Dealer News Today Podcasts · Dealer News Today

“There’s still a lot of impulse buyers” || Jeff Turley, Head of Auto Lending, PNC Bank

·28 min·1 clip

PNC gets applications from 6,000 dealers every day, and about 80% are decided in 30 to 40 seconds.

1. Dealer News Today speaks with PNC auto lending leader Jeff Turley about dealer financing, interest rates, and inventory conditions. 2. Derek D hosts the interview and Turley serves as president and head of auto lending at PNC. 3. The episode asks how auto lending is changing now that application volume, used-car values, and incentives have shifted after COVID. 4. Turley says PNC handles direct auto lending through branches and pnc.com, plus indirect auto through dealers. 5. He says about 6,000 dealers send applications every day and roughly 80% receive a decision in 30 to 40 seconds. 6. The remaining cases go to underwriters and can take seven, eight, or 15 minutes when a file sits on the fringe. 7. Turley says application volume dropped during March and summer 2020 as people worried about jobs and mobility. 8. He says the market later recovered as used-car values climbed and buyers moved to dealerships to trade in vehicles. 9. He says current application counts are close to pre-COVID levels, though they still move with seasonality, unemployment reports, inflation, and gas prices. 10. Turley says average auto borrowers are paying about 3% to 4% more interest than they were when COVID hit. 11. He says those rates are still low by historical standards, but they still make affordability harder for many buyers. 12. He compares the situation to a mortgage buyer who locked in 3% and now faces 7.5% on the same home. 13. Turley says manufacturers still face a supply-side problem because they cannot make cars fast enough. 14. He says floor plan utilization was about one-third of pre-COVID levels during the pandemic and is still not back to earlier inventory levels. 15. He says leasing is only 20% to 21% of the business now, compared with a 30% peak. 16. He says incentives have dropped to 3% of average transaction price from 11% before the pandemic. 17. Turley says many dealers still want a full shelf because impulse buyers do not want to wait four, five, or six weeks. 18. The interview stays conversational and practical, with Derek D pressing for examples and Turley answering in bank-and-dealer terms. 19. Viewers interested in auto lending, dealer operations, and car market pricing would likely get the most from this episode. 20. Listeners looking for celebrity gossip or narrative storytelling can probably skip it.

As heard by us

A clear look at how higher rates are reshaping auto-buying behavior.

The episode keeps its focus on a familiar auto-lending pressure point: what happens to buying power when rates stay elevated after COVID and affordability tightens.

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Why you'd press play

You want a plainspoken read on why car payments still feel tight.

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