vehicle Protection Association Supports Prosecution of Fraudsters
» Consumer Credit Default Rates Decreased in March 2012 According to the S&P/Experian Credit Default Indices
DEALER JOB LISTINGS
| | |  | | |
F&I BY THE NUMBERS
Mini leads in residual values
Mini, Subaru and Honda have the highest residual values, according to the March-April 2012 ALG Industry Report. A higher residual value makes monthly payments more affordable. Residual values shown are for 36 months, % of sticker price. | | | | | | Top 5 brands | | | | Avg. residual | | Mini | 52.5% | | Subaru | 51.9% | | Honda | 50.5% | | Scion | 49.6% | | Hyundai | 49.4% | | | | | Bottom 5 Brands | | | Jeep | 42.5% | | Ram Trucks | 42.4% | | GMC Trucks | 42.3% | | Chevrolet | 42.2% | | Suzuki | 42.2% | | | |
| | Source: ALG Inc. |
|
|
|
|  | | >> Unsubscribe from this newsletter Copyright © Automotive News Designed by Templatesbox.com | | Automotive News is located at 1155 Gratiot Ave., Detroit, Michigan, 48207 |
|
No comments:
Post a Comment