As down payments and the amount financed for new- and used-vehicle deliveries at franchised dealerships stay on a steady pace, Edmunds noticed the impact of the Federal Reserve pushing interest rates higher are starting to leave a mark on APRs. Analysts noticed the annual percentage rate (APR) on financed new vehicles averaged 5.74 percent in […] [Read More]

In the late 1990s, an idea sprung from an independent dealership on a dirt lot in Vermont and a team of five individuals. The brainchild of founder Mark Bonfigli and his team, Dealer.com began as a car dealership website builder. But Dealer.com is not the same as it was 20 years ago and neither, for that […] [Read More]

Sonic Automotive’s EchoPark stand-alone, used-vehicle stores were “profitable as a group” in June, Sonic executive vice president of operations, Jeff Dyke, said during the company’s second quarter earnings call on July 27. Dyke said EchoPark’s seven stores made more than $1 million in June and were tracking to exceed that amount in July. The company […] [Read More]

OK, writing this column in retirement is much more difficult than it would be if I were still employed.  Content, content, content.  As many of you know, all of my earlier articles focused on data that I had access to through my work at NADA and Manheim.  I wasn’t purposely promoting the brand (or the […] [Read More]

With gross sales of $67 million and an accounted attendance of 1,750 dealers, DAA Northwest’s latest annual Rock & Roll Sale this summer notably outdid all previous years, the company announced Sunday. Along with a long-awaited performance from Rock and Roll Hall of Famer John Fogerty, the sale brought in a total of 5,047 consigned […] [Read More]

Rapid Recon announced Wednesday that it has appointed Bridget Townsend to serve as the company's new vice president of development. Townsend, a leader in automotive software development, who most recently served as chief operating officer and co-founder at Vin Voyager was recognized as a 2014 Women in Remarketing honoree while serving as VP of inventory solutions at Dealertrack Technologies. “Bridget […] [Read More]

KAR Auction Services on Wednesday elevated one of its executives with significant captive finance company experience to lead its division that offers vehicle service contracts. KAR announced Edmund Field has been named president of the company’s Preferred Warranties business unit. PWI serves independent dealers and smaller franchised stores as well as powersports dealers — offering […] [Read More]

Two leading financial regulatory bodies — the U.S. Department of the Treasury and the Office of the Comptroller of the Currency — each took steps to involve themselves in the fintech space. On Tuesday, the Treasury Department released a report identifying improvements to the regulatory landscape that officials said will better support nonbank financial institutions, […] [Read More]

Figures that include six digits and a comma typically catch the attention of dealership management. EFG Companies recently calculated that the average EFG trainee generates an additional $204,605 per year in F&I income through a 22-percent performance increase. To help sustain this performance increase, EFG Companies announced the launch of EFG Learning Opps Through Virtual Engagement […] [Read More]

Dealership and finance company managers have another free education option thanks to online availability. This week, Compli, a provider of automated HR and compliance program solutions, introduced CMS University. This four-course series of free masterclass-level online seminars focuses on how to build a best-practice compliance management system (CMS). While the series is ideal for finance […] [Read More]