Edmunds analysts say the average negative equity balance on dealership trade-ins rose to $7,214 in the fourth quarter, reflecting pandemic-era originations and prolonging a four-year trend. +
Owen brings 20-plus years of insurance and F&I technology leadership and three years as PCMI’s president to his new position at a “defining moment” for the company and its customers. +
U.S. dealers sold more than 233,000 full-size pickups in December, propelling the average new vehicle price to a record $50,326 as incentives helped offset affordability concerns. +
Dealertrack reports loan approval rates continue to trend upward as of the end of December, capping a year in which the availability of dealer-arranged financing improved by 3.6%. +
Daniel Winchell, the former owner of three Northwest Iowa dealerships, was accused of selling vehicles out of trust and charged with multiple counts of theft and ongoing criminal conduct. +
Lithia Motors will pay restitution to customers of five dealerships plus a $300,000 civil penalty to settle charges related to fees not included in advertised vehicle prices. +
Protective Asset Protection has completed its acquisition of Portfolio, a move executives say will “set the standard” for F&I and reinsurance technology, products and administration. +
Record numbers of new and used vehicle buyers committed to a monthly payment of $1,000 or more in the fourth quarter, but interest rates ticked down for both groups. +
CCC reports the frequency of damage claims resulting in a total loss is poised to beat last year’s record by a full percentage point, putting further pressure on GAP underwriters. +
A USA Today/Detroit Free Press report finds Ford, GM and Stellantis accelerated increases in destination and delivery charges in what experts call a calculated move. +
