New-Vehicle Sales Get Q1 Bump

Conditions still a long way from prepandemic, and greater economic forces could dampen demand.
https://www.fi-magazine.com/370453/new-vehicle-sales-get-q1-bump?utm_source=dlvr.it&utm_medium=blogger

Hyundai to Unveil Robotic EV Charger

Brand says autonomous device improves upon existing technology to make charging easier, more convenient.
https://www.fi-magazine.com/370407/hyundai-to-unveil-robotic-ev-charger?utm_source=dlvr.it&utm_medium=blogger

AutoPayPlus Adds Agency Development Manager

Damon Walker brings sales leadership, revenue-building experience in the automotive industry.
https://www.fi-magazine.com/370410/autopayplus-adds-agency-development-manager?utm_source=dlvr.it&utm_medium=blogger

Ford Takes Bottom-Line Hit on EVs

But loss is step toward profitability soon, it predicts.
https://www.fi-magazine.com/370393/ford-takes-bottom-line-hit-on-evs?utm_source=dlvr.it&utm_medium=blogger

Gen Z Only Cohort That Leans Toward Cars

Data shows others prefer trucks, sports-utility vehicles.
https://www.fi-magazine.com/370395/gen-z-only-cohort-that-leans-toward-cars?utm_source=dlvr.it&utm_medium=blogger

Powersports Programs | Elite FI Partners

Are you searching for a comprehensive product lineup that integrates seamlessly with your DMS? Do you want to improve your menu presentation with state-of-the-art tools? Look no further than our industry-leading products, technology, and processes that allow you to present 100% of your products to 100% of your customers 100% of the time. Our proven processes are backed by training and coaching programs that work to help your sales and finance staff succeed. Plus, our options for agency, provider, and profit share programs are unmatched in the industry, and we make it easy to compare them to your current offerings. Don't settle for anything less than the best for your Powersports dealership. Contact us today to learn more about how our products and services can enhance your dealership's offerings, streamline your processes, and increase your bottom line. https://www.elitefipartners.com/powersports-finance-products?utm_source=dlvr.it&utm_medium=blogger
https://www.elitefipartners.com/powersports-finance-products?utm_source=dlvr.it&utm_medium=blogger

Hyundai Spot Named Top TV Ad

An ad promoting Hyundai’s “Getaway Sales Event” took first place for most-seen auto ads ranking for March 6 through 12.
https://www.fi-magazine.com/370390/hyundai-ad-named-top-tv-ad?utm_source=dlvr.it&utm_medium=blogger

Fed Continues Interest Rate Increases

Inflation-fighting series cuts further into consumers’ ability to afford purchases such as cars.
https://www.fi-magazine.com/370376/fed-continues-interest-rate-increases?utm_source=dlvr.it&utm_medium=blogger

New-Car Affordability Better But Still Worse Year-Over-Year

Multiple factors drive down purchase costs, which is still well above what most households can afford.
https://www.fi-magazine.com/370346/new-car-affordability-better-but-still-worse-year-over-year?utm_source=dlvr.it&utm_medium=blogger

Miss. Law Requires EV Makers to Franchise for In-Person Sales

NADA lauds measure, saying it preserves competition for consumers’ good while helping to preserve dealers’ livelihoods.
https://www.fi-magazine.com/370348/miss-law-requires-ev-makers-to-franchise-for-in-person-sales?utm_source=dlvr.it&utm_medium=blogger

Dealership Profits Reached Peak in 2022

Milestone drives high demand for acquisitions, record-high prices for some franchises.
https://www.fi-magazine.com/370350/dealership-profits-reached-peak-in-2022?utm_source=dlvr.it&utm_medium=blogger

Ease-of-Purchase Survey Shows November Upticks

CDK score reflects progress as inventories rise, but still room for improvement.
https://www.fi-magazine.com/369567/ease-of-purchase-survey-shows-november-upticks?utm_source=dlvr.it&utm_medium=blogger

Dealerships Trade Hands in Four States

Dealerships trade hands in four states.
https://www.fi-magazine.com/369573/dealerships-trade-hands-in-four-states-1?utm_source=dlvr.it&utm_medium=blogger

BMW to Hit EV Targets Early

The automaker predicts over 50% of its sales will be electric vehicles before 2030.
https://www.fi-magazine.com/370325/bmw-to-hit-ev-targets-early?utm_source=dlvr.it&utm_medium=blogger

