Tag Archives: dealers

The coronavirus shuttered in-person retail sales in some states this year, and where in-store sales were allowed, some customers still were wary of face-to-face transactions. To adapt, dealers switched to digital transactions and, in some cases, eliminated the store’s F&I office. Brian McCafferty, owner of Avondale Toyota in Arizona, said …

Chevrolet dealer Kris Cox struggled to obtain a Paycheck Protection Program loan through a bank his dealership had worked with for decades. But less than a week after he contacted GM Financial, Cox received the funds for his store. “I didn’t really know that a captive could help dealers in …

Franchised dealerships benefited from high vehicle demand amid short supply in the second quarter, with inventory levels as the leading risk for immediate sales in the back half of the year. Analysts view the economy as far more fragile, with consumer confidence — the main driver of sales— in jeopardy …

The wholesale price of used vehicles, the prices generally paid by dealers at auctions, fell steeply when the coronavirus-related shutdowns began, but since then, they have jumped above pre-pandemic forecasts. Nonetheless, the retail price, or the price paid by consumers, of used vehicles has remained fairly flat. The used-vehicle market’s …

As dealerships reopen, making sure customers — on edge due to the coronavirus — are confident their serviced cars are clean and germ-free has become a top priority. Antimicrobial treatments for vehicles have become increasingly popular at dealerships. In many instances, dealerships provide the cleaning for free. But in the …

Justin SullivanGetty Images The economic uncertainty of the coronavirus pandemic has forced Wells Fargo’s bank to stop processing auto loans with as many as 1100 independent dealerships and refocus on dealers it already has deep relationships with. The change is likely to affect used-car shoppers more, but they can still …

Justin SullivanGetty Images The economic uncertainty of the coronavirus pandemic has forced Wells Fargo’s bank to stop processing auto loans with as many as 1100 independent dealerships and refocus on dealers it already has deep relationships with. The change is likely to affect used-car shoppers more, but they can still …

As lenders tighten credit access to mitigate risk from the coronavirus pandemic, dealerships face more difficulty getting customers approved for auto loans. A survey by the Federal Reserve issued to “select large banks” signals that more stringent lending practices have been adopted for consumer loans, including auto loans. Sixteen percent …

Three out of four new-car dealers could accurately identify critical safety features aimed at making new cars safer for teen drivers, but only after most were prompted by shoppers to identify those features — and most of their information was vague. That’s according to a study released last week by …