As experts and policymakers shared a variety of economic trend updates and observations, Fitch Ratings summarized that record-setting payment performance isn’t likely to simply last forever.
But at the same time, Fitch reiterated that deterioration of auto finance performance — especially in the subprime space — won’t pull the entire economy into a tailspin like some pontificators keep trying to allege.
In analysis released this week, Fitch acknowledged the continued financial resilience of the U.S. consumer has prolonged a period of “extremely strong” asset quality among many U.S. consumer lending segments. However, analysts insisted that U.S. consumer loan losses at financial institutions are at “unsustainable” cyclical lows and a more meaningful amount of credit deterioration should be expected over the near to medium term.
“This will particularly be the case should unemployment claims begin to reverse after reaching multi-decade lows,” Fitch said.
A month after the rate tied a 10-year low, S&P Dow Jones Indices and Experian released data through June on Tuesday and determined auto loan defaults decreased 3 basis points from the previous month to settle at a new low mark of 0.82 percent. The May reading had tied for the lowest mark analysts have seen during the past 10 years. In June 2015, the auto finance default rate also stood at 0.85 percent.
The new low record might not last, as the rate has made an upward movement from June into July during five of the past eight years. The most pronounced rise in the cyclical pattern arrived in the immediate aftermath of the Great Recession, when the rate in June 2009 of 2.18 percent jumped to 2.46 percent a month later.
Fitch explained the extent to which weaker credit performance will be a challenge for individual consumer lenders and finance companies will vary depending on the diversity of their activities and the extent to which they have strengthened capital and loss reserves to absorb higher losses. Analysts added their willingness to tighten underwriting standards in recent quarters in anticipation of a weaker macroeconomic environment will also be a key factor.
“Reflecting these dynamics, Fitch believes diversified banks are better positioned than mono-line lenders to weather meaningful erosion in consumer asset quality,” analysts said.
Fitch also pointed out that credit cards and auto loans — particularly retail credit cards and subprime vehicle installment contracts — will be the consumer loan segments most likely to see asset quality deterioration in the near to medium term. The firm noted higher loss rates and delinquencies have already begun to materialize.
“Drivers of weaker credit performance include stronger loan growth in recent years, increased competition leading to looser underwriting standards in the post-financial crisis period (including greater exposure to subprime borrowers) and, in the case of auto lending, residual values that have been supported by unsustainably high used vehicle prices,” analysts said.
According to Federal Reserve surveys, banks have begun tightening underwriting standards in both segments over the past several quarters.
“The potential systemic impacts of a rapid deterioration in either credit card or auto lending are limited relative to pre-crisis residential mortgage lending,” Fitch said. “Both segments are much smaller than residential mortgage debt with shorter loan durations and smaller loan balances.”
Ability to maintain payments
While Fitch referenced the impact unemployment might have on consumers’ ability to maintain their debt commitments, the latest analysis from Comerica Bank took a closer look at the latest federal employment report that indicated payroll employment increased by 222,000 net jobs in June.
Comerica Bank mentioned that revised figures for April and May triggered the unemployment rate to tick up slightly to 4.4 percent.
“This is not a sign of a cooling labor market. We expect that labor market conditions will continue to tighten through the second half of this year,” Comerica Bank chief economist Robert Dye said in the commentary.
Comerica also mentioned the average workweek inched up by one tenth of an hour to 34.5, and average hourly earnings increased moderately by 4 cents, or 0.2 percent.
“So this labor report hit the trifecta, showing that more workers worked longer hours and got paid more for it,” Dye said. “This is supportive of income growth in June and beyond and consumer spending, too.”
Comerica Bank maintained that despite this labor market data, the Federal Reserve is likely to leave interest rates where they currently are at 1.25 percent when the Federal Open Market Committee meets beginning on Tuesday. Dye is also projecting that the Fed will announce the beginning of balance sheet reduction at its September meeting and that another 0.25 interest rate rise should come in December.
During her semiannual appearance before the House Financial Services Committee, Federal Reserve chair Janet Yellen reiterated the strategy policymakers plan to leverage.
“The committee continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time to achieve and maintain maximum employment and stable prices,” Yellen said in her prepared testimony. “That expectation is based on our view that the federal funds rate remains somewhat below its neutral level — that is, the level of the federal funds rate that is neither expansionary nor contractionary and keeps the economy operating on an even keel.