Inventory Rises Again in November

Most reporting carmakers have supply days in the double digits.
https://www.fi-magazine.com/369575/inventory-rises-again-in-november?utm_source=dlvr.it&utm_medium=blogger

Black Book: Weekly Market Report

Used-retail active listing volume index index sits at 0.99 points.
https://www.fi-magazine.com/370308/black-book-weekly-market-report-6?utm_source=dlvr.it&utm_medium=blogger

Toyota to Adjust EV Strategy

The automaker plans to adjust its electric vehicle strategy and provide it to key suppliers early next year, report people close to the project.
https://www.fi-magazine.com/369577/toyota-to-adjust-ev-strategy?utm_source=dlvr.it&utm_medium=blogger

EVs on the Hook for Fallen Service Satisfaction

J.D. Power study says BEV recalls are major factor in first decline in decades.
https://www.fi-magazine.com/370298/evs-on-the-hook-for-fallen-service-satisfaction?utm_source=dlvr.it&utm_medium=blogger

U.S. Energy Department Finalizes Loan for GM Battery Venture

The U.S. Energy Department finalized a $2.5 billion loan to a joint venture of General Motors Co. and LG Energy Solution for three lithium-ion battery cell manufacturing facilities.
https://www.fi-magazine.com/369578/u-s-energy-department-finalizes-loan-for-gm-battery-venture?utm_source=dlvr.it&utm_medium=blogger

AutoNation Picks Up Mobile Repair Service

RepairSmith acquisition boosts its offerings and opens up new customer opportunities.
https://www.fi-magazine.com/369585/autonation-picks-up-mobile-repair-service?utm_source=dlvr.it&utm_medium=blogger

Dealers Not Keen on Today’s Auto Market

First-quarter Cox index remains down, but the second-quarter outlook is better.
https://www.fi-magazine.com/370276/dealers-not-keen-on-todays-auto-market?utm_source=dlvr.it&utm_medium=blogger

Get Past the Roadblocks: In a Hurry

In this video, Joe Porter with the Automotive Training Academy by Assurant helps you overcome the “In a hurry” roadblock that you often see at your dealership.
https://www.fi-magazine.com/370278/get-past-the-roadblocks-in-a-hurry?utm_source=dlvr.it&utm_medium=blogger

Mitsubishi Gets More Aggressive on Electrification

Brand plans completely electrified lineup by 2035, including work with alliance partner Renault.
https://www.fi-magazine.com/370285/mitsubishi-gets-more-aggressive-on-electrification?utm_source=dlvr.it&utm_medium=blogger

Ford Ups EV Investment

Production increased on popular models as it looks to boost its electrified market share.
https://www.fi-magazine.com/370287/ford-ups-ev-investment?utm_source=dlvr.it&utm_medium=blogger

F-150 Lightning MotorTrend’s Truck of the Year

Magazine cites in part the model’s appeal to existing truck owners.
https://www.fi-magazine.com/369588/f-150-lightning-motortrends-truck-of-year?utm_source=dlvr.it&utm_medium=blogger

Wisconsin Dealership Traded

Employee-owned auto group expands into Milwaukee market.
https://www.fi-magazine.com/370283/wisconsin-dealership-traded?utm_source=dlvr.it&utm_medium=blogger

Black Book: Weekly Market Report

Sales rates continue to be less than ideal, with many buyers exercising caution for fear of loading up on inventory that does not turn quickly, especially when values are experiencing heavy declines week after week.
https://www.fi-magazine.com/369592/black-book-weekly-market-report-8?utm_source=dlvr.it&utm_medium=blogger

DriveItAway Partnership Launches Subscriptions in Canada

Partners with Legacy Auto Credit in Ontario for app-based subscription-to-ownership program.
https://www.fi-magazine.com/369595/driveitaway-holdings-partnership-launches-subscriptions-in-canada?utm_source=dlvr.it&utm_medium=blogger

Redwood Materials to Build S.C. Battery Manufacturing and Recycling Facility

The new facility will employ 1,500 people and produce enough cathode and anodes components to supply 1 million EVs annually.
https://www.fi-magazine.com/369597/redwood-materials-to-build-s-c-battery-manufacturing-and-recycling-facility?utm_source=dlvr.it&utm_medium=blogger

