Last Friday, LendingTree’s CEO Doug Lebda and CNBC’s Jim Cramer spoke on Mad Money about how the lending market is transforming, to the benefit of customers. This came after LendingClub’s ordeal earlier this month, when the online lending platform’s stock took a 49.2% dive in four days in reaction toRead More
May 27, 2016
May 26, 2016
Western Funding Inc. launched an automated underwriting system resulting in 50% faster funding to dealerships, the company’s President Guerin Senter told Auto Finance News Tuesday. Western Funding began development of the automated system in January and it was made available to the Las Vegas-based lender’s 1,000 dealer partners on May 3. After trackingRead More
EFG Companies launched its Motorcycle Pre-Paid Maintenance program last week, with an aim to help dealers attain larger margins on repeat business, and to help consumers further insulate themselves, according to a company press release.
BMW AG‘s venture capital arm BMW i Ventures has invested an undisclosed amount in corporate carpooling service startup Scoop. Automakers and their captives are learning that to endure the waves of disruption pulsing out of Silicon Valley, they must adapt or face serious challenges. The German automaker, whose motto isRead More
Just one year after restructuring its operations, Exeter Finance Corp. marked its tenth year in auto finance last month, and in the short term, will shift its focus “more on safety and soundness rather than on portfolio growth,” according to Jason Grubb, Exeter’s chief executive. Exeter Finance rolled out aRead More
Earlier this year, both Uber and Lyft drivers across the country experienced severe rate cuts, reportedly down by as much as 40%. That’s when Christopher David — an Uber driver himself at the time — saw an opportunity for a decentralized, driver-owned rideshare.
LotVantage, a Tampa, Fla.-based powersports solutions provider, promoted Jim Jabaay to vice president, effective May 16, and with his promotion comes an increased effort in helping dealers with social media and content management, according to Jabaay.
Following Toyota Financial Service’s announcement yesterday that it will launch a leasing program for Uber drivers, the captive now seems to be competing with Breeze, a hot San Francisco-based startup. At this point, TFS “doesn’t know” if it will partner with Breeze for private-labeling the deal, according to Justin Leach, managerRead More
Regulation and lawsuits will force marketplace lenders to change their origination models in the future, PwC Director Robert Shaw told attendees at Auto Finance Innovation 2016. “I think you will see a lot more partnerships, and more transparency in the process to really let the consumer know who they areRead More
Royal Enfield North America (RENA) is “actively recruiting” new dealer partners with plans to add “a select number of qualified dealers in key markets” by the end of the year, the company announced Tuesday.
Toyota Motor Corp. and Volkswagen Group are jumping into the rideshare game with strategic investments, the companies announced today. Through a collaboration with Uber, Toyota Financial Services will launch a new leasing program as part of a broader initiative to boost its mobility efforts. Volkswagen, meanwhile, will invest $300 millionRead More
A new survey released by AutoMD.com suggests that lengthening vehicle ownership is affecting consumer purchasing behavior patterns. Conducted online with 1,142 vehicle owners in 2015 and 2016, the survey found 59% of those responding planned to purchase a car in the next six months. And the largest share of respondentsRead More
Cox Automotive is making a major play to digitize the entire car-buying process by redefining automotive retailing with its subsidiary MakeMyDeal and subsequently launched Digital Retailing solution. MakeMyDeal offers an innovative communication platform that provides a forum for dealers and consumers to structure the terms of a deal entirely online, saidRead More
Pelican Auto Finance will soon offer pay-by-text to its customers after partnering with Solutions by Text, Chief Compliance Officer Joel Kennedy told Auto Finance News. This is part of a wholesale upgrade of its merchant services toward a self-service philosophy for customers, he added. “It’s about customer self-service, making everything as mobile as possible,” Kennedy said.Read More