Inside Automotive
A closer look at the digital revolution happening in the F&I office – Dennis Gingrich | The Niello Company
The era of cumbersome approval procedures and conventional paperwork is over. The F&I office of today operates in a time of digitization, personalization, and efficiency. On today’s episode of Inside Automotive, Dennis Gingrich, Variable Operations Director at the Niello Company, joins us to update us on the current state of F&I. Watch full segment here.
Top Stories
United Auto Workers president Shawn Fain took to social media on Friday afternoon to announce major updates in the union’s negotiations with Detroit-Three automakers. Similar to his previous “stand up” livestream, the UAW chief arrived slightly after the 2 p.m. starting time, once again because of last-minute concessions from automaker executives. As he began, Fain noted that he had been prepared to call for a new strike at a critical General Motors factory in Texas. Read More
New car supply improved in September, defying concerns that the ongoing United Auto Workers strike would constrain inventory before the fourth quarter. According to Cox Automotive, total new car supply rose to 2.21 million units by the start of October, the highest point since early 2021 and a year-over-year increase of 60%. Compared to the previous month, inventory increased by 7.3%. Days of supply held steady from August but improved on a year-over-year basis. Read More
Despite increasing interest rates, labor strikes, and instability in Washington, job growth in September was more robust than anticipated. Which indicates that the U.S. economy remains anchored. The Labor Department reported that nonfarm payrolls climbed by 336,000 for the month, above the 170,000 expectation in the Dow Jones consensus and more than 100,000 higher than the previous month. In contrast to the forecasted 3.7%, the unemployment rate was 3.8%. Read More
Tesla is slashing the prices of its Model 3 compact sedan and Model Y SUV in the U.S., intensifying its price war only days after the world’s most valuable automaker’s third-quarter deliveries fell short of market estimates. The most recent cuts occur as the company works extremely hard to deliver a record of 476,000 vehicles in the final three months of 2023 to reach the annual aim of delivering over 1.8 million vehicles. Read More
The U.S. Treasury Department revealed its proposed guidance for point-of-sale discounts on electric vehicles that many consumers will be able to obtain beginning January 1, 2024. The EV tax credits saw a significant adjustment to the customer discount due to the Inflation Reduction Act, a climate and renewable energy measure pushed by Democrats and passed last year. Read More
For Dealers
Don’t wait to correct F&I mistakes – Acting quickly benefits everyone
With so many people involved in every car deal, there are several ways that things can go sideways. Between sales, F&I, delivery, etc…breakdowns can occur at any stage in the process. How those mistakes are handled, especially in F&I, can impact your dealerships reputation and how customers view the experience of buying a car from you. Read More
Tips and tricks to make your used car dealership standout online
The pandemic years changed the landscape of many markets, especially the used car marketplace. According to an eLEND survey, “Almost 80% of auto dealers said that the pandemic accelerated their adoption of digital path-to-purchase experiences – and 90% say they expect to continue or accelerate digital retailing at their dealership.” The unprecedented times pushed independent dealerships to intentionally leverage digital technology like never before. Read More
