The auto finance industry is inevitably shaped by the automotive industry, and in the past year, mobility has become the most crucial innovation driver of the global transportation industry. Mobility is not just disrupting traditional transportation, but altering the way people and things move around a connected, digital, social-networked world.Read More
Articles by: Auto Finance News
Judging by the direction of the stock market and the financial trade press, Nov. 9 brought great relief to business in general, and to financial services providers particularly. Conventional wisdom is that regulation will decrease, both in content and in fervor of enforcement. Some predict that the Consumer Financial ProtectionRead More
AutoGravity, a car-buying and financing platform, rolled out its mobile app yesterday, completing a four-month beta launch. The startup also added three lender-partners, which will be offering financing and leasing to consumers in California. The platform enables consumers to search vehicle inventory from dealers nationwide and apply for financing. Previously,Read More
In the tech world, open-source software is an increasingly popular model for developers to share and learn through collaboration, and thus drive innovation. Not so much in the auto world. But a Portland, Ore.-based software startup is set to change that.
Cross-pollination between tech companies and auto manufacturers is no longer optional, it’s a “necessary,” Michael Macauley, chief executive of Quadrant Information Services, cautioned. “As cars become devices that we drive or don’t drive, and devices become more integrated with our transportation experience across modes,” the two industries need to learnRead More
For the second straight year, Security Service Credit Union took the top spot in overall performance in an exclusive ranking of dealer preferences about the finance providers they use. The survey, called the Auto Finance Performance (AFP) data query and conducted by Auto Finance News, quantifies and ranks lenders onRead More
So, GO Financial and now, Dealer Funding has taken the brave steps to stop competing in what has been a very hot, and many say overly competitive, subprime automobile market for the past five years. You may be able to add Westlake Financial’s captive Western Funding to the list, whereRead More
Beepi’s used-car leasing program — announced today — is now live nationwide. The car buying platform launched the leasing program in collaboration with Ally Financial Inc. and the lender’s new SmartLease product, launched in late March. “It’s a move we’re excited about, because we know that offering leases will enable BeepiRead More
Huntington Bancshares Inc. reported double-digit growth in auto loan and lease originations, hitting $1.4 billion in the first quarter of 2016, the company reported this morning. Originations were up 30% from the same time a year prior, and up 6% from 4Q15. The originations were comprised of 46% new cars, down fromRead More
Hyundai Capital Canada Inc. is getting up-to-speed with its digital offerings. The Canadian captive partnered with U.S.-based ChannelNet to create a dealer portal and customer lifecycle management program, the companies announced this morning. Through the partnership, ChannelNet will build a “self-service, one-stop” digital portal for Canadian Hyundai and Kia dealers. “The portal will provideRead More
Consumers’ rapid shift to mobile devices has shaped their expectations of products and services in their day-to-day lives. Mobility trends have certainly penetrated the car market, and are on the way to changing the auto financing model too, experts say.
Wells Fargo & Co. reported a 9% year-over-year increase in total auto originations, hitting $7.7 billion in the first quarter of 2016. The auto volume is up 2% from 4Q15, the bank said this morning. “Our auto portfolio has grown consistently, reflecting the strong auto market,” John Shrewsberry, the chief financialRead More
Bank of America reported double-digit growth in its auto loan origination volume this morning — up 35% both on a year-over-year and quarterly basis, totaling to $7.7 billion, the bank said. BofA also reported a $45 billion total auto portfolio, up 15% from $39 billion in 1Q15. The company said it remainsRead More
LAS VEGAS – Citizens Bank integrated a “Slack-like” communication model to further digitize the onboarding process for customers, according to Mary Fiorille, the bank’s head of consumer unsecured lending business. Slack is a messaging application, widely used across thousands of workplaces. “For Citizens, it’s as much about the product, as it is about theRead More