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Reflecting on the macroeconomic environment in 2024, the start of 2024 saw mechanical retail service locations performing well. Segments such as collision and auto-glass, which often rely on insurance-paid components, have seen growth opportunities, particularly with the evolution of advanced driver assistance systems (ADAS).
According to Polly’s Q4 2024 Embedded Auto Insurance Report , auto insurance rates stabilized in 2024 after two years of steep increases. The average in-dealership insurance quote averaged $199 per month in 2024, a stark contrast to the volatile swings of prior years that saw insurance rate increases vastly exceed inflation.
Yet, making online retail into a reality has remained a challenge for auto dealers. In worst-case scenarios, that process can take far longer: news reports have highlighted instances where some online retailers took nearly a year to get a title to a customer. E-commerce is the future for auto dealers. That’s speed redefined!
This involves inspecting the extent of structural, mechanical, and cosmetic damage, calculating labor and parts costs, and working closely with repair technicians, insurance companies, and customers to ensure a smooth repair process. Many begin their careers as collision estimators, assessing vehicle damage and preparing repair quotes.
Mavsign’s integration with RouteOne integration transforms the vehicle transaction process by integrating RouteOne’s finance and insurance platform with Mavsign’s advanced remote signing and verification capabilities, delivering unparalleled efficiency and security.
Through this partnership with Tekion , dealers can now connect In The Car with Tekion’s Automotive Retail Cloud (ARC) seamlessly, in real time, making data sharing faster and easier than ever. In The Car’s embedded digital-first platform enables OEMs and dealerships to provide insurance policies directly to consumers.
22% of dealers noted that the cost of vehicle insurance for consumers is holding back their business. Independent dealers, more than franchised dealers, felt that the cost of insurance was holding back business.
As we reflect on the 2024 automotive landscape, its clear that dealerships faced a year of significant challenges and transformations, particularly in finance and insurance (F&I). The post 2024 Auto Retailer F&I Year in Review What We Learned appeared first on AutoSuccessOnline.
You need to consider fuel economy differences, insurance costs, maintenance expenses, and resale value projections. Ford’s retail sales were up 4% in Q3 2024 thanks partly to these incentives. But purchase price is just the beginning.
The FTC’s complaint against GM alleged that their enrollment process for OnStar and the Smart Driver feature was confusing and misleading, failing to clearly disclose how precise geolocation and driving behavior data would be collected and sold to third parties, including consumer reporting agencies, impacting insurance rates.
He participated in redrafting the LAW 553 Retail Installment Sale Contract, arbitration and non-arbitration versions, for all 50 states. From a regulatory and policy influence standpoint, his contributions to the development, reform and interpretation of laws and regulations affecting the finance and insurance industry have been significant.
With a career spanning over three decades, Laudenslager has amassed a wealth of experience in both automotive and insurance-related industries, the company stated. iA Financial Group announced the appointment of John Laudenslager as president of iA American Warranty Group (iA American),a subsidiary of iA Financial Group.
The insurance industry is at a pivotal moment, driven by emerging technologies, constantly shifting customer needs, and global challenges. Insights from PricewaterhouseCoopers ( PwC ) report: Insurance 2025 and Beyond , highlight five key trends that are driving transformation in the sector. trillion by 2025. trillion by 2025.
Members of the Ontario Aftermarket Retailers Association and the Ontario Automotive Aftermarket hit the links in support of AIA Canada’s High Fives for Kids Foundation. There were 43 hole sponsors, plus a hole-in-one competition hosted by Federated Insurance, though no one took home the prize.
In March, a major retailer had employee data stolen from a third-party vendor handling HR functions. This came to light after some people saw their insurance rates were increased after a major automaker sold the information broker company that rates insurance risks. It gets worse.
In March, a major retailer had employee data stolen from a third-party vendor handling HR functions. This came to light after some people saw their insurance rates were increased after a major automaker sold the information broker company that rates insurance risks. It gets worse.
Other factors include provincial mandates (36 per cent), reduced insurance premiums (20 per cent), recommendations from family and friends (16 per cent), and retailer advice (8 per cent). Why Canadians choose winter tires Safety is the top motivator for winter tire usage, cited by 79 per cent of drivers who use them.
“The industry, dominated by OEMs and major Tier 1 suppliers, faces significant disruption as automakers pivot strategies around EVs and component sourcing, forcing retailers and consumers alike to re-think their approaches to aftermarket parts and services,” the report said.
Here’s what you’ll find in this must-see episode: Vehicle Theft Surge: Melissa dives into the alarming rise in vehicle thefts and how LoJack’s recovery systems are mitigating the impact on auto insurance premiums.
Affordability is an issue car dealers have been battling daily over the past couple of years as retail prices for used and new vehicles soared to unprecedented highs. TO READ THE FULL STORY BECOME A MEMBER Login The post Soaring auto insurance costs ‘a big problem’ for dealers’ sales appeared first on Auto Remarketing.
