| | | WEEKLY REPORT | September 26, 2012 |
| | | | | | | Hybrid F&I managers? No thanks, panelists say
 F&I professionals were almost universally skeptical of the idea of so-called hybrid F&I managers at a recent F&I conference -- including one of the few hybrid managers in attendance. ...  story
| Q&A
Huntington eyes business through dealer lens
 Huntington Bank is boasting a rare double: It's gaining auto lending share while charging a premium. Close dealer relationships and good customer service are the keys, says Nick Stanutz, Huntington's auto finance group director. Most of the bank's loan applications can be approved within three seconds or less using automation, he said. ... story
| Dealers pump subprime sales with Web leads
 Dealers are gobbling up finance leads generated by Web sites that help many subprime car shoppers determine what they can afford. Auto Credit Express, a major supplier of subprime finance leads, is enjoying strong demand, said Rich LaLonde, president of Auto Credit Express and owner of two Kia dealerships, all in suburban Detroit. ... story
| Lease push in downturn gives Toyota an edge
 Fifteen years ago, George Borst moved from a high-profile job managing Lexus Division through the early-1990s recession to become CEO of the then-lesser ranks of Toyota Financial Services. Since that time, Toyota Financial has grown from $20 billion in managed assets to more than $91 billion and has sprouted its own savings bank. Not that it was smooth sailing. ... story
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F&I BY THE NUMBERS
Toyota Credit loan volume rebounds
U.S. auto loan volume for Toyota Motor Credit Corp. is increasing again. Total outstanding loans for new and used vehicles dipped slightly in fiscal year 2010 with the downturn, and again in the most recent fiscal year with the earthquake and tsunami in Japan. Dollars in billions. | | | | | Fiscal 1st qtr. | Outstanding loans | Yr.-ago change | | June 30, 2012 | $45.3 | 0.5% | | | | Fiscal yr.
ending March 31 | | | | 2012 | $44.6 | -0.9% | | 2011 | $45.1 | 4.2% | | 2010 | $43.2 | -0.6% | | 2009 | $43.5 | 2.8% | | | | | | Source: Toyota Motor Credit |
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JIM HENRY
Are the times really changing at dealerships?
| |  | Jim Henry is a special correspondent for Automotive News | |
Sure, there are innovative dealerships out there. But maybe not as many as you might think.
Reading about the latest trends in F&I, you could get the idea that lots of salespeople handle F&I, that dealerships hand iPads to their customers to watch prerecorded F&I product presentations, and that most dealerships sell service contracts in the service lane.
But that’s not really what’s happening, according to F&I practitioners at a recent conference.
Hand-held devices did have some defenders. For instance, Nick Sennett, sales manager at OptionSoft Technologies, said using iPads gets customers engaged.
“I can excite your car buyer just by the medium by which you’re delivering it,” he said in a panel discussion.
An audience member, though, wasn’t convinced: “That’s only temporary,” he said. Once the novelty wears off, he said, “You might as well pull out a cellphone and show it to people” and expect them to be impressed.
Said one F&I veteran after the conference, “Dealers don’t like change -- not even good change.”
F&I PRESS RELEASES
» Ally.com Recognized with "Outstanding Website" Award
» Dealers increase charitable giving, Ally survey reports
» Experience a BMW 328i for a long weekend thanks to the new BMW on Demand USA service from BMW Group Financial Services
» Credit Acceptance Announces Completion of $252.0 Million Asset-Backed Financing
DEALER JOB LISTINGS
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F&I BY THE NUMBERS
Huntington Bank targets superprime
Huntington Bank of Ohio has expanded auto lending in the Midwest and the Northeast. The bank concentrates on superprime customers. Huntington successfully charges higher interest rates than the industry average. The bank says its portfolio has an average credit score of 760. Industry comparison is for the superprime segment, defined by Experian Automotive as a credit score greater than 740. | | Customer superprime interest rates | | | | Huntington avg. | Industry avg. | | New vehicles | | | | Q2 2012 | 4.1% | 3.1% | | Q2 2011 | 4.0% | 3.6% | | | | | Used vehicles | | | | Q2 2012 | 5.6% | 4.3% | | Q2 2011 | 5.9% | 5.1% | | | | | | Source: Huntington |
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