Demographic data has helped Lobel Financial hone in on reliable consumers, said Sheila Tedesco, the company’s remarketing manager. For example, Lobel’s data showed that it could go lower down the credit spectrum in certain communities like the Central Valley of California, because having a vehicle is particularly vital to farmers in the area.Read More
March 28, 2017
March 28, 2017
While banks and credit unions are originating fewer 84-month loan terms, Ford Motor Credit Co. anticipates other lenders in the industry will push forward with extended terms, causing the trend to “plateau,” Marion Harris, the captive’s chief financial officer, said during a live-broadcasted forum Thursday. He stopped short of sayingRead More
Uber put its self-driving cars back on the road yesterday, just three days after one of its cars was involved in a crash in Tempe, Ariz. But despite the short setback in autonomous testing, the crash will not affect Uber’s self-driving partnership with Daimler AG.
Westlake Financial Services is eyeing expansion for its powersports portfolio this year, from adding new dealers to the network, to launching e-contracting, according to David Goff, the lender’s assistant vice president of marketing. Westlake will roll out e-contracting to powersports dealers this year, shortly after the nationwide expansion of e-contracting toRead More
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
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.