The survey from Toronto-based Zensurance.com gathered responses from 1,000 small business owners, entrepreneurs and self-employed people from various industries, including retail, hospitality, consulting, construction and health and wellness. According to the survey, 58.5
In March, a major retailer had employee data stolen from a third-party vendor handling HR functions. This came to light after some people saw their insurance rates were increased after a major automaker sold the information broker company that rates insurance risks. It gets worse.
Not only are consumers shifting behavior to embrace sustainability in the retail sector, but we’re also starting to see the popularization of B2B companies prioritizing sustainability. In fact, a global survey by Solera recently found that 75% of drivers are willing to switch insurance providers for a greener policy.
One of the critical parts of automotive retail operations is auto transport for dealerships. Dealerships can also check if it offers liability insurance to cover vehicle damage, theft, and fire damage costs. For luxury cars, dealerships should also consider supplemental insurance in 2025.
So, if youre filing a negligent product liability claim youre going to need to prove the following: Manufacturers and/or retailers are obligated by law to protect customers from unreasonable risks. The manufacturers insurance provider is just waiting to start taking your claim apart. This is their duty of care.
I saw something while walking into a retail parts store recently. If you have minors, they must be included in your workers’ compensation insurance coverage. Most insurance companies are willing to work with your shop. It was a large sign stating they’re hiring at age 16. I think this is a brilliant move!
I saw something while walking into a retail parts store recently. If you have minors, they must be included in your workers’ compensation insurance coverage. Most insurance companies are willing to work with your shop. It was a large sign stating they’re hiring at age 16. I think this is a brilliant move!
Obtaining business insurance coverage can help protect your company. General liability, commercial property, and worker’s compensation are the three most common types of business insurance. If you choose to purchase a fleet of service loaner vehicles for your customers, look into commercial auto insurance.
Integrating Canopy Connect’s insurance verification and servicing technology builds on Cox’s vision to transform the auto retail transaction, making it more convenient for consumers to verify their insurance and reducing risk of fraud for automotive dealers.
By integrating Sincro’s technology offerings into its existing suite of best-in-class products and services, DealerOn is positioned to continue providing dealerships with a more comprehensive set of digital tools, including enhanced website, vehicle inventory, advertising, retailing and SEO capabilities. Canaccord Genuity Group Inc.
Jeff DePascale Prior to joining CallRevu three years ago as senior vice president of technology, DePascale was venture lead for Cognizant Technology Solutions’ cloud omnichannel contact center platform Onvida, servicing enterprise customers in retail, banking/financial services, and insurance verticals.
The Federal Trade Commission has announced new regulations, called the Combating Auto Retail Scams Rule , that are meant to stop car dealers from screwing customers with hidden fees and other bait-and-switch pricing tactics. Oh, happy days! Read more.
In this role, Peek will oversee StoneEagle’s administrative SaaS applications for OEMs, TPAs and insurers, namely StoneEagleADMIN, SCS, StoneEagle Compliance and StoneEagle Marketplace. Products within the Retail Business Solutions division now include: StoneEagleMETRICS, StoneEagleMENU, Pencilwrench, StoneEagleINSIGHTS and StoneEagle data.
Ninety percent of automotive retailers are getting serious about their dealership cybersecurity plans, yet they are still succumbing to data breaches at an alarming rate, according to a recent study by CDK Global , a leading automotive retail software provider.
The meeting is free to attend for retailers, and complimentary dinner is included, courtesy of 1-800EveryRim OEM Wheels and Tire Base. A raffle, hosted by Federated Insurance, will also be part of the festivities.
The meeting is free to attend for retailers, and complimentary dinner is included, courtesy of 1-800EveryRim OEM Wheels and Tire Base. A raffle, hosted by Federated Insurance, will also be part of the festivities.
Terry Dortch, founder and CEO of Automotive Risk Management Partners, expressed cautious optimism about the upcoming hearings on the Federal Trade Commission’s CARS (Combating Auto Retail Scams) Rule. It is designed to tackle auto retail scams and strengthen oversight of dealership sales, financing, and leasing practices.
Used car retailers such as Carvana have also reported growth in used EV sales, and Carvana’s average used BEV price in Q1 was $31,000, a decrease of 16% year-over-year. GAP Insurance: Depreciation is an inevitable reality of vehicle ownership, and gasoline and hybrid-powered vehicles are no exception.
This extension of the company’s existing B2B vehicle shipment service is rolling out initially to retail automotive dealers who no longer wish to be involved in the transport logistics processes of their customers before being offered to the general public.
In his first address to the country’s franchised new-car dealers at NADA Show 2024, Gary Gilchrist identified the challenges the auto retail industry faces and outlined how he will tackle them as 2024 chairman, calling on the support of NADA members. “I I know how dealers think: I know we will always have your passion!”
In fact, more inventory being carried on the books longer has two cost elements, one being the cost of interest, insurance, and flooring fees, and the second being the effect, namely higher depreciation. If the cost of holding a pre-owned vehicle can’t be offset by a retail sale, wholesaling or sending it to auction could be the best option.
With a career spanning my entire adult life in the automotive industry, I have witnessed firsthand the gradual evolution of retail (where I began), which has been greatly accelerated by the COVID-19 pandemic. Consumer behavior has changed dramatically, necessitating a corresponding adaptation within the automotive sector.
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