“Because the neutral rate is currently quite low by historical standards, the federal funds rate would not have to rise all that much further to get to a neutral policy stance,” she continued. “But because we also anticipate that the factors that are currently holding down the neutral rate will diminish somewhat over time, additional gradual rate hikes are likely to be appropriate over the next few years to sustain the economic expansion and return inflation to our 2 percent goal.
“Even so, the committee continues to anticipate that the longer-run neutral level of the federal funds rate is likely to remain below levels that prevailed in previous decades,” Yellen went on to say.
And with regard to rate hikes the Fed already made, TransUnion’s analysis showed that most borrowers were able to absorb their increased monthly payment obligations after the Fed’s rate hike last December.
TransUnion’s study identified these 63 million consumers because they carried debts for which the minimum monthly payment due was tied to the market interest rate, such that a rise in rates from the December rate hike could cause an increase in payments required. TransUnion used its CreditVision aggregate excess payment (AEP) algorithm, which incorporates monthly payments from mortgages, credit cards and other debt obligations, to identify 10.6 million of these consumers who were at elevated risk of not having the capacity to absorb a rate increase of 0.25 percent.
The study then tracked the performance of these consumers through the end of March to give the December rate increase enough time to affect payment obligations. The study found that, in fact, only 1 million of these consumers were delinquent at the end of March. This was slightly lower than the study’s control group, who had no variable-rate products.
TransUnion explained this result implies that consumers with variable-rate credit were able to manage the rate increase as well as, or better than, consumers without variable-rate products.
“When we announced our ‘capacity to absorb a rate increase’ metric last May we said that it was a conservative measure of risk, in that it did not account for contributions to savings or investments that could be reallocated to cover debt service increases,” said Ezra Becker, senior vice president of research and consulting at TransUnion.
“We described our metric as an upper bound on the number of consumers who would struggle with a rate increase,” Becker continued. “We’re pleased to see that only 10 percent of those consumers we had considered at elevated risk of payment shock from a rate increase exhibited delinquency over the study period. Most consumers appeared able to reallocate their available cash, or make small changes to their spending habits, to effectively absorb the December rate increase.”
More about the overall economy
Fitch is maintaining its view that U.S. GDP growth will rise in 2017 and 2018.
“Increases in interest rates unaccompanied by meaningful economic growth and expanding wages could pressure consumer asset quality as it would result in increased debt service (for floating-rate obligations) and elevated refinancing risk without the benefit of higher income to absorb these costs,” analysts said.
“We believe that recent Fed rate hikes are part of long-term monetary policy normalization that is aligned with current macroeconomic conditions and the outlook,” they continued.
In the first quarter, Fitch mentioned U.S. consumer debt returned to its pre-crisis peak of $12.7 trillion after falling to a post-crisis low of $11.2 trillion in 2Q13. The student loan and auto segments have had the most pronounced increases, although credit card debt has also accelerated recently.
Between Q4 2008 and Q1 2017, Fitch calculated that student loan debt more than doubled to $1.3 trillion while auto finance balances increased by 48 percent to $1.2 trillion.
Over the same period, Fitch added that the much larger mortgage component of consumer debt declined by 6.8 percent to $8.6 trillion from a peak of $9.3 trillion, reflecting substantially tighter underwriting amid increased regulation and the exit of many non-bank lenders.
“Looking ahead, my colleagues on the FOMC and I expect that, with further gradual adjustments in the stance of monetary policy, the economy will continue to expand at a moderate pace over the next couple of years, with the job market strengthening somewhat further and inflation rising to 2 percent,” Yellen told House lawmakers.
“This judgment reflects our view that monetary policy remains accommodative,” she continued. “Ongoing job gains should continue to support the growth of incomes and, therefore, consumer spending; global economic growth should support further gains in U.S. exports; and favorable financial conditions, coupled with the prospect of continued gains in domestic and foreign spending and the ongoing recovery in drilling activity, should continue to support business investment.
“These developments should increase resource utilization somewhat further, thereby fostering a stronger pace of wage and price increases,” Yellen added.
Used-vehicle service contract and related finance and insurance product provider GWC Warranty has released Dealer Portal 2.1 — the latest batch of enhancements to GWC’s online dealer resource center.
