2 publics see FI profit per car fall in Q4; 5 of 6 saw results drop compared with Q3

Dan Clara, Asbury's senior vice president of operations, told investors and analysts on a Feb. 2 call that rising interest rates had not affected Asbury's ability to add F&I products to deals. Asked if higher interest rates would affect demand for vehicles in the second half of 2023, A...

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Bibliographic Details
Published in:Automotive News Vol. 97; no. 7079; p. 26
Main Author: Staff Reports
Format: Journal Article Trade Publication Article
Language:English
Published: Detroit Crain Communications, Inc 27.02.2023
Crain Communications, Incorporated
Subjects:
Automobile dealers
Captive finance
Company sales and earnings
Corporate profits
Federal Reserve monetary policy
Gross income
Interest rates
Retail stores
Transportation equipment industry
Vehicles
United States
United States > US
ISSN:0005-1551, 1557-7686
Online Access:Get full text
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Summary:Dan Clara, Asbury's senior vice president of operations, told investors and analysts on a Feb. 2 call that rising interest rates had not affected Asbury's ability to add F&I products to deals. Asked if higher interest rates would affect demand for vehicles in the second half of 2023, Asbury CEO David Hult said "we think we'll be just fine" should the Federal Reserve institute one or two more 0.25 percentage point rate hikes. Company CEO Mike Manley told investors and analysts in a Feb. 17 call that his group's plan is to grow CIG Financial at a "very manageable speed" on pace largely with the growth of the AutoNation USA used-vehicle-only business.
ISSN:0005-1551
1557-7686