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Article: F&I rebounds slightly in 3rd quarter.(NEWS)(Financial report)
- Article from:
- Automotive News
- Article date:
- November 9, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Donna Harris
Publicly traded auto retailers reported a slight rebound in auto finance in the third quarter, although credit remains tighter than it was two years ago.
All six of the companies reported lower finance and insurance revenue than last year, but the third-quarter declines weren't as steep as the slide in the first half of 2009.
The companies say the boost resulted from improving credit conditions, not the new-vehicle sales bump from the federal cash-for-clunkers rebates. The clunkers program brought in new-vehicle customers, but they tended to be cash buyers, the retailers said.
The clunkers rebates "hampered finance ...
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