The company highlighted Dealer Portal 2.1 contains a series of new features and enhancements designed to showcase the powerful Dealer Portal capabilities beyond e-contracting functionality. The features include:
• A brand new dealership dashboard provides quick access to claims paid and sales reporting, giving dealers instant, on-demand insight into how vehicle service contracts protect their reputations and their profits.
• The Elite Dealer Page is a new section of the Dealer Portal that can allow dealers to easily see their Elite Dealer status, stay up-to-date on how to earn or maintain Elite status and learn more about exclusive benefits designed to help them be more profitable.
• The revamped Elite Lead Generator Report now includes more useful customer information and is optimized for easy printing to help dealers capitalize on lead opportunities from expired contracts.
• Online claims, an Elite-exclusive feature, has undergone a complete rebuild to now accept attached documents and upfront submission of parts and labor details. These updates will further enhance the expedited claims experience available for GWC’s top-producing dealers and their customers.
GWC Warranty’s Dealer Portal was introduced in 2014 and has since received more than 230,000 contract submissions and 775,000 logins in that time. Since its inception three years ago, the Dealer Portal has evolved from an online tool for dealers to rate and submit contracts electronically to a comprehensive resource center used by more than 108,000 users nationwide.
Today, dealerships can use the Dealer Portal to rate, submit and remit contracts, access an educational video library, manage contracts and applications in real time, download electronic content such as brochures and component coverage information, brand inventory with service contract protection and more.
For more information about GWC Warranty, visit www.GWCwarranty.com.
An experienced technology expert whose previous career stops included stints with Exeter Finance and Capital One is now bringing his talents to defi SOLUTIONS.
The loan origination software and lending technology platform provider announced Keven Sticher has joined the team as chief information officer. Sticher comes to defi SOLUTIONS with more than 25 years’ experience in technology, more than 15 years of that in the finance industry.
Over his career, Sticher has built and led multiple technology and security organizations from the startup stage to successful companies producing billions in revenue.
“We’ve wanted Keven on our team since day one,” said Georgine Muntz, chief operating officer and strategy leader for defi SOLUTIONS. “His solid track record of deploying scalable technologies makes him a perfect fit for where defi is today and where we’re going.
“His leadership will strengthen the defi core as we continue to expand and provide even greater value to our lenders,” Muntz continued.
Sticher’s extensive experience includes time as senior vice president of technology and security at Monogram Residential Trust, vice president of IT at Exeter Finance and director of IT with data center services at Capital One. He also currently serves on the board of Fox Three, a cyber security organization, and as a member of the Forbes Technology Council.
In his new capacity at defi SOLUTIONS, Sticher is responsible for the strategic readiness of defi and making certain the company’s architecture, people and processes align with its goals.
“I love this company. I believe in it and what the defi team has been accomplishing,” Sticher said. “And I look forward to making certain we successfully get to the next level.”
Since the first beginning of the year, defi SOLUTIONS has expanded from a single loan origination system to a multi-service platform of services that also include loan management and servicing, analytics and reporting, digital loan document handling, an auto loan portfolio marketplace and direct loan application services.
F&I Express wants to celebrate more than the Fourth of July this month.
The company declared July to be Love Our Agents Month, an endeavor created to honor what the agents and agencies have done for F&I Express.
Management insisted the F&I Express business structure is built on agent relationships and they are the primary distribution channel to the end user.
Showing appreciation to agents and always thanking them for their business is an ongoing aspect of its corporate culture that is incorporated in F&I Express’ business every day. As part of the celebration, F&I Express has a variety of exciting activities planned throughout the month and ongoing as part of its “Thanks for Your Business” culture.
“Agents are a huge part of our business. Without them, we wouldn’t be where we are today. We want to take this month to recognize our partnerships with the agencies, but we will continue to appreciate all of their hard work every single day even after July is over,” said Brian Reed, president and chief executive officer of F&I Express.
GWC Warranty, a provider of used-vehicle service contracts and related finance and insurance products sold through dealers, has appointed Wendy Pratt as the new associate vice president of strategic alliances.
Pratt joined GWC Warranty in 2010 and shortly thereafter was named GWC’s director of strategic alliances. In her previous role, Pratt pioneered new business avenues for GWC by partnering with national and regional finance companies to help them increase portfolio performance by mitigating risk caused by mechanical failure. Simultaneously, her efforts have assisted dealers in securing reliable financing sources for vehicle and F&I sales.
