Finance-and-insurance profits surged in the third quarter for all six publicly traded retailers as consumer demand and short supply pushed up pricing on new- and used-vehicle sales. In a record-setting quarter amid the coronavirus pandemic, all six retailers raised same-store F&I profits by more than $ 100. Several public groups …
Read More »Ally profit surges behind wave of auto originations
DETROIT — Ally Financial Inc.’s net income surged in the third quarter as the lender generated its highest level of auto loan and lease originations in five years. The Detroit company reported net income of $ 476 million in the third quarter, a 25 percent increase from last year’s third …
Read More »Ford’s lending arm generates more profit than ever
Aside from F-series pickups hauling in gobs of profit, Ford Motor Co.’s automotive business isn’t carrying much weight lately. Thank goodness for the finance guys. Ford Motor Credit, the lending arm that’s become accustomed to propping up the company in good times and bad, now generates about half of the …
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