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Dealership Profits Decline
While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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SEARCHMENUSEARCHWhile new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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Fiat Chrysler and Toyota showed the greatest year-over-year improvement as prices and incentives gained ground last month.
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The organization's newest survey backs the need for F&I protections, finding that 64 million U.S. drivers can't afford an unexpected vehicle repair. AAA also found that one-third of drivers skip or delay recommended services or repairs.
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This latest settlement, announced on March 30, will be paid to Connecticut, Delaware, Maine, Massachusetts, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. The settlement was negotiated with attorneys general from each state.
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With the Industry SAAR falling below 17 million for the first time since August, the trade group said the industry's March sales performance 'suggests that sales may be plateauing.' The association said now is the time for dealers to tighten their operations and push back on any tax increases on consumers.
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Clearlane allows consumers to finance a vehicle purchase from a dealership or a private party sale, refinance their existing loan, or buy their vehicle at lease end. The site also sells GAP and service contracts.
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AutoGravity’s mobile car shopping and financing platform has grown to included 1,000 rooftops representing more than 1,400 dealerships.
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Tom Webb will retire on June 30, ending a more than four-decade career. Cox Automotive officials said a replacement will be named in the coming weeks.
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The 20-year company veteran previously led the Wells Fargo Insurance business. She succeeds Dawn Martin Harp, who announced her retirement on Jan. 10.
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A letter written by a West Philadelphia teen about her family’s struggles to care for her sister, who suffers from multiple medical issues, prompts the F&I product provider, its agent and dealer to donate transportation and more.
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Santander Consumer USA will pay $26 million to settle charges brought by the attorneys general of Delaware and Massachusetts.
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