In her newly expanded role, the company said Pratt will continue to grow existing lender partnerships while seeking out new opportunities in the financial services community.
“Since joining GWC, Wendy Pratt has done an exceptional job introducing GWC Warranty to countless companies by showcasing the value vehicle service contracts provide for lenders’ portfolios,” GWC Warranty chief executive officer and president Rob Glander.
“During her time at GWC, Wendy has become a very well-respected player in the automotive financial services community, and her continued presence in this field stands to benefit lenders, dealers and GWC alike,” Glander continued.
Pratt has more than 12 years’ experience in the automotive and finance industries. Her track record of creating and cultivating successful partnerships earned her recognition as one of SubPrime Auto Finance News’ Trailblazers, Innovators and Disruptors, which honored automotive industry leaders who have blazed new trails in the industry with innovative ideas and solutions that disrupt the status quo and improve profitability.
A recent Experian survey found that 21 percent of consumers said they would consider purchasing a vehicle in the next six months if they could shop credit offers and apply via mobile device quickly and securely.
As a result, Experian on Tuesday unveiled Text for Credit, what the credit bureau is calling an industry-first technology that transforms the way consumers secure credit.
The company acknowledged traditional means of obtaining credit often can be slow and tedious, and providing sensitive information on paper in public spaces can expose consumers to risk.
Experian explained Text for Credit can allow consumers to initiate and complete the credit application process within minutes with a simple text message. For instance, consumers interested in taking advantage of a store credit card incentive can secure that card through their mobile device — a particularly exciting innovation considering smartphone ownership is nearing 100 percent for adults aged 18 to 44.
“Technology has brought vast improvements to consumer banking, insurance and investing services, but the credit application process has remained largely unchanged,” said Alex Lintner, Experian’s president of consumer information services.
“With Text for Credit, consumers will get real-time access to credit, creating a better experience for the consumer and increased conversion for lenders and businesses,” Linter continued.
In that Experian survey, consumers were asked to identify their top three concerns about applying for credit or financing in a retail location. More than half (58 percent) cited privacy concerns, and 42 percent cited the length of time it takes to apply. These concerns translate to lost revenue — 12 percent of consumers said they have walked away from a purchase because it was taking too long to get approved for credit, while 16 percent have walked away because the person in front of them was applying for credit.
Then Experian shared additional information with SubPrime Auto Finance News about consumer sentiment regarding auto financing and how Text for Credit can help dealerships and finance companies.
Consumers cited a car as their most stressful purchase — and much of that stress is attributable to figuring out financing. Experian asked consumers to rank the most stressful elements of car buying:
—High pressure sales tactics
—Negotiating price
—Cost of car
—Dealing with salesperson/finance manager to arrange financing
—The amount of time it takes to complete the purchase
—Wondering if you could get a better deal through different financing
—Choosing a model
Moreover, as mentioned previously, Experian pointed out that 21 percent of survey participants said they’d consider purchasing in the next six months if they could quickly and securely shop credit offers and apply via mobile device. Experian noticed that a vehicle was the second most popular item consumers were willing to purchase if they could quickly and securely shop for credit offers via mobile device.
Experian asked participants to select their top three concerns about applying for offers on the spot at a retailer.
—Privacy concerns about applying in-store (58 percent)
—Being over leveraged (55 percent)
—How long it takes to apply (42 percent)
—Dirty looks from customers in line behind you (31 percent)
—Fear of being declined in public (27 percent)
—Having to interact with a salesperson to apply (28 percent)
—The anxiety it causes while in the store (20 percent)
Experian followed up by asking if consumers could obtain the same credit securely through a mobile device, within minutes, would it ease concerns?
—Yes (47 percent)
—No (53 percent)
Thinking just about a buying car, Experian asked participants what elements are the most stressful. They’re ranked in order below from most stressful to the least stressful.
1. High pressure sales tactics
2. Negotiating price
3. Cost of car
4. Dealing with salesperson/finance manager to arrange financing
5. The amount of time it takes to complete the purchase
6. Wondering if you could get a better deal through different financing
7. Choosing a model
Experian reiterated that Text for Credit offers the speed, convenience and privacy necessary to solve these issues. The company maintained it’s as simple as it sounds:
• Consumers seeking credit text a keyword such as “CREDIT” to a short code supplied by a merchant or a credit issuer, the same way some retailers now allow consumers to “text to buy.”
