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AFS 2018

Bank of America, HCA Join Speaker Faculty at Auto Finance Sales & Marketing Summit

How Staying Compliant Improves Customer Experience

Retouching Operations: Bank of the West Adds to Its Financing Palette

Bank of America, HCA Join Speaker Faculty at Auto Finance Sales & Marketing Summit

Two distinguished executives from Bank of America and Hyundai Capital America are set to discuss tips for synchronizing lending options and promoting them to consumers at the inaugural Auto Finance Sales & Marketing Summit during a session entitled “Blurring the Lines Between Direct and Indirect.” The discussion will take place on Monday, May 13, at […]

How Staying Compliant Improves Customer Experience

There are many good reasons for a financial institution to comply with current lending regulations. Nobody wants to pay hundreds of thousands of dollars in fines or earn a reputation as someone who takes advantage of consumers. Not least of all, good lenders feel an ethical obligation to follow the law and treat customers fairly, […]

Retouching Operations: Bank of the West Adds to Its Financing Palette

From the March issue: Despite a recent industrywide rise in auto loan delinquencies, one legacy prime lender is expanding its product set to satisfy dealer partners. “We needed to reinvent our business model,” Bank of the West Executive Vice President of Personal Finance Michael Pereira told Auto Finance News. “Bank of the West has a […]

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Innovation & Mobility

What Uber Really Gets From Selling a $1 Billion Stake

There’s more going on under the hood of a consortium’s planned $1 billion investment in Uber Technologies Inc.’s self-driving car unit than immediately meets the eye. Softbank Group Corp.’s Vision Fund and other investors are set to pump that amount into the division at a valuation of between $5 billion and $10 billion. It’s almost […]

Executives to Discuss IT Challenges at Auto Finance Innovation Summit

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

Will Ride-Hailing Replace Personally-Owned Cars? Execs Weigh In

Roadblocks Ahead for Consumer-Owned AV Adoption, Execs Say

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From Auto Finance Excellence

How Staying Compliant Improves Customer Experience

FTC Proposes Amendments to Safeguards and Privacy Rules

Videos

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Hyundai Capital America CEO and President Ross Williams spoke at the 18th annual Auto Finance Summit about the company’s strong growth and the challenges he’s dealing with today. “I remember celebrating reaching $10 billion in assets seven years ago. A couple of years later it was $20 billion. A couple of years later it was $30 billion,” said […]

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Bank of America, HCA Join Speaker Faculty at Auto Finance Sales & Marketing Summit

Nicole Casperson
March 18, 2019
Sales & Marketing, Technology

Proposed FTC Amendments May Impede Lenders’ Use of Aggregators

Proposed Federal Trade Commission amendments to a rule governing consumer data protection “could significantly affect the activities and contracting process” between lenders and lead aggregators, said Quyen Truong, a partner at Stroock & Stroock & Lavan. If the amendments are implemented, lenders will need to ensure that aggregators — which fall into the category of […]

Bianca Chan
March 18, 2019
Compliance, Operations, Update

How Staying Compliant Improves Customer Experience

Lynn Hess
March 18, 2019
Auto Finance Excellence, Features, Sales & Marketing

Retouching Operations: Bank of the West Adds to Its Financing Palette

Bianca Chan
March 15, 2019
Features, Operations, Risk, Sales & Marketing, Strategy, Technology

Credit Acceptance Issues $400M of Senior Notes

Credit Acceptance Corp. issued a private offering of $400 million of senior notes payable at 6.625% interest, according to a company release. The notes will mature in 2023. The company plans to use the proceeds for "general corporate purposes, which may include repayment of outstanding borrowings, if any, under our revolving credit facility," according to […]

Joey Pizzolato
March 15, 2019
Capital Markets, Strategy

P2P Digital Marketplace Targets Florida Expansion, CEO Says

Online buy-sell platform Tred plans to launch in Florida next quarter, on the heels of its February expansion into four Texas cities, said Chief Executive Grant Feek. Though Feek declined to disclose which Florida cities the company is targeting, he noted that Tred typically chooses densely populated areas, like Miami, for example. The company, which […]

Nicole Casperson
March 15, 2019
Operations, Strategy, Update

FTC Proposes Amendments to Safeguards and Privacy Rules

Last week, the Federal Trade Commission issued proposed amendments to its Safeguards Rule and Privacy Rule, both promulgated under the Gramm-Leach-Bliley Act (GLBA). The Safeguards Rule, which originally went into effect in 2003, requires that financial institutions develop, implement, and maintain a comprehensive information security program. The Privacy Rule, which originally went into effect in 2000, requires that financial institutions […]

Peter Cockrell
March 14, 2019
Auto Finance Excellence, Compliance

CPS Eyes Pass-Through Agreements to Bolster 2019 Originations

An existing pass-through agreement and a couple others in the works should help propel Consumer Portfolio Services’ originations 20% higher this year, to about $1 billion, Chief Executive Charles Bradley Jr. told Auto Finance News. CPS has “been working with some banks to see extra flow,” Bradley said, though he declined to name the banks. […]

Bianca Chan
March 14, 2019
Earnings, Operations, Strategy

How Lenders Should Leverage the Power and Promise of Artificial Intelligence

Technology does not wait for rules or regulations. Artificial intelligence (AI) is no exception. The potential profit associated with fintech speeds up innovation, but it also increases the risk of implementing machine intelligence without assessing potential hazards. Simply put, we do not understand how some machines solve problems with deep learning algorithms. This risk can […]

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]

The Value of User Experience When Managing Risk

Much has been written about the rise of machine learning and artificial intelligence and how it will impact the auto lending industry. While there has been a significant amount of hype, the promise of artificial intelligence is simply game changing. The most obvious application is that thinking machines will be able to assess risk and […]

The Benefits of Artificial Intelligence in Auto Lending

We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]

How Lenders’ Response Time Influences Dealer Relationships

Automotive OEMs rate vehicle performance by the time it takes to go from zero to 60 in seconds. This is a measure of energy conversion – fuel, spark, movement. While this is a mechanical situation, a comparison can be made to business response times. While fuel is a potential auto loan customer, the spark is […]

How Lenders Can React to Negative Equity Situations

Here’s a commonly heard dialogue: Consumer #1 – “I’d like to buy a new car but I’m still upside down on this one!” Consumer #2 – “Oh don’t worry about that! You can just roll the balance into your new loan!” Consumer #1 – “Great! Let’s get started!” According to Edmunds.com, nearly 33% of car […]

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