My name is Michael Aufmuth and I work in the automotive industry with Elite FI Partners. I put this blog together as a collection of the latest news, events & articles surrounding today's events in the automotive industry. Visit my company site at www.elitefipartners.com
Tuesday, January 31, 2023
The Days of Making the Customer Wait Are Over
The F&I process provides us an opportunity to add value or aggravation to the customer’s purchase experience – choose value!
Monday, January 30, 2023
Car-Buying Grabbing More Wallet Share
Report shows car loan amounts, down payments rising along with interest rates.
The Reynolds and Reynolds Company Acquires American Guardian Warranty Services
The Reynolds and Reynolds Company expands its portfolio by adding F&I products and services for automotive, RV, powersports, marine, and commercial trucking markets.
Sunday, January 29, 2023
Chip Problem Continues to Lesser Degree
Report forecasts production cuts resulting from issue this year.
F&I Tip of the Week: Proactive F&I
Tune into this F&I Tip of the Week with your host, John Tabar of Brown & Brown.
Saturday, January 28, 2023
Auto Sales Decline in December
Cox reports that in the auto sector sales of motor vehicles and parts fell in December.
Active Listening Skills Improve Sales
When a salesperson engages through active listening techniques, the prospect will feel heard, valued, and respected.
Friday, January 27, 2023
Black Book: Weekly Market Update
Last week, wholesale price declines lessened, coming in at a level on par with last July (apart from the weeks around Thanksgiving and Christmas when volume and conversions were down), before the declines began to accelerate for Q3 and Q4.
Getting Everyone EV Ready
It’s time to create an environment and culture that welcomes the inherent fears and curiosities of EV buyers, and those who aren’t EV buyers-yet.
Thursday, January 26, 2023
Jaguar Land Rover Reports Profit for Q3 of its Fiscal Year
The company reported a profit before tax of $326 million for the quarter ending in December.
Green Bond Availability Grows
Around $28 billion in green bonds are available globally for automakers to help fund their transition to electric vehicles.
Wednesday, January 25, 2023
Carvana Settles Dispute with State of Illinois
The used car retailer will continue to operate in Illinois under some restrictions.
F&I Practice?
Would you consider yourself an F&I professional? If your answer is yes, I have another question; How often do you practice?
Tuesday, January 24, 2023
Rethinking F&I Product Priorities
When you are selling multiple products in order of priority, it is important to examine your ranking to decide if your predetermined order still makes sense.
General Motors Manufacturing Investments Include ICE Engines
The Detroit automaker has earmarked $854 million to prepare four plants to produce its sixth generation Small Block V-8 engine.
Monday, January 23, 2023
Product Spotlight: An Interview with ECP's Lead Chemist
F&I met with ECP to discuss the company’s defining traits.
U.S. EV Sales Spiked in 2022
U.S. electric vehicle purchases climbed to 5.8% of all vehicles sold in 2022, up from 3.2% in 2021, according to Motor Intelligence.
Sunday, January 22, 2023
More Auto Consumers Opting for Longer Loan Terms
Rate grows as borrowers try to lower monthly payments.
Saturday, January 21, 2023
Hacking Exercise Reveals Vulnerabilities of High-Tech Cars
‘White-hat’ experts access customer data, even remote control of some models.
Car Financing Costs Will Keep Rising This Year
Interest rates will continue climb, eating into inventory improvements’ effect.
Friday, January 20, 2023
Auto Leases Fell in 2022
TransUnion research finds a lack of inventory and low interest rates turned consumers away from leasing new cars and trucks over an 11-month period.
Tesla Leads in Profit Per EV
Tesla has built a commanding lead over most major rivals in profit per vehicle, according to Reuters research.
Thursday, January 19, 2023
Customers Less Satisfied with Buying Process in 2022
New research from Cox Automotive shows consumer satisfaction with the car buying process declined in 2022 for the second consecutive year.
Black Book: Weekly Market Report
With two weeks of the new year now behind us, the trends that we ended 2022 with are continuing into 2023.
Wednesday, January 18, 2023
Reynolds, Gubagoo to Launch Future of Retail Anywhere at NADA
To showcase how customers can shop from chat to funded deal with no dealership calculation adjustments to match online quotes.
Demand Destruction a Concern for 2023
Auto industry analysts remain on high alert for “demand destruction” as high interest rates, escalating vehicle costs, and a down economy threaten auto sales.
