Category: Rumors

The Federal Reserve said it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2%.”

Credit Acceptance Corp. Q1 2024 earnings: Net income fell 35 percent year over year during the first quarter as the major national car loan company grew its loan portfolio but had higher expenses.

Lithia Q1 2024 earnings: Car dealer Lithia Motors Inc.’s developing captive finance company Driveway Finance Corp. lost $2 million during the first quarter, compared with a $21 million loss a year earlier.

AutoNation CFO Thomas Szlosek said that AutoNation Finance is making steady progress as the division continues shift to company customers.

The sales manager of a Porsche dealership in South Carolina commanded hundreds of thousands of dollars in “under-the-table” payments from customers hungry for high-demand vehicles.

AFG Cos. was unprepared for a ransomware attack last summer, for months had been unsure of the extent of the breach, and as of early this month hadn’t alerted automaker partners or the agents selling its coverage to dealerships, a whistleblower alleges.

The decision to nix the end-of-summer event in 2024 comes just two years after the Traverse City, Mich., specialty auto insurance company moved it to Detroit in a bid to revive it.

With the help of AI, automotive finance and lease businesses are already streamlining processes, improving customer experience and detecting fraud.

Following Wednesday’s Fed meeting, the benchmark rate will remain at the 5.25-5.5 percent level.

Higher sales volume on car dealership lots is inevitably returning. That means more deals being drafted and more customers entering the F&I office.