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Auto Finance Summit 2019

Chase Auto pilots subscription model, questions scalability

Rodo integrates insurance into app to mitigate cancellations

AFS 2019: HyreCar exec pinpoints subscription service challenges and opportunities [Video]

Chase Auto pilots subscription model, questions scalability

LAS VEGAS — Chase Auto is experimenting in the subscription service space by funding a “cross-product or cross-model” offering, Chief Executive Mark O’Donovan said at the Auto Finance Summit. Chase is providing a wholesale credit line, with the dealership groups running the subscription models, he said. “We’re dabbling in it to try to support our dealer […]

Rodo integrates insurance into app to mitigate cancellations

LAS VEGAS — Digital leasing app Rodo has launched an insurance marketplace in conjunction with Travelers Group to mitigate lease cancellations, said Patrick McKeever, vice president of sales and business development at Rodo. “One of the things we heard from our consumers — and certainly first-time buyers — is they had no idea how expensive […]

AFS 2019: HyreCar exec pinpoints subscription service challenges and opportunities [Video]

What do delivery pizza and automotive subscription services have in common? HyreCar’s SVP of Strategic Partnerships Brian Allan made the case at the Auto Finance Summit that vehicle subscription services could unlock the potential for consumer adoption with a seamless mobile app, just as Domino’s achieved with pizza delivery 10 years ago. “Domino’s changed the […]

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Capital Markets

American Car Center issues third nonprime lease securitization

American Car Center securitized $283 million of nonprime auto leases, its second transaction of the year and third overall. Moody’s Investors Service expects 31% of cumulative net losses for the pool, up from 30% in ACC’s February securitization. The weighted average Fico for the securitization was 527, compared with 529 in ACC’s previous securitization. Original […]

You’re welcome: The Fed gifts a strong auto finance sector

AFS 2019: Fed rate cuts offset affordability strain, Chase CEO says

Fair, the high-flying industry startup, initiates substantial staff cuts

Westlake to underwrite mortgages for dealerships

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From Auto Finance Excellence

Taking advantage of telematics responsibility

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Chase Auto pilots subscription model, questions scalability

Bianca Chan
November 11, 2019
Auto Finance Summit, Innovation & Technology

Fraudster sentenced to 8 years in prison for $1m auto scheme

Two months after pleading guilty to bank fraud and aggravated identity theft, John O’Day was sentenced by the U.S. District Court of Maryland to eight years in federal prison for defrauding five auto lenders and 20 individual victims in a scheme that racked up more than $1 million in fake auto loan applications. O’Day has also […]

Nicole Casperson
November 11, 2019
Risk Management

Rodo integrates insurance into app to mitigate cancellations

Joey Pizzolato
November 11, 2019
Auto Finance Summit, Customer Experience, Exclusive, Leasing, Risk Management, Sales & Marketing

NMAC wins $2.5m in floorplan fraud case

A federal judge has ruled in favor of Nissan Motor Acceptance Corp. after it was determined a used-car dealership defrauded the captive on its floorplan loan by selling vehicles out of trust. Helena, Mont.-based Robert Allen Nissan owes NMAC $2.5 million, plus attorneys fees and costs incurred by NMAC to date, according to a Nov. […]

Bianca Chan
November 8, 2019
Risk Management

American Car Center issues third nonprime lease securitization

Used-vehicle values notch first YOY decline since 2017

The Manheim index of used-vehicle values posted its first year-over-year decline in 33 months, dropping 0.4% to 140.3. By comparison, the October 2018 value was 140.9. Looking closer, most major market segments posted price declines — 3-year-old vehicles, in aggregate, fell 4% for the month. Normal price depreciation usually drops between 1.5% and 2%. Used-vehicle sales volume, […]

Trump won’t hit EU with threatened car tariffs, Juncker says

U.S. President Donald Trump will not impose tariffs on European Union automotive goods next week as threatened, European Commission President Jean-Claude Juncker told German newspaper Suddeutsche Zeitung. “Trump will ruffle a bit, but there will not be any automobile tariffs,” Juncker said in the interview, which was published online Thursday. “He won’t do it. You’re […]

Bloomberg News
November 8, 2019
Bloomberg, Risk Management, Sales & Marketing

Carvana posts triple-digit origination growth YOY

Carvana’s originations hit $1.9 billion in the third quarter, a 115% year-over-year increase. Third-quarter revenue increased 105% to $1.1 billion, marking the used-car retailer’s 23rd straight quarter of triple-digit revenue growth. Carvana sold 46,413 retail units, up 83% from the prior-year period. The business of buying cars from customers, an area of focus for the […]

Bianca Chan
November 7, 2019
Earnings

How aftermarket products give subprime lenders an edge

Fueled by off-lease volume and consumer demand, used-vehicle sales are nearing record levels. For lenders focused on used vehicles — particularly lenders with subprime practices — these are opportune times. However, lenders need to differentiate their services to scale a profit. By leveraging cloud, auto-decisioning and paperless lending technologies, lenders gain a competitive edge with […]

Aclaró expands into prime auto lending market

Aclaró Inc., the rapidly-evolving artificial intelligence company, has expanded its products and services to the prime auto lending market after successfully launching its disruptive technology in the subprime market. It moves into prime auto loans, permitting a range of lenders, borrowers, and auto dealers to take advantage of industry-leading insights to create better long-term financial […]

State of the subprime auto lending market

Working in the subprime auto lending market, the tendency is to focus on the threats and opportunities that are directly in front of us. We zone in on our specific subprime auto portfolios and do our best to obtain the highest risk-adjusted returns. Ultimately, it is easy to get stuck in the weeds rather than […]

Why low balance letters are not working

Regardless of the industry, there comes a time when certain business practices are followed even though they aren’t the most efficient or most profitable. The legendary Rear Admiral Grace Murray Hopper, a pioneer of computer programming, used to say that the most dangerous phrase in any language is, “We’ve always done it this way.” The auto […]

Aclaró releases EcoSystem 3.0, adds new board member

Aclaró, which provides disruptive technologies to the automotive, financial and government sectors, has released Aclaró EcoSystem 3.0 (ES 3.0), a game-changing toolset for vehicle purchasers, lenders and dealers, and added a new member to its board. With these announcements, the artificial intelligence software company continues the rapid advancement toward its overarching mission of helping lenders, […]

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