• Consumers then receive a text message response that takes them to a hosted website where they can apply, review credit offers and receive an instant decision.
• In most cases, consumers will be recognized by their device credentials, which lets them avoid filling out a lengthy credit application.
• If approved, consumers will have immediate access to the credit via a barcode or account details sent to their device.
“Experian is taking the credit industry into the real-time economy with this innovative, convenient and confidential new way to apply for credit. For consumers, Text for Credit means no more paperwork, no more anxious minutes hoping for credit approval and dramatically reduced risk from a paper-extensive exchange of sensitive information,” Lintner said.
“In fact, consumers can find out what they qualify for before they come to a dealership or a retail store, and that can translate to big sales increases,” Linter went on to say.
Finance companies and dealerships interested in offering Text for Credit can visit www.experian.com/TextforCredit.
FactorTrust recently released findings from an industry-wide survey on the use of alternative data in the non-prime auto financing space, which indicate that alternative data is being more commonly used for underwriting purposes in this market.
The survey, sponsored by FactorTrust in conjunction with Connections Insights, investigated participants’ goals, uses and sources associated with alternative data in their overall credit strategies.
Highlights of the findings include:
—53 percent of respondents currently use alternative data in some capacity (“users”).
—19 percent of respondents are in the process of implementing or testing alternative data and 28 percent are exploring the use of alternative data (“explorers”), but have not taken the step of integrating it into business processes yet.
—Both users and explorers ranked mitigation of losses as the most common goal (88 and 100 percent, respectively) in using alternative data.
—Of the current users, 82 percent use alternative data in underwriting, for scorecard development specifically; the explorers plan to use it equally as an overlay to alternative data scores on existing scores and applicant verification.
—Tradeline data is the most often used or desired alternative data type among more than half of all respondents.
“These findings make it evident that the use of alternative data is now more mainstream than it is ‘alternative’ with non-prime auto financing companies,” said Connections Insights president Marguerite Watanabe, who performed the study.
FactorTrust chief executive officer Greg Rable added, “The results support our observations that all finance companies are either examining or integrating alternative data into their credit decisioning processes.
“The more performance data these companies have on potential customers — specifically, alternative credit data they can’t get from the Big 3 bureaus — the more effective their lending practices become, making them more competitive,” Rable went on to say.
The survey of non-prime auto financing sources was conducted by phone during March and April.
For the full survey findings, visit this website or call (866) 910-8497.
This week, Metrolina Credit Co. celebrated more than just Independence Day. The finance company that often originates subprime installment contracts with both independent and franchised dealers announced the opening of its new corporate offices and flagship branch office in Charlotte, N.C.
The new facilities are located at 2331 Crownpoint Executive Drive, Suite N, in Charlotte. Metrolina Credit will be hosting a grand opening and ribbon-cutting open house on Aug. 2 beginning at 2 p.m.
Metrolina Credit (owned by ML Credit Group) operates a network of branch offices throughout North Carolina and South Carolina, providing origination and financing solutions to the local markets. Each office is a full-service lending and collection facility. Metrolina acquires and services automobile and light truck installment contracts that it purchases from dealers in the local market.
And now the company has a new place to call home.
“This newer, nicer and larger office space is a testament to the success we have enjoyed in Charlotte and throughout the Carolinas over the last several years,” Metrolina Credit president and chief executive officer Doug Marohn said.
“The increased space and improved facilities will help us serve our borrowing customers and automobile dealer partners even better now and for many years to come,” Marohn continued.
More information about the company can be found at www.metrolinacredit.com.
As buyers’ appetites for bigger and more expensive vehicles grow, Edmunds found the contract term length for new-model financing reached an all-time high in June with the terms for used-vehicle deliveries not far off that record-setting pace.
According to a new analysis released on Monday, Edmunds determined the average contract length for new-vehicle financing stretched to 69.3 months in June — up 6.8 percent from five years ago.
On the used-vehicle side, analysts indicated term length grew by 6.0 percent during the past five years to land at 66.9 months in June.
While the term lengths might be similar, the other metrics Edmunds shared in the used-vehicle market versus the new-model realm showed the variance in financial capacity and willingness to take on debt.