Black Book: Weekly Market Report

The first week of March started off as expected with sales rates continuing to increase across the country.
https://www.fi-magazine.com/370251/black-book-weekly-market-report-11?utm_source=dlvr.it&utm_medium=blogger

One-in-Four Vehicles Financed by Credit Unions in Q4 2022

New Experian report shows average loan amount increases tapering off, while average terms decreased.
https://www.fi-magazine.com/370253/one-in-four-vehicles-financed-by-credit-unions-in-q4-2022?utm_source=dlvr.it&utm_medium=blogger

The Culture In A Dealership Is Transparent

Have you ever walked into a dealership and felt an unexplainable energy? Perhaps it was a feeling of excitement, anticipation, or even nervousness. On the other hand, maybe you felt a sense of unease or negativity. Whatever the feeling may be, the energy inside a dealership is palpable and has a direct correlation with the culture of the store. The culture of a dealership is defined by the shared values, beliefs, and behaviors of the employees. It is the foundation on which the dealership is built and determines how it operates. The energy within the dealership reflects the culture and can either attract or repel customers. Positive energy is infectious and creates a welcoming environment for customers. It fosters a culture of enthusiasm, collaboration, and positivity. Employees who exude positive energy are more likely to engage with customers and make them feel valued. In turn, customers are more likely to return to the dealership, leave positive reviews, and refer friends and family. Conversely, negative energy can make customers feel unwelcome and uncomfortable. It can come in the form of employees who are disinterested, unenthusiastic, or even rude. Negative energy can lead to a culture of complacency, resentment, and even hostility. Customers are less likely to return, leave negative reviews, and discourage others from visiting the dealership. So, how can a dealership cultivate positive energy and a welcoming culture? It starts with leadership. Managers and owners must set the tone for the dealership and model the behavior they want to see in their employees. They must foster a culture of respect, transparency, and accountability. Employees who feel valued and supported are more likely to exude positive energy and engage with customers. Training is another important factor in creating a positive culture. Employees should be trained in customer service, communication, and problem-solving skills. They should also be educated on the dealership's products and services. When employees feel confident in their abilities, they are more likely to engage with customers and provide a positive experience. The energy inside a dealership is a reflection of its culture. Positive energy attracts customers and fosters a culture of enthusiasm, collaboration, and positivity. Negative energy repels customers and can lead to a culture of complacency, resentment, and hostility. Dealerships can cultivate a positive culture by providing strong leadership, training, and support for their employees. By doing so, they can create a welcoming environment that attracts and retains customers. #WeAreEliteFI
https://www.elitefipartners.com/post/the-culture-in-a-dealership-is-transparent?utm_source=dlvr.it&utm_medium=blogger

Fleet Sales Continue Upward Momentum

Boost overall US auto deliveries as inventories improve.
https://www.fi-magazine.com/370233/fleet-sales-continue-upward-momentum?utm_source=dlvr.it&utm_medium=blogger

Tesla Cuts More Models’ Prices

Adjustments part of industry price war it started as it looks to increase demand.
https://www.fi-magazine.com/370235/tesla-cuts-more-models-prices?utm_source=dlvr.it&utm_medium=blogger

Cox Names VP to Spearhead Wholesale-to-Retail Inventory

Derek Hansen brings a strategic focus to help dealers achieve greater profitability in an evolving market.
https://www.fi-magazine.com/370225/cox-names-vp-to-spearhead-wholesale-to-retail-inventory?utm_source=dlvr.it&utm_medium=blogger

Ford Leads Brands on February Sales Jump

Sees 22% surge, thanks to F-Series trucks, EV and SUV increases.
https://www.fi-magazine.com/370227/ford-leads-brands-on-february-sales-jump?utm_source=dlvr.it&utm_medium=blogger

N.C. Stores Bought From One of Top U.S. Groups

Hudson Automotive buys nine from Asbury.
https://www.fi-magazine.com/369598/n-c-stores-bought-from-one-of-top-u-s-groups?utm_source=dlvr.it&utm_medium=blogger

Used Vehicle Prices Drop as Other Costs Remain High

The most recent Consumer Price Index from the U.S. Bureau of Labor Statistics shows a slight but promising decline in used car prices.
https://www.fi-magazine.com/369601/used-vehicle-prices-drop-as-other-costs-remain-high?utm_source=dlvr.it&utm_medium=blogger

