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Welcome to The Weekly, a roundup of the top five auto industry headlines of the week.
JPMorgan CEO Jamie Dimon is sounding the alarm on growing auto credit stress after the bankruptcies of First Brands and Tricolor Holdings, calling the bank’s exposure to the failed subprime lender “not our finest moment.”
Dimon said the collapses could mark the start of broader trouble after more than a decade of easy credit, warning that “when you see one cockroach, there are probably more.”
The fallout: Tighter lending, higher financing costs, and more scrutiny across auto retail, making it tougher for buyers to get approved and for dealers to manage floorplans and margins.
Automated F&I processes struggle to match dealership-level engagement
Amazon Autos is learning what dealers have known for years.
Digital F&I might look seamless online, but it rarely performs like a real conversation. Even with lenders like Wells Fargo, Chase, and Santander onboard, penetration still trails what in-store managers deliver.
As GSFS Group’s Wade Higgins put it, an app can’t read tone, hesitation, or that glance between spouses deciding on a warranty.
Looking ahead: Amazon can keep iterating, but the problem isn’t the platform. It’s that F&I depends on trust, not clicks, and that doesn’t scale as easily.
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Auto lending troubles signal a K-shaped economy
America’s auto market is splitting along income lines.
By the numbers: Subprime delinquencies hit 6.4% in August, while repossessions climbed to levels not seen since the Great Recession. Meanwhile, prime borrowers remain largely stable.
Nearly one in seven buyers now has a credit score below 650, the largest share of lower-credit borrowers since 2016.
High prices and interest rates are pushing many to the brink, deepening the divide between those who can afford cars and those who can’t.
Bottom line: For now, the data paints a clear picture—affluent consumers keep spending, while working-class Americans are falling further behind on their car notes.
TrueCar reboot: Founder Scott Painter returns with $227 million private buyout
TrueCar is going private again, and founder Scott Painter is back at the helm.
Key details: Painter’s Fair Holdings will acquire TrueCar in an all-cash deal valued at $227 million, or $2.55 per share.
The financing includes $164 million from Alpha Auto, affiliated with Miami Lakes Automall, plus $60 million from a group of industry investors known as “the Syndicate.”
Once finalized, Painter will return as CEO after nearly a decade after stepping down.
Looking ahead: After years of financial losses and fading trust, TrueCar’s return to private, founder-led ownership could mark a reset.
Vehicle recalls surge in Q3 for highest quarterly total in almost two years
In the third quarter, Automakers issued 96 recall campaigns covering 8.5 million vehicles, up 16% from Q2, according to BizzyCar.
Ford led the pack with 24 campaigns (5 million vehicles total) driven by backup camera, electrical, and fuel system issues.
Roughly 9% of recalls were eligible for over-the-air software fixes, but most still require in-person repairs, keeping dealers at the center of the process.
What we’re watching: Analysts expect recall volumes could increase further as supply chain challenges and global tariffs impact OEM parts flow, potentially mirroring the 2020-2021 period when automakers shipped vehicles that later required retrofitting.
Missed yesterday’s episode of Daily Dealer Live?
Presented by:
Painter on buying TrueCar, BizzyCar CEO on recalls, Auburn Toyota + CNCDA
Featured guests:
Scott Painter, Founder of TrueCar
Ryan Maher, CEO of BizzyCar
Ryan Toohey, Service Manager at Auburn Toyota
Felicia Palombi, Fund Development Manager at CNCDA
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