Riders Share Seeks Dealer Partners After Launching Insurance Policy

Riders Share, a peer-to-peer motorcycle rental company, is looking to build partnerships with dealers and has implemented a new insurance policy, in part, to help attract dealers, co-founder Guillermo Cornejo told Powersports Finance. The rental company has partnered with Prime Insurance, a specialty insurer that focuses on high-risk insurance. The company wrote a policy for […]
  • Matthew Wood
  • February 23, 2018
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MotoLease Rewards Program Aims to Lower Borrowers’ Payments

MotoLease LLC is set to launch its MotoCoin Rewards Program on March 1, allowing lessees to reprice their leases with better terms after accumulating 30,000 coins, according to a dealer newsletter shared with Powersports Finance. The MotoCoin program rewards a lessee’s relationship with MotoLease, the newsletter read. Customers will earn 6,000 MotoCoins for signing up […]
  • Natalie Mattila
  • February 22, 2018
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Delinquencies Plateau as Loan Volume Climbs in 4Q

Serious delinquencies — auto loans 60 days or more past due — “plateaued” in the fourth quarter, remaining relatively flat at 1.43% of total outstandings as compared with the prior-year quarter, according to TransUnion’s quarterly Industry Insights Report released yesterday. “It’s good that it is plateauing,” Brian Landau, senior vice president and auto group leader at […]
  • Natalie Mattila
  • February 21, 2018
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AFN to Announce DEMOvation Companies for Auto Finance Innovation 2018

 Auto Finance News will announce the companies participating in our 2018 DEMOvation Challenge tomorrow. It is now just two weeks before Auto Finance Innovation 2018 is set to kick-off at the Parc 55 San Francisco. The companies and details of the challenges will be announced tomorrow, at 10 a.m. ET, on the @AutoFinanceNews Twitter. Auto Finance Innovation’s DEMOvations […]
  • Natalie Mattila
  • February 21, 2018
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SNAAC Adapts to Revised Military Lending Reg to Sell GAP

Security National Automotive Acceptance Co. is one of the first lenders to adhere to revised regulations from the Department of Defense through a new compliance program, Auto Finance News has learned. In December, the DoD clarified that servicemembers seeking GAP policies are subject to the Military Lending Act (MLA). As a result, many dealers stopped […]
  • William Hoffman
  • February 21, 2018
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Harley Offers Incentives on Oversupply Amid Plans to Shutter Kansas City Plant

Harley-Davidson Inc. is shuttering its Kansas City, Mo., manufacturing plant by summer 2019 and pushing incentives on some of the models that were produced at the plant, the company announced last week. The company is cutting 800 jobs from the Missouri plant as it ups production and adds an additional 400 jobs to the York, […]
  • William Hoffman
  • February 21, 2018
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SNAAC Rolls Out Origination System to Speed Up Funding

Security National Automotive Acceptance Co. began rolling out a new origination system to dealers last month in an effort to further hasten the funding process and provide more flexibility to deals, President and Chief Executive Grant Skeens told Auto Finance News. “We’re converting from an old home-grown system that we have outgrown, and we’re enhancing […]
  • William Hoffman
  • February 20, 2018
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Canadian Lender Scouts New Acquisition Targets

Following its acquisition of Cars on Credit, subprime Canadian lender Axis Auto Finance plans to expand across the country in the next 18 months, Founder and Chief Executive Ilja Troitschanski told Auto Finance News. “We see ourselves as the consolidator in this space in Canada,” Troitschanski said. The acquisition of nonprime lender Cars on Credit […]
  • Matthew Wood
  • February 20, 2018
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MotoLease Joins New Cloud-Based Lending Management Platform

MotoLease LLC, a powersports leasing provider, joined a newly launched cloud-based platform from Netsol Technologies Inc. called LeasePak-Cloud in early February. “With nearly 10,000 active contracts and an increasing number of business users on our system, MotoLease needed to ensure we had both the right infrastructure as well as enterprise-class features to maintain our high […]
  • Matthew Wood
  • February 20, 2018
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OneMain Financial Grows Direct Auto Volume in 4Q

OneMain Financial boosted its auto volume in the fourth quarter amid a push for direct auto loans, the company reported in earnings last week. Direct auto loans made up 20% of the company’s net receivables at the end of the period up from 15% during the same period the year prior. While exact auto outstanding numbers […]
  • William Hoffman
  • February 19, 2018
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