Cox Automotive and Edmunds experts explained the potential intensifying challenge for dealerships and finance companies to get consumers the credit they might need to take vehicle delivery amid the rising interest rate environment. A situation that even the Federal Reserve acknowledged to become even more complicated when policymakers unanimously chose to raise the target range for the federal funds rate to 4.75% to 5%. “Since our previous meeting, economic indicators have generally come in stronger than expected, demonstrating greater momentum in economic activity and inflation,” chair Jerome Powell said after the Fed announced its latest rate increase on Wednesday. “We believe, however, that ... [Read More]

Perhaps normalcy with auto defaults is near since the latest rate reading is just 5 basis points away from being at or above 1%. The rate hasn’t been at that level since the end of 2019. According to data through ... [Read More]

New analysis and research from Cox Automotive and GfK AutoMobility showed how potentially out of reach taking delivery of a new vehicle might be for consumers with subprime credit and/or lower income. New-vehicle affordability improved again in February following modest ... [Read More]

A week after highlighting the 2022 successes of one of its divisions, Westlake Technology Holdings announced strong 2022 results from all companies on Thursday. Executives highlighted each company generated steady year-over-year growth, improved operational efficiency and implemented of new programs ... [Read More]

Automotive Reinsurance Concepts (ARC) is again giving independent dealers and their finance managers the opportunity to learn F&I from the “best in the business.” The reinsurance and warranty company’s latest F&I Basics Bootcamp will be held May 3-4 at the ... [Read More]

An active stretch at the Consumer Financial Protection Bureau continued Wednesday when the CFPB said it has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB ... [Read More]

During the past week, Cox Automotive touched on two important current trends associated with auto financing — credit availability and tax refunds. Both trajectories might be positives for dealerships getting vehicles delivered and finance companies building their portfolios. First, according ... [Read More]

Last week, the Consumer Financial Protection Bureau articulated four ways “unlawful junk fees” are happening in auto financing. The bureau shared the details in a special edition of its Supervisory Highlights. The CFPB said during auto servicing examinations that bureau ... [Read More]

Praising its team in the process, Western Funding Inc. (WFI), a subsidiary of Westlake Technology Holdings and part of the Nowlake umbrella, announced record growth in 2022. The company’s five primary highlights from last year include: —73% year-over-year growth in ... [Read More]

American Financial Services Association president and CEO Bill Himpler testified on Thursday during a hearing hosted by the U.S. House Subcommittee on Financial Institutions and Monetary Policy. Himpler made a case for why the Consumer Financial Protection Bureau is “ripe ... [Read More]