Dealers must speed up F&I, sales processes to win over consumers, a CDK study suggests.
The subprime sector leads the pack, but delinquencies affect all loan segments.
U.S. light-vehicle sales are on track to reach 15 million units this year, a healthy gain from 13.9 million in 2022. But there are several factors restraining sales growth.
Tougher standards sink used vehicle financing, especially for subprime buyers.
Auto retailers frequently create siloed business practices by defining boundaries between professionals in sales, service and F&I. But interdepartmental cooperation is crucial to a dealership’s overall success.
May marked the fifth consecutive month average new-car prices remained below sticker price.
Dealerships must comply or face stiff penalties.
Dealers who remind customers of a federal tax credit of up to $7,500 can boost profits, satisfaction.
Dealers find some customers opt for shorter loans rather than high-interest long-term financing.