The controversial algorithm behind the Consumer Financial Protection Bureau’s formula to determine disparate impact was originally created for healthcare research, according to an in-depth article published this week in the Los Angeles Times. The Bayesian Improved Surname Geocoding algorithm, called BISG for short, is a formula that utilizes data fromRead More
Home Loan Investment Bank’s [HLIB] powersports dealer network is closing in on 120 dealers, after adding 50 dealers at the end of May, said Mike Dikdan, the bank’s vice president of auto lending. Warwick, R.I.-based HLIB partnered with Octane Lending — an indirect lending platform provider that pairs dealers withRead More
Westlake Flooring Services has grown by “leaps and bounds” since its November 2012 launch, having reached a milestone of 100,000 vehicles floored on June 15, said Pat Amato, vice president of the Westlake Financial Services subsidiary. The Los Angeles-based floorplan provider is on pace to finance an additional 50,000 units by yearend 2017,Read More
TD Auto Finance is focused on deepening its relationships with dealers, according to President and Chief Executive Andrew Stuart. “We’re leveraging our Priority Dealer program to work with those guys that want to work with us,” Stuart told AFN. “Rather than try to treat everyone equally, if a dealer is sendingRead More
These have been the best of times. Auto lending over the past few years has hit new highs, buoyed by vibrant car sales. It would be tough to find an auto finance venture that hasn’t benefited from the strong SAARs in recent years.
TCF Bank added this week a free “Auto Finance Fitness” course to its online consumer education program, said Amie Hoffner, the bank’s vice president and director of corporate communications. “The course provides general information of interest to consumers, including types of auto loans, organizations that finance auto loans, and commonRead More
Chrome Capital is on pace to double its year-over-year originations again, in addition to reaching its goal of netting 200 dealers to its existing network of 750 by yearend, thanks to the company’s continued success in the subprime market, said Founder, President, and Chief Executive Peter Wasmer.
Chase launched a new fintech offering, Chase Auto Direct, to allow customers to shop for a vehicle and secure financing through the Chase.com website or app, the company announced yesterday. Consumers can then close the deal at one of Chase’s network of 14,000 dealerships. “When the customer goes online andRead More
Paul Wible, senior executive vice president of the national finance group at Bank of the West, has joined the Leadership Roundtable panel at the upcoming 2016 Auto Finance Summit. During the Oct. 6 session, Wible and his fellow panelists will discuss best practices in the face of rising competition in the industry. “WeRead More
With the auto finance industry evolving rapidly — particularly as startups and fintech companies attempt to disrupt the space — it can be difficult for some lenders to keep up to speed with changing technology trends, said Chris Ballinger, chief financial officer and global chief officer of strategic innovation atRead More
Arctic Cat Inc. moved its corporate headquarters to a six-story building in downtown Minneapolis from Plymouth, Minn. on Aug. 17, according to a company press release, which will allow the manufacturer to expand over time with 150 to 200 new personnel.
GrooveCar reported lease volume originated through its CU Xpress Lease program is up 40% year over year in June, from the same time last year, thanks to the growing popularity of leasing among younger demographics, said Robert O’Hara, the company’s vice president of strategic services. Hauppauge, N.Y.-based GrooveCar, a creditRead More
Consumer Portfolio Services Inc. boosted demand for its latest securitization by preselling the lower-rated bonds, Chief Executive Charles Bradley told AFN. In other words, CPS only offered the lower-rated bonds “to a select few buyers to try to lock in the price, rather than go through the normal process,” he said. The company’sRead More
Keith Mait, vice president and industry leader for Synchrony Financial’s powersports business, will sit down for a fireside chat at PowerSports Finance 2016, on Oct. 5 in Las Vegas. At Synchrony, Mait is responsible for driving strategic direction and profitable growth for the lender’s powersports segment across a number of OEMRead More