Finance & Insurance

Fifth Third Bank has raised the amount they'll fund in GAP coverage on financed vehicles, describing it as a response to demand, rising prices and national competitors.

The low-margin preventive maintenance contract is "your most underutilized product in F&I," according to Dan Mason, Principal Warranty Corp. executive vice president. It's a "magic bullet" that offsets the cost of buying all other F&I products for the customer, he said.

Cadillac Financial, which will operate as part of the GM Financial business, will include a concierge service, a new website and Cadillac-certified customer experience teams.

The retailer anticipates offering in-house finance and insurance products from new subsidiary Total Care Auto within three years.

Compliance experts say retailers don't give as much consideration as they should to how their software vendors handle their customer data.

Colorado and Virginia adopted state data privacy laws this year, while the Golden State's voters in 2020 approved a measure to add tougher provisions to an existing law.