Financing Archives

High interest rates may lead to hard conversations with customers

In a recent interview with Automotive News, dealership finance director Justin Gasman offers some tips to help allay a customer’s concerns. This article emphasizes the importance of using periods of downtime in the dealership showroom floor and F&I office to...

February 27, 2023

Q3 closes with improved credit availability

Automotive Finance Automotive Lending Consumer Credit

Q3 closes with improved credit availability

Chart courtesy of Cox Automotive. By SubPrime Auto Finance News Staff Sales might have softened in September, but Cox Automotive indicated credit for auto financing improved as the third quarter closed. According to the newest Dealertrack Credit Availability Index released...

October 17, 2022

Auto loan interest rate highest in 3 years

Automotive Finance

Auto loan interest rate highest in 3 years

Auto loan interest rate highest since 2019; average amount financed hits all-time high and more consumers are paying $1,000 monthly, according to latest Edmunds report. From GAIL KACHADOURIAN HOWE (Automotive News) Auto loan interest rates soared to their highest levels...

October 6, 2022

The case for starting the finance journey on your website

Automotive Finance Car Dealerships

The case for starting the finance journey on your website

By Drew HardenCARFAX Canada Source: AutoRemarketingCanada You’ve just spent three hours with a customer and when it’s time to run their credit, you learn the bank won’t even loan them a pen. So, you decide to discuss credit up-front with...

August 15, 2022

TransUnion examines EV’s market growth & consumer credit profiles

Automotive Lending Consumer Credit

TransUnion examines EV’s market growth & consumer credit profiles

Source: Auto Remarketing – A new TransUnion study conducted in collaboration with S&P Global Mobility determined the registered electric vehicle market share is expected to grow from 5% at the end of 2021 to approximately 40% by 2031. Analysts also...

July 22, 2022

Explaining what 75 basis-point rise in interest rates might do within auto financing

Automotive Finance

Explaining what 75 basis-point rise in interest rates might do within auto financing

(Source: AutoRemarqueting) Experts from Cox Automotive and Edmunds offered perspectives on what might happen within auto financing after the Federal Reserve made its largest increase interest rates at a single point since 1994. The Federal Open Market Committee voted 10-1...

June 16, 2022

eContracting

Car shoppers, dealers, lenders saw e-contracting boom in 2021

9 million out of 28 million auto finance transactions involved electronic paperwork, Wolters Kluwer finds Source: AutoNews – A third of all new and used auto financing deals last year involved an electronic contract, a figure reflecting a significant increase...

June 1, 2022

CarGurus’ New Digital Deal Solution Enables Dealers to Sell More Cars Through Access to Today’s Online Shopper

Digital Retailing

CarGurus’ New Digital Deal Solution Enables Dealers to Sell More Cars Through Access to Today’s Online Shopper

Digital Deal delivers purchase-ready consumers through streamlined online-to-in-store buying experience May 11, 2022 09:00 ET | Source: CarGurus, Inc. CAMBRIDGE, Mass., May 11, 2022 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG) today announced an expansion in its automotive retail offerings with the launch...

May 11, 2022

DecisioningIT named Top 50 Most Innovative Companies to Watch 2022

Automated Decisioning Automotive Finance Automotive Lending Consumer Credit Credit Approvals Digital Retailing F&I Non-Prime Financing Prequalification

DecisioningIT named Top 50 Most Innovative Companies to Watch 2022

Humans have been thriving on innovation since the dawn of time. Technology innovation was a game changer in human lifestyle, and we haven’t looked back since. With an array of technological solutions for almost every problem, technology began to grow,...

May 1, 2022

Car Buyers Report Higher Satisfaction When Using Digital Financing Tools, New Cox Automotive Study Shows

Automotive Finance Digital Retailing

Car Buyers Report Higher Satisfaction When Using Digital Financing Tools, New Cox Automotive Study Shows

ATLANTA, April 26, 2022 – Cox Automotive – Though only 29% of buyers applied for financing online for their most recent vehicle purchase, 96% of those surveyed are willing to do so, according to a new study published by Cox Automotive....

April 28, 2022