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Tesla Increases Leasing 74% YoY, Details Insurance Plan

Tesla Increases Leasing 74% YoY, Details Insurance Plan

February 24, 2017 at 11:46 am 0 comments

Tesla Finance increased net operating lease vehicle originations to $3.13 billion for the full year 2016 up from $1.79 billion in 2015 — a 74% increase — the company reported in its fourth quarter earnings report. The report did not disclose the number of vehicles leased in the year orRead More

Credit Union Paves the Way to Launch Auto-Decisioning in Powersports

Credit Union Paves the Way to Launch Auto-Decisioning in Powersports

February 24, 2017 at 10:52 am 0 comments

America’s First Federal Credit Union (AFFCU) is mapping out plans to open up auto-decisioning in powersports, after expanding its auto loan origination system to buy deeper in the credit pool, Bob Jaffe, indirect loan manager, told Powersports Finance.

Santander Outlines Three-Pronged Strategy for Growth

Santander Outlines Three-Pronged Strategy for Growth

February 24, 2017 at 10:30 am 0 comments

Santander Consumer USA has a three-pronged plan for growth in 2017, said Rich Morrin, SC’s chief operating officer, during an analyst and investor day event, yesterday. “We know hope isn’t a strategy, we have specific things we’re working on in 2017, most importantly around Chrysler,” he said. “Chrysler continues to represent an opportunityRead More

Upshift Eyes Autonomy, Rideshare for Car-Rental Service

Upshift Eyes Autonomy, Rideshare for Car-Rental Service

February 24, 2017 at 9:00 am 0 comments

The concept of renting a car isn’t new: There’s Avis Rent a Car, car2go, and many in between. Upshift, however, is attempting to refresh the market by delivering its cars directly to your door. The company currently offers daily car rentals for consumers, which are requested via text message. Renters can textRead More

Aging Vehicles Spur Historically High Auto Debt

Aging Vehicles Spur Historically High Auto Debt

February 23, 2017 at 11:48 am 0 comments

The historic high that the U.S. auto debt is at — according to the latest quarterly report from the New York Federal Reserve — is “not necessarily a problem” considering the U.S. market’s need to update its aging vehicle fleet, said Carlos Gomes, senior economist and auto industry specialist at Scotiabank.Read More

Powersports Finance Spring Issue Now Live

Powersports Finance Spring Issue Now Live

February 23, 2017 at 11:00 am 0 comments

The spring issue of Powersports Finance Quarterly is now live, and available to current and new subscribers. The digital publication marks the first issue of 2017. In this issue, learn about why millennials are demanding new underwriting strategies, with insight from LightStream, Westlake Financial Services, MotoLease LLC, and TDECU; and whether motorcycleRead More

Rideshare Startup SPLT Seals Funding From Jaguar-Backed InMotion Ventures

Rideshare Startup SPLT Seals Funding From Jaguar-Backed InMotion Ventures

February 23, 2017 at 11:00 am 0 comments

InMotion Ventures — powered by Jaguar Land Rover — has inked a deal with SPLT, sealing the rideshare startup’s second round of seed funding. So far, the startup raised $1.2 million in total funding, from investors including Techstars, Verizon Ventures, and Wells Fargo. SPLT joins GoKid, the ridesharing platform for families, in theRead More

AutoFi Adds Exec to Beef Up Dealer Training

AutoFi Adds Exec to Beef Up Dealer Training

February 23, 2017 at 10:36 am 0 comments

AutoFi added Joe St. John as head of dealer success, in November 2016, to shore up in-store training for dealers, Kevin Singerman, chief executive of the online auto finance aggregator, told AFN. “We realized [AutoFi] not only offers value to dealers for their online presence, but also wherever the consumerRead More

Ross Motorsports Doubles Finance Income, Partners With MB Financial

Ross Motorsports Doubles Finance Income, Partners With MB Financial

February 23, 2017 at 10:15 am 0 comments

Ross Motorsports doubled its finance income garnered through its seven lender partners in 2016, as compared with 2015, and expects more growth this year, thanks — in part — to a new partnership with MB Financial Bank, the dealership’s General Manager Ryan Williams told Powersports Finance.

Know Before You Owe: Powersports Regulatory Lessons Learned From Auto Finance

Know Before You Owe: Powersports Regulatory Lessons Learned From Auto Finance

February 23, 2017 at 10:00 am 0 comments

At the very least, lenders should identify who in the organization is responsible for compliance, and dedicate as many resources as possible toward creating a compliance system that management deems appropriate for the company’s size, complexity, and consumer risk profile, David E. Gemperle, partner at Nisen & Elliott LLC, toldRead More

Keep On Keeping On [SPONSORED]

Keep On Keeping On [SPONSORED]

February 23, 2017 at 10:00 am 0 comments

The Consumer Financial Protection Bureau (CFPB) did not come out unscathed in the wake of the Wells Fargo scandal. While some say the CFPB’s enforcement action demonstrates a need to strengthen the agency, others use the scandal as a case study to demonstrate the bureau’s inept and over-reaching practices. What’sRead More

Is Toyota Gearing Up to Crowdsource for Automated Driving?

Is Toyota Gearing Up to Crowdsource for Automated Driving?

February 22, 2017 at 1:07 pm 0 comments

Mobileye is clinching help from two major automakers to crowdsource data for the creation of the detailed maps needed for autonomous vehicles. And it seems other partnerships could be on the horizon this year.

VW Credit’s ABS Trusts Buoyed by Emissions Scandal Settlement

VW Credit’s ABS Trusts Buoyed by Emissions Scandal Settlement

February 22, 2017 at 12:52 pm 0 comments

The $1.2 billion Volkswagen AG settlement approved by a U.S. federal court – to be issued to VW dealers in the US affected by the company’s diesel-emissions scandal – is viewed as “credit positive” by Moody’s Investor Services. The final settlement should buoy the outlook for the outstanding floorplan ABSRead More

U.S. Auto Debt Hits Record High

U.S. Auto Debt Hits Record High

February 22, 2017 at 12:51 pm 0 comments

Auto loan debt in the U.S. hit record highs in the fourth quarter spurred by year-end incentives for new vehicles that pushed the auto finance industry to a $1.16 trillion peak in 2016, the New York Federal Reserve said in its first quarter 2017 Household Debt and Credit report.  Read More

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