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BREAKING: Sierra CEO Sam Ellis Steps Down

BREAKING: Sierra CEO Sam Ellis Steps Down

March 27, 2017 at 5:52 pm 0 comments

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 Developing Online Dealer-Training Sessions

AutoFi Developing Online Dealer-Training Sessions

March 27, 2017 at 11:34 am 0 comments

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

New Rideshare Eyes Leasing Program for Drivers

New Rideshare Eyes Leasing Program for Drivers

March 27, 2017 at 10:00 am 0 comments

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.  

Sparta Considers Offering Consumer Motorcycle Leases

Sparta Considers Offering Consumer Motorcycle Leases

March 27, 2017 at 9:00 am 0 comments

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.

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Trump’s SEC Chair Nominee Softens Position on Dodd-Frank Act

March 24, 2017 at 11:47 am 0 comments

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

New Webinar Explores How to Boost Dealer Relations

New Webinar Explores How to Boost Dealer Relations

March 24, 2017 at 9:30 am 0 comments

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

Powersports Lenders Need to Bring Web Upgrades to the Forefront, Execs Say

Powersports Lenders Need to Bring Web Upgrades to the Forefront, Execs Say

March 24, 2017 at 8:45 am 0 comments

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's booth attracts a wide range of attendees at the 2017 NADA Conference and Expo (Photo by William Hoffman)

Ford Expects Used-Car Values Will Depreciate Into 2019

March 23, 2017 at 12:54 pm 0 comments

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 Continues to Transform Auto Finance, but Will it Take Over?

Fintech Continues to Transform Auto Finance, but Will it Take Over?

March 23, 2017 at 8:55 am 0 comments

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.

McKay to Replace Ellison as Sheffield President

McKay to Replace Ellison as Sheffield President

March 23, 2017 at 8:45 am 0 comments

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.

Key Execs to Speak at Auto Finance Innovation

Key Execs to Speak at Auto Finance Innovation

March 22, 2017 at 12:51 pm 0 comments

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 greets guests at its 2017 NADA booth.

Westlake Issues Its Largest Auto Securitization at $750M

March 22, 2017 at 12:27 pm 0 comments

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

Smaller ABS Issuers Likely to Get ‘Picked Off’ in Mergers, Fitch Says

Smaller ABS Issuers Likely to Get ‘Picked Off’ in Mergers, Fitch Says

March 22, 2017 at 9:30 am 0 comments

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

Less Regulation Prompts Powersports Startups to Offer Leases Versus Loans

Less Regulation Prompts Powersports Startups to Offer Leases Versus Loans

March 22, 2017 at 9:00 am 0 comments

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.

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