Sam Ellis, president and chief executive of Sierra Auto Finance — as well as co-founder of online auto lending marketplace DriverUp — is no longer with the companies, Auto Finance News has learned. Ellis stepped down to pursue “his passion for entrepreneurial opportunities in the tech sector,” according to aRead More
March 27, 2017
March 27, 2017
March 27, 2017
March 27, 2017
AutoFi is developing its own online educational series to teach showroom staff how to use the startup’s multi-lender, indirect, car-buying portal, amidst a nationwide rollout to Ford franchise dealers, Joe St. John, AutoFi’s head of dealer success, told Auto Finance News. “We do webinars, we’re currently developing an onlineRead More
Zemcar, a new safety-first rideshare service, is “in discussions” with major automakers to create flexible leasing options for drivers, similar to Uber’s deal with Toyota Financial Services, Zemcar’s Founder and Chief Executive Bilal Khan told Mobility Buzz.
There could be another powersports lessor in town if the Dodd-Frank Act is modified, lessening the burden of financial regulation. Sparta Commercial Services Inc. is considering its options to offer consumer motorcycle leases again, Chief Executive Tony Havens told Powersports Finance.
Jay Clayton, President Donald Trump’s nominee for Chairman of the Securities and Exchange Commission, has no “specific plans to” attack the Obama administration’s financial reform law, Dodd-Frank, he said Thursday during his Senate confirmation hearing. Prior to his hearing, Clayton was expected to play a key role in the president’s plan toRead More
Auto lender Flagship Credit Acceptance and loan portfolio buyer Innovate Auto Finance detailed the kinds of technologies they use and what solutions dealers are seeking for a webinar entitled: Deepening Dealer Relationships: How lenders can win business in a time of increased competition? The webinar is the the first of a four-partRead More
While mobile apps are booming in other areas of finance, they are not catching on in powersports finance, Paula Tompkins, chief executive and founder at ChannelNet, told Powersports Finance, but that just means lenders need to place more focus on upgrading their websites.
Ford Motor Co. expects used-car values will continue to decline and remain low into 2019, and the company has lowered its lease mix to account for that supply, executives said during a “Let’s Chat” forum today. The company first revised its outlook in March 2016 and further amended it in NovemberRead More
Fintech companies that advertise efficient financing solutions are becoming more prevalent in the auto industry. Technology is advancing in a way where traditional players have no choice but to partner with new entrants, but the tide hasn’t completely turned from competition to collaboration. That’s according to Chris Chestnut, president of Payix.
Sheffield Financial, a division of BB&T Corp., tapped Jeff McKay to serve as president, effective April 1, just shy of eight months after announcing Jeff Ellison will take the position.
The Auto Finance Innovation speaker roster has expanded with the addition of a few contemporary — and innovative — executives from General Motors Co., Honcker, Thought Works, and uQuote — to name just a few. Nathan Hecht, chief executive of the multi-lender, mobile financing app Honcker; and Roy Mathew, chief executive ofRead More
Westlake Financial Services issued its largest securitization to date, backed by $750 million in mostly nonprime auto loans, according to the company and the presale note from DBRS ratings. Loans in the pool have an average size of $11,071, average terms of 48 months, and average Fico of 599, according to theRead More
Given the delinquency and loss rates in the subprime auto securitization market, and the level of competition, it’s “surprising” there haven’t been more mergers and acquisitions lately, said Hylton Heard, analyst and senior director of Fitch Ratings’ U.S. ABS group. “Clearly, if auto sales decline this year, as we expectRead More
New entrant powersport financiers are more interested in leasing, versus traditional financing, thanks to fewer regulatory requirements. Startup CycleOne Financial, for example, was initially drawn to the leasing platform because “it works easier for us in terms of repossessions and structuring the contract,” President Logan Riley told Powersports Finance.