The group averaged $1,549 in F&I profit per vehicle retailed in the third quarter. Company officials noted that new-vehicle PVRs from self-generated sales, including F&I contributions, were about $800 higher than new-vehicle PVRs from sales generated by third-party lead providers.
John Krafcik is stepping down this week as president of TrueCar to take on a new role as CEO of the autonomous car division of Google.
AutoNation has announced a new policy to not sell, lease or wholesale any new or used vehicle that has an open safety recall. The dealer group will now hold those vehicles in inventory until they are repaired.
AutoNation has signed agreements to acquire 13 stores in Georgia, Alabama and Tennessee, and three stores in the Baltimore, Md., market, bringing its total franchise count to 327.
TrueCar CEO Scott Painter has announced that he will vacate his post in the wake of second quarter losses of nearly $15 million.
Sean Dawson, who formerly worked with dealers in roles at PermaPlate and TD Auto Finance, has been selected as a regional sales manager for IAS.
Mike Maroone will be retiring as AutoNation's president and COO in April. He will be replaced by current CEO Mike Jackson and senior executive Bill Berman.
Autobytel executives said that despite talk of AutoNation and other dealer groups moving away from third-party lead providers, the company has seen a 26% increase in third-quarter revenue thanks to its lead generation services.
F&I gross profit per vehicle retailed reached a record $1,407 for the nation’s largest dealer group, but the achievement was overshadowed by the warning executives issued to lead providers.
AutoNation’s chief executive says he doesn’t expect the CFPB to eliminate rate participation, but he admits to not knowing ‘the end of the story yet.’
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