Finance & Insurance

Though vehicle prices represent a larger share of household income than in the past, automakers call their pricing accessible and representative of consumer demand for more expensive models.

Five out of the six major publicly traded auto dealership groups produced more than $2,000 in same-store finance and insurance gross profit on every vehicle transaction during the first quarter. Asbury breached the $2,000 mark during the first quarter with a $2,376 same-store gross-profit, joining four of its peers...

The shareholder plaintiffs, in their complaint, charged that Credit Acceptance's "wrongful acts, omissions, and scheme to defraud, and the precipitous decline in the market value of the Company's common stock" meant the shareholders had "suffered significant damages."

Ford CFO John Lawler says uptick is not yet a concern because delinquency rates are coming off historic lows over the past year.

So far, mainstream electric vehicle buyers have brought the credit and even the behavior of luxury internal combustion engine buyers to far less expensive models, according to a TransUnion analysis of internal and S&P Global Mobility data from 2021.

AutoFi tapped Santander Consumer USA head of pricing and strategy Josh Baer as its president. Baer, whose resume also includes more than a decade at Capital One, will run AutoFi's lender and enterprise segments.