Auto Recalls Fell Last Year

Report shows number of effected units was at a nine-year low.
https://www.fi-magazine.com/370229/auto-recalls-dropped-last-year?utm_source=dlvr.it&utm_medium=blogger

Your Ultimate Guide to F&I Prohibited Practices

Check out this free eBook “Your Ultimate Guide to F&I Prohibited Practices” and be ready for whatever new rule the FTC has coming your way.
https://www.fi-magazine.com/compliance/370211/the-fi-forbidden-20-your-ultimate-guide-to-fi-prohibited-practices?utm_source=dlvr.it&utm_medium=blogger

New Mazda SUV Part of Industry Electrification Trend

Details of CX-90 to be fully revealed in January.
https://www.fi-magazine.com/369603/new-mazda-suv-part-of-industry-electrification-trend?utm_source=dlvr.it&utm_medium=blogger

CPO Sales Up Year-Over-Year

The interest rate factor actually buoys them, Cox says.
https://www.fi-magazine.com/369612/cpo-sales-up-year-over-year?utm_source=dlvr.it&utm_medium=blogger

VW CFO Foresees Tighter New Year

Economic pressures expected to make 2023 even more challenging.
https://www.fi-magazine.com/369614/vw-cfo-foresees-tighter-new-year?utm_source=dlvr.it&utm_medium=blogger

Auto Shoppers' Woes to Continue in 2023

More cars are available, but record prices and rising interest rates will challenge customers.
https://www.fi-magazine.com/370201/nada-auto-shoppers-woes-to-continue-in-2023?utm_source=dlvr.it&utm_medium=blogger

Why Setting Goals Matters

* Focus: Setting goals at the beginning of the month provides focus and direction for the F&I department. It helps team members prioritize their efforts and ensure that everyone is working towards a common objective. * Motivation: Goals provide inspiration and a sense of purpose. When team members have a clear target to work towards, they are more likely to stay motivated and engaged in their work. * Accountability: Setting goals helps establish accountability for results. When team members are clear on what is expected of them, it becomes easier to hold them accountable for achieving their targets. * Measuring progress: Goals provide a way to measure progress and track performance. By setting clear targets, it becomes easier to identify areas where the department is excelling and areas where improvement is needed. So, what kind of training is essential for F&I team members to focus on consistently? Here are a few areas: * Product knowledge: It's essential that F&I team members have a deep understanding of the products and services they offer. This includes knowledge of the features and benefits of each product, as well as how to communicate these to customers effectively. * Customer service: F&I team members need to be skilled at providing excellent customer service. This includes being friendly, approachable, and responsive to customer needs. * Sales skills: F&I team members are also salespeople, so it's important that they have strong sales skills. This includes the ability to identify customer needs, make persuasive arguments, and close deals. * Compliance: Finally, F&I team members need to be well-versed in compliance requirements. This includes knowledge of state and federal regulations, as well as company policies and procedures. Now, let's talk about how to set new records in the F&I department. Here are a few tips: * Set specific, measurable goals: Rather than setting vague goals like "increase sales," set specific, measurable targets that you can track and evaluate. For example, "increase sales by 10% compared to last month." * Track performance: Make sure you are tracking your progress toward your goals on a regular basis. This will help you identify areas where you are excelling and areas where improvement is needed. * Focus on customer service: Providing excellent customer service is key to success in the F&I department. Make sure your team is well-trained in customer service skills and that you are consistently providing a great customer experience. * Encourage teamwork: F&I success is a team effort. Encourage your team members to work together and support each other in achieving their goals. * Celebrate success: When you achieve your goals, take the time to celebrate and acknowledge the hard work of your team. This will help build momentum and motivation for future success. In conclusion, setting goals at the beginning of the month is crucial for success in the F&I department. By focusing on essential training areas and setting specific targets, you can drive performance and set new records for your department. Remember to track progress, focus on customer service, and celebrate success along the way.
https://www.elitefipartners.com/post/why-setting-goals-matters?utm_source=dlvr.it&utm_medium=blogger

KBB Announces Winners of 2023 Best Buy Awards

NASCAR Driver Toni Breidinger teams up with Kelley Blue Book to test top award winner.
https://www.fi-magazine.com/369616/kbb-announces-winners-of-2023-best-buy-awards?utm_source=dlvr.it&utm_medium=blogger