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Automation Committee’s First Meeting at DOT Seemed Promising

Automation Committee’s First Meeting at DOT Seemed Promising

January 17, 2017 at 2:08 pm 0 comments

The U.S. Department of Transportation summoned the mobility dream team yesterday, with members ranging from tech rockstars – like Waymo’s CEO John Krafcik – to policymakers and OEMs, to set the groundwork for its newest Automation Committee.

Photo via Mr. Blue MauMau / Flickr

PNC Grows Auto Portfolio by 11% YoY in 4Q Earnings

January 17, 2017 at 11:27 am 0 comments

PNC Financial Services Group Inc. grew its auto outstandings by 11% year over year, the company disclosed in its fourth quarter earnings report. The Pittsburgh-based bank grew its auto portfolio to $12.38 billion in the fourth quarter up from $11.15 billion during the same period prior. Following industry trends, PNCRead More

CFPB to Boost Regulation of Unfair Minority Lending

CFPB to Boost Regulation of Unfair Minority Lending

January 17, 2017 at 10:30 am 0 comments

Principles regarding redlining — the practice of denying services or loans to particular people based on race or ethnicity — are expected to be applied to powersports and auto finance, particularly as the Consumer Financial Protection Bureau has honed in on redlining as one of its top fair lending priorities forRead More

First Investors Enters Online Lending Space With AutoGravity

First Investors Enters Online Lending Space With AutoGravity

January 16, 2017 at 12:25 pm 0 comments

First Investors Financial Services Group has inked a partnership with digital car financing platform AutoGravity, which will bring the financial institution’s 4,000 dealer partners into AutoGravity’s ecosystem. “The world is changing; there is a whole population that really doesn’t do anything unless it’s on a smartphone, and I found theRead More

Via Flickr/ seniorliving.org

Wells Fargo 4Q Auto Originations Decline 15% YoY

January 13, 2017 at 12:27 pm 0 comments

Wells Fargo Dealer Services originated $6.4 billion in consumer auto loans in the fourth quarter, which is a 15% drop compared to the same period last year, and a 21% decline from the third quarter, the company disclosed in its earning report. Wells — which originated more auto loans thanRead More

Chase 4Q16 Auto Originations Drop 14% YoY

Chase 4Q16 Auto Originations Drop 14% YoY

January 13, 2017 at 11:40 am 1 comment

Chase Auto Finance ended 2016 on a decline – as far as auto originations went. The company originated $8 billion in auto loans and leases in 4Q16, compared with $9.3 billion in the previous quarter, and down from $9.2 billion at the same time a year prior – a 13%Read More

MotoLease Utilizes New Online Help Center to Track Complaints

MotoLease Utilizes New Online Help Center to Track Complaints

January 13, 2017 at 10:30 am 0 comments

MotoLease LLC wants to track consumer complaints more effectively — so it added an online Help Center to its website, as part of its continued effort to spur customer and dealer relations, Managing Partner Emre Ucer told Powersports Finance.

Honda Demos In-Car Payments With Visa

Honda Demos In-Car Payments With Visa

January 12, 2017 at 5:10 pm 0 comments

LAS VEGAS – Paying with your phone, watch, coffee mugs, and now, your car too: the IoT has come a long way. Honda partnered with Visa to illustrate the first proof-of-concept demonstration of in-vehicle payments at the CES 2017 in Las Vegas last week.

‘Everything’s On The Table’ For Mitsubishi’s Financing Plans, COO Says

‘Everything’s On The Table’ For Mitsubishi’s Financing Plans, COO Says

January 12, 2017 at 11:33 am 0 comments

Mitsubishi Motors Corp plans to honor the remaining 5 ½ year contract deal it has with Ally Financial Inc. for consumer financing, despite Nissan Motor taking a controlling stake in the company back in October, said Don Swearingen, Mitsubishi Motors North America chief operating officer, during a press event aheadRead More

Honda Exec: Longer-Term Loans May Hurt Consumers, Not Help

Honda Exec: Longer-Term Loans May Hurt Consumers, Not Help

January 12, 2017 at 11:20 am 0 comments

The growing popularity of longer-term loans aided last year’s record breaking 17.5 million cars sold – and that might not be a good thing, American Honda Motor Co.’s Executive Vice President John Mendel said yesterday at the Automotive News World Congress conference in Detroit. “When auto loans stretch too far,Read More

ATV Manufacturer Signs Northpoint as Exclusive Floorplan Financier

ATV Manufacturer Signs Northpoint as Exclusive Floorplan Financier

January 12, 2017 at 10:30 am 0 comments

Linhai Powersports USA Corp. signed with Northpoint Commercial Finance to provide exclusive floorplan financing for Linhai’s North American dealer network, the companies announced on Monday.

Photo by Tony Webster via Flickr

Dawn Martin Harp to Retire as President of Wells Fargo Dealer Services

January 11, 2017 at 12:34 pm 1 comment

After 20 years with Wells Fargo Dealer Services, including six as president, Dawn Martin Harp will retire from the position on April 1, according to a company press release. The company will look internally and externally for a replacement to head up one of the top five auto financiers inRead More

The next-generation Ford Fusion Hybrid autonomous development vehicle on display at the 2017 North American International Auto Show. (Via Ford Smart Mobility)

Ford Lowers Lease Volume Expectations for 2017

January 11, 2017 at 12:20 pm 0 comments

Ford Motor intends to lower its mix of leasing in 2017 because of depreciating used car values at auction — due to an abundant volume of off-lease vehicles — said Chief Executive Mark Fields Tuesday during a presentation at Deutsche Bank’s Global Auto Industry Conference.   The company has acknowledgedRead More

Transportation Takes Funding Spotlight

Transportation Takes Funding Spotlight

January 11, 2017 at 12:00 pm 0 comments

Autonomous driving, rideshare, smart cars — the transportation sector went through a major transformation in the recent years, and investors seem to have (finally) noticed.

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