Despite that auto originations “stepped up a little” in the first quarter, Capital One Financial Corp. will remain cautious in its auto lending, particularly subprime, Chairman and Chief Executive Richard Fairbank said during an earnings call. “Our message is really the same as we had last quarter,” he said. CapitalRead More
April 29, 2016
April 29, 2016
April 29, 2016
April 28, 2016
Prestige Financial Services switched to text messaging as an exclusive communication channel for customers that opt-in, Rich Hyde, chief operating officer, told AFN. “We already utilized texting back and forth, but we made an official change on our front-end,” Hyde said, estimating that 30% to 40% of Prestige’s customers preferRead More
ThunderRoad Financial will offer retail financing to participating Royal Enfield North America dealers beginning May 1, the companies announced on Monday. “ThunderRoad provides another opportunity for customers to buy a motorcycle at a dealership,” Royal Enfield President Rod Copes told Powersports Finance yesterday. “We think that it’s important to give consumers manyRead More
Regional Acceptance (RA) “experienced some higher loss severities” in the first quarter of 2016, according to Clarke Starnes, BB&T’s chief risk officer and senior executive vice president. RA, which primarily finances economy cars, reported net charge-offs of 8% in 1Q, up around 50 to 75 basis points versus the sameRead More
Powersports refinancing demand has remained low, due in part to the small loan size, but also because there is a low level of consumer awareness, according to Roger Douville, underwriting director for refinance loan brokerrateGenius.
Consumer Portfolio Services saw a “very strong” first quarter in terms of originations growth, Chief Executive Charles Bradley said during yesterday’s first quarter earnings call. The company reported $312 million in originations in the first quarter, up from $234 at the same time a year prior. “It started in aboutRead More
SafeHer for Women, a new women-only rideshare service, is slated for a nationwide launch in the fall, according to former Uber driver and SafeHer’s Founder Michael Pelletz. “My goal when I started this nine weeks ago was to have 1,000 drivers in Massachusetts by April 19, and expand from city to city,Read More
Capital One Financial Corp.’s gradual exit from the market and Wells Fargo & Co.’s recent acquisition of GE Capital’s Commercial Distribution Finance (CDF), has stirred up some concern among many industry leaders, despite the continued growth of the powersports industry.
Higher yields offset lower auto origination volume at Ally Financial Inc. in the first quarter. Year over year, originations fell 8.2% to $9 billion in the quarter, while average yields grew 59 basis points, to 5.85%. The company remains “generally comfortable” with the size of its auto portfolio, Chief Executive JefferyRead More
Flagship Credit Acceptance LLC (FCA) is preparing an asset-backed securitization worth $350 million in a transaction set to close on May 5. The notes are backed by subprime auto loan receivables, according to a presale report from Standard & Poor’s Ratings Services. The loans in the Flagship Credit Auto TrustRead More
Exeter Finance Corp. appointed two Santander Consumer USA veterans to its team on Feb. 17. Jason Grubb will serve as chief executive, replacing interim CEO Mark Floyd, and Brad Martin will serve as chief operating officer. Floyd had re-joined the company in December 2015, after then-CEO Tom Anderson departed toRead More
ARI Network Services Inc. launched Inventory Notifier, a new feature to ARI’s platform designed to help powersports dealers “connect the dots” between the dealer, consumer, and financial provider, according to Vice President of Product Management Brad Smith.
Ford Motor Credit Co. released the beginning of what will become a series of educational videos to help millennial consumers strengthen their financial knowledge, specifically regarding auto finance. “We’re making it easy for people to understand automotive financing by providing the straightforward information they need to make good decisions about one ofRead More
As powersports production amps up, many manufacturers are introducing financing incentives to boost vehicle sales, and Yamaha Motor Corp. is no exception.