CFPB halted, Q4 earnings continue
The Department of Government Efficiency, run by Elon Musk, effectively shut down the Consumer Financial Protection Bureau over the weekend, adding to uncertainty regarding operations after CFPB Director Rohit Chopra was fired last week. Auto retailers Asbury Automotive and Group 1 Automotive in the fourth quarter reported a double-digital year-over-year increase in finance and insurance revenue as sales rose. Ford Credit also reported Q4 earnings last week. The captive’s U.S. and Canada consumer loan and lease outstandings increased 8.4% YoY to $89.2 billion as lease volume picked up and credit losses rose. In powersports, Harley-Davidson Financial Services’ originations declined 16% YoY in Q4 and provisions for credit losses rose 27% YoY. North American retail sales of Harley-Davidson motorcycles also decreased 13% YoY, while sales of LiveWire electric motorcycles fell 54% YoY. The AIM Expo Tradeshow last week in Las Vegas highlighted stable promotional activity across the industry along with trends in technology adoption and motorcycle sales. In this episode of “Weekly Wrap,” Auto Finance News Editor Amanda Harris and associate editors Ashley Savage and James Van Bramer discuss trends in compliance, sales, earnings and powersports for the week ended Feb. 7.