Edmunds found the average amount new-car buyers financed in June recorded the biggest uptick for the year, hitting $30,945; that’s a spike of $631 from May. With a larger outstanding balance, Edmunds pointed out these buyers are now carrying the highest monthly payments for the year, averaging $517 in June, which is up from $510 in May.
As far as used vehicles, Edmunds’ analysis showed the average amount financed sat at $21,142, leaving contract holders with a monthly payment at $383.
“Stretching out loan terms to secure a monthly payment they’re comfortable with is becoming buyers’ go-to way to get the cars they want, equipped the way they want them,” said Edmunds executive director of industry analysis Jessica Caldwell.
“It’s financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans, but it’s also a sign that consumers are still confident enough in the economy to spend more on their vehicles and commit to paying for them longer,” Caldwell continued.
Finance companies are attempting to mitigate their risk by securing larger down payments for both new- and used-vehicle deliveries.
In June, down payments jumped by healthy amounts on a year-over-year basis, rising 7.1 percent to $2,453 for used-vehicle deals and climbing 6.6 percent to $3,687 for new-model deliveries.
Also of note, Edmunds also noticed that the APR on new-vehicle financing dipped just below 5 percent for the first time since February, averaging 4.96 percent in June. The APR has increased 5.7 percent from a year ago and 13.6 percent from five years ago.
For used-car financing, the average APR came in at 7.64 percent, which is 2.7 percent higher year-over-year, according to Edmunds, which also pointed out that the June average rate was actually 5.4 percent lower than five years ago.
Meanwhile, the analysts over at Kelley Blue Book also added to the discussion, sharing on Monday that their estimated average transaction price (ATP) for light vehicles in the United States came in at $34,442 in June.
KBB reported new-car prices have increased by $511 or 1.5 percent year-over-year, while remaining relatively flat compared to May.
“Transaction prices grew more slowly than normal in June, increasing less than 2 percent,” said Tim Fleming, analyst for Kelley Blue Book. “As the industry enters a ‘post-peak’ environment for new-car sales, more pressure will be placed on transaction prices.
“Kelley Blue Book is seeing more mixed results among manufacturers and popular segments, such as full-size trucks and mid-size cars, both of which are flat, as well as compact SUVs, which rose 1 percent. These trends are likely to continue as retail sales weaken,” Fleming went on to say.
During the past three months, Reynolds and Reynolds added four more states where its LAW F&I Library — a comprehensive catalog of standardized, legally reviewed finance and insurance (F&I) documents for franchised dealers — is now available.
Resources now are available for dealers in Delaware, Alaska, Iowa and Mississippi, bringing Reynolds’ footprint to 40 states.
“The documents in the F&I Library are designed to help dealers meet compliance obligations and manage risk. At the same time, because the documents in the library are written in consumer-friendly language, they can help dealers to establish a clearer, more efficient F&I process. A more efficient F&I process can help lead to a better overall customer experience with the dealership,” said Jerry Kirwan, senior vice president and general manager of Reynolds Document Services.
"Using standard documents written in consumer-friendly language can help to create a clearer, more consistent and more efficient F&I process for the F&I manager and for the consumer,” Kirwan added. “Because of those improvements to the overall F&I process, the overall consumer experience with the dealership can be improved.”
Furthermore, the Mississippi LAW F&I Library was developed in partnership with the Mississippi Automobile Dealers Association (MADA).
"MADA is pleased to have Reynolds Document Services as a resource for our dealers," said Marty Milstead, president of the Mississippi Automobile Dealers Association. “I have found Reynolds to be responsive to our efforts to provide documents needed to serve our membership.”
Kirwan also noted that because regulatory scrutiny is an ongoing concern for automotive retailers in Mississippi and throughout the country, the LAW F&I Library is a tool to help dealers meet compliance obligations and manage risk. The documents in the library are regularly reviewed for legal sufficiency with the latest automotive regulations by Reynolds' industry-leading forms specialists alongside Reynolds' outside legal partners.
The LAW F&I Library also are available in digital format, which can help facilitate the conversion to laser-printed forms and e-contracting transactions. Reynolds Document Services maintains licensing agreements with all major providers of electronic F&I (e-F&I) solutions.
Now with Delaware, Alaska, Iowa and Mississippi in the offering portfolio, other states where Reynolds resources are available include: Alabama, Arizona, Arkansas, California, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming.