Tuesday, January 17, 2023
Auto Market Experiences Ups and Downs
Cox’s Auto Market Weekly Summary for January 13 shared both positives and negatives.
Monday, January 16, 2023
Sunday, January 15, 2023
New Vehicle Prices Continue to Soar
Average vehicle transaction prices continue to soar, according to data released by Kelley Blue Book.
NHTSA to Propose New Fuel Economy Standards
The National Highway Traffic Safety Administration will propose new fuel economy standards for the 2027 model year and beyond in April.
Saturday, January 14, 2023
PureCars Acquires Customer Data-Management Platform
Addition of first-party data-cleansing and secure storage provider AutoMiner enhances PureCars’ ability to improve effectiveness of sales, fixed operations and retention-marketing programs.
Friday, January 13, 2023
Big Chunk of Lincoln Dealers Onboard With EV Sales
Brand says 60% enrolled in certification program.
Thursday, January 12, 2023
Is Porsche Paving a New Sales Model or Will Dealerships Still Have a Collection of Cars?
The Collection, has recently filed a lawsuit against Porsche, AG, in which they are alleging that Porsche has violated Florida statutory law by engaging in inappropriate business tactics.
Wednesday, January 11, 2023
New-Vehicle Prices End 2022 at Record Highs
Kelly Blue Book data show prices up year-over-year in December.
Black Book: Weekly Market Insights
With 2022 fully in the rearview mirror, we can begin to evaluate the years performance: the overall market finished down 22.9%, with Cars down 22.7% and Trucks down 23%.
Tuesday, January 10, 2023
Three Powerful Truths of Consultative Selling!
When customers see the process is centered around them and effort is applied to make sure they understand the entire transaction, the trust level is extremely high.
Auto Loan Payments, Rates Hit Record Highs
The average payment climbed to $717 in the fourth quarter of 2022, which is 50% higher than in 2010, according to Edmunds.
Monday, January 9, 2023
GM Asks Treasury to Classify its Cadillac Lyriq as an SUV
Without an SUV classification, the Cadillac Lyriq exceeds the price threshold for federal tax credits for EVs.
Sunday, January 8, 2023
Illinois Dealers Lose Direct-Sales Fight
Lawsuit that sought to bar such sales in the state by Rivian, Lucid dismissed.
Stellantis Reports 6th Quarter of Sales Declines
In the fourth quarter, Stellantis reported new vehicle sales declined 16% to 347,669 vehicles.
Saturday, January 7, 2023
Friday, January 6, 2023
Reynolds & Reynolds Brings Retail-Anywhere Approach to Business Office
Company plans to showcase new ways to speed up cash flow at NADA 2023.
Ford Reports 2% Decline in Sales for 2022
The Detroit automaker sold 1.86 million vehicles in 2022, down from 1.91 million in 2021.
Thursday, January 5, 2023
The Lost Art of Building Rapport
In this video, Joe Porter, from the Automotive Training Academy by Assurant supplies a valuable message that will help in the F&I office and on the sales floor. Watch as he explains why and how to get back into building rapport with your clients.
Wednesday, January 4, 2023
InteractiveTel Changes Name to TotalCX
Company rebrands to emphasize focus on improving customer experience in automotive industry.
F&I Tip of the Week: One-on-One Coaching
Tune into this F&I Tip of the Week with Brown & Brown Dealer Services' John Tabar!
Tuesday, January 3, 2023
Black Book: Weekly Market Update
The year closed out with another week of above average weekly depreciation.
VinFast Files for IPO to Fund Expansion Plans
Vietnamese EV-maker has filed for IPO to fund a manufacturing plant in North Carolina with a projected capacity of 150,000 EVs a year.
Monday, January 2, 2023
Apple Steps Back Autonomous EV Launch Date
Apple Inc. has postponed the launch date for its self-driving electric vehicle to 2026, reports people with knowledge of the matter.
Light Vehicle Sales Rise in November
November’s SAAR of 14.1 million units rose 7.9% compared to November 2021 but was down 6.5% compared to October 2022.
Sunday, January 1, 2023
Auto Finance Pros Progressing on Digital Adoption
E-signature and e-contracting technologies are more widespread, but digital e-vault tools for securitization and collateralization are focus for 2023
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