Articles by: Natalie Mattila

Leasing App Honcker Closes $3.6M Seed Round

Leasing App Honcker Closes $3.6M Seed Round

October 23, 2017 at 10:00 am 0 comments

Brooklyn-based Honcker Inc. today announced it had closed a seed funding round of $3.6 million. The round was led by Evolution Corporate Advisors, with participation from Lead Edge Capital. “This injection of capital from our new value-added partners will now allow us to truly step on the gas,” said FounderRead More

Scott Painter (left), Fair co-founder and chief executive; and Georg Bauer (right), Fair co-founder and president, visited the Royal Media Group office last week to demo their new business model. (Photo by William Hoffman)

Fair to Close Funding Round, Secures Offers for Nearly $1 Billion in Capital

October 20, 2017 at 12:49 pm 0 comments

Fair — a used-car, no commitment leasing app — is closing a strategic funding round for an undisclosed amount and has additionally secured offers for nearly $1 billion in capital from a group of institutional investment banks, the company announced today. The funding round was led by BMW i Ventures,Read More

Canadian Digital Platform Launches U.S. Version

Canadian Digital Platform Launches U.S. Version

October 20, 2017 at 10:00 am 0 comments

USA Drives, the U.S. division of auto loan platform Canada Drives, is already seeing a quick consumer and dealer adoption rate one month after launching, founder and co-Chief Executive Cody Green told Auto Finance News. Vancouver-based Canada Drives launched in 2010 and works with dealer partners’ existing lenders to secureRead More

MY17.5 Campaign Imagery.

Speed Leasing Lifts Starting-Mileage Restrictions

October 19, 2017 at 10:00 am 0 comments

Speed Leasing Co. LLC lifted starting mileage restrictions on its leases last Friday, Director of Sales Frank Dionisi told Powersports Finance. “Customers can lease bikes with Speed regardless of starting mileage and, as always, they can ride as many miles as they wish over the life of their Speed Leasing Co. lease,”Read More

U.S. Bank Originations Climb 4.7% Amid Continued Focus on Prime

U.S. Bank Originations Climb 4.7% Amid Continued Focus on Prime

October 18, 2017 at 12:58 pm 0 comments

U.S. Bancorp grew its auto originations 4.7% year over year to $18 billion, driven by “high-quality originations in the indirect channel,” the company disclosed in its third-quarter earnings report. “We do have levers in the prime space and that continues to give us loan growth regardless of what’s going inRead More

HDFS Originations Decline 7.5% as Losses Continue to Stabilize

HDFS Originations Decline 7.5% as Losses Continue to Stabilize

October 17, 2017 at 12:00 pm 0 comments

Harley-Davidson Financial Services originated $817.5 million in motorcycle loans — down 7.5% year over year — in the third quarter, according to the OEM’s earnings call today. Originations were also down 3.3% year-to-date to $2.5 billion, as compared to the prior-year period. Meanwhile, retail and wholesale third-quarter outstandings were nearlyRead More

Automotive Credit Corp. Acquires Lender, Expands Credit Facility

Automotive Credit Corp. Acquires Lender, Expands Credit Facility

October 17, 2017 at 10:30 am 0 comments

Subprime lender Automotive Credit Corp. (ACC) is focused on “organic growth” after completing its acquisition of Top Finance Company Inc. in late September, John Cavanaugh, chief financial officer of ACC, told Auto Finance News. “We will work on integrating the two companies, and we expect that to go very well,”Read More

Dealer Direct Grows Used Financing Portfolio

Dealer Direct Grows Used Financing Portfolio

October 16, 2017 at 9:00 am 0 comments

Dealer Direct continues to increase its concentration on used financing to serve what many dealers consider an underserved market, Senior Vice President Steve Wilcoxon told Powersports Finance. About 30% of what Dealer Direct finances is used vehicles, Wilcoxon said. “That percentage has grown over the past year,” he added. “Five years ago,Read More

Royal Enfield Adds Dealer Direct as Nationwide Retail Lender

Royal Enfield Adds Dealer Direct as Nationwide Retail Lender

October 13, 2017 at 9:30 am 0 comments

Dealer Direct partnered with Royal Enfield North America last month, taking its consumer financing nationwide, Powersports Finance has learned. The companies kicked off the partnership with a promotion offering consumers $99 monthly payments with no down payment required on current models, Vice President of Sales Mike Roark told Powersports Finance. Dealer Direct is offering the programRead More

ThunderRoad Completes $55 Million Whole Loan Sale

ThunderRoad Completes $55 Million Whole Loan Sale

October 12, 2017 at 9:00 am 0 comments

ThunderRoad Financial completed its fourth whole loan sale to date, this time of 5,000 accounts, Powersports Finance has learned. This is the powersports lender’s second-largest transaction to date, at $55 million, after its $60 million asset-backed securitization in April 2016, President and Chief Executive Donal Hummer Jr. said. The backer of the purchase isRead More

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