At Bay Motor Finance, we feel it is essential to keep our clients informed of lending policies in the news, including the latest on the Community Reinvestment Act. Something that may affect our dealership partners and loyal customers. What is the Community Reinvestment Act (CRA)? The CRA was passed in 1977. For those wondering what […]
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We’re protective of our things, more if they’re brand new. If it’s a new item that costs a lot of money, we take every step to ensure no harm comes to it. So when it’s time to purchase a new set of wheels, that protective instinct is front of mind. Luckily, a vehicle warranty is […]
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You have a client ready to buy a car––outstanding! They’ve picked out their new ride, are excited to drive it off the lot, and all that stands between that experience is signing the paperwork, handing over the keys, and the funds to make it happen. Securing dealership financing is something clients need to walk through […]
Read More… from How to Easily Explain Dealership Financing to Your Customers
Traditionally, automobile dealerships have had a “red phone” communication with lenders. Speaking directly to an underwriter has historically made it easy to discuss options for your customers and find them the right solutions for their unique needs. Lately, the trend has been leaning toward a more automated process, and this could spell big trouble for […]
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The Consumer Financial Protection Bureau is concerned with rising costs in the automotive industry but, since the agency has no oversight of car dealerships, the bureau is planning to focus its efforts on automobile financing. The Bureau of Labor Statistics has found that the stalled manufacturing processes, along with chip shortages, are increasing costs while […]
Read More… from The Impact of the CFPB’s Changes on Lenders and Dealerships
The days of customers wandering into your dealership looking for their next car may be nearing an end. Buying cars online is growing in popularity, and it looks like it’s a trend that’s here to stay. Exactly how will this impact the automotive industry? Potential Online Car Buyers Weigh In on the Pros and Cons […]
Read More… from Love It Or Hate It, Online Car Buying is Here to Stay
For consumers facing sticker shock at the pump, it may be time to consider shifting to a fuel-efficient, low-emission electric vehicle. The electric vehicle market is growing exponentially. It was originally valued at just over $163 billion in 2020, but it’s expected to top $823 billion by 2030. How will this growing industry affect dealerships? […]
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