Archive | Industry

Dealership Compliance under the Gramm-Leach-Bliley Act

Dealership Compliance under the Gramm-Leach-Bliley Act

The Gramm-Leach-Bliley Act of 1999, or “GLB” as it is more commonly called, is the law with the biggest impact on the dealership community since the Truth in Lending Act was passed in 1968. From GLB flow at least two major rules that affect every dealership in America: the Privacy Rule and the Safeguards Rule. … Read More »

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The Great Debate: Recording in F&I

The Great Debate: Recording in F&I

We’ve all heard it before. “This transaction may be recorded for quality and training purposes.” In fact, we hear it so often; many of us don’t even give it a second thought. But those words are not the norm in many F&I offices. In fact, there are vastly different schools of thought on the use … Read More »

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Selling Appearance Protection

Selling Appearance Protection

As dealership reserve shrinks, the pressure is increasing on the F&I office to find other avenues to enhance and replenish overall profit margins. Shoring up dealers’ bottom line in F&I is more critical than ever before. Historically, the focus in F&I has been on big-ticket items, but as lease penetration reaches new highs and reserves … Read More »

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Plugging the Leaks in F&I

Plugging the Leaks in F&I

Unrealized opportunities for profit occur all too often in the F&I office. At the recent Industry Summit in Las Vegas, John Braganini, principal, Great Lakes Companies, and Steve Veldkamp, director of training, Great Lakes Companies, faced the issue head on and shared their tried and true methods for turning opportunity leaks into profit. The quality … Read More »

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The Future Direction of the CFPB: Preparing for the Coming Storm

The Future Direction of the CFPB: Preparing for the Coming Storm

Attorney Rick Hackett is the former assistant director of installment and liquidity lending markets for the Consumer Financial Protection Bureau’s (CFPB) division of research. During his stint there he was considered the bureau’s point man for the auto finance industry. At the fall 2014 P&A Leadership Summit and Industry Summit in Las Vegas, Hackett shed … Read More »

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A Brief History of F&I

A Brief History of F&I

Recently I’ve been reminiscing about the changes I’ve seen in F&I over the last 40-plus years. The industry originated in the midwest, and many of the pioneering companies – or their offspring – are still in business. Initially, they sold CLAH, CLAH and CLAH. It was considered an accomplishment to obtain $100 per retail unit, … Read More »

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