AutoNation Leads $146M Funding Round In Vroom

New- and used-car dealership chain AutoNation is the lead investor in Vroom’s $146 million series G funding, announced today. Other investors were T. Rowe Price, L Catterton, General Catalyst, and Fraser McCombs Capital. In October, AutoNation had pumped $50 million into Vroom in exchange for a 7% stake. Vroom CEO Paul Hennessy told Auto Finance […]

California Expands Auto Loan Protections for Servicemembers

On September 19, California governor Jerry Brown signed AB 3212 which provides benefits and protections to servicemembers under the state’s Military and Veterans Code. It is the state’s version of the federal Servicemembers Civil Relief Act (SCRA), 50 U.S.C. § 3952. AB 3212 extends the length of time that servicemembers in California are protected against foreclosure, eviction, repossession, and default judgments. […]

AutoNation Leads $146M Funding Round In Vroom

New- and used-car dealership chain AutoNation is the lead investor in Vroom’s $146 million series G funding, announced today. Other investors were T. Rowe Price, L Catterton, General Catalyst, and Fraser McCombs Capital. In October, AutoNation had pumped $50 million into Vroom in exchange for a 7% stake. Vroom CEO Paul Hennessy told Auto Finance […]

Sedan Sales Marketshare Falls to Record Low in November

Sedan popularity has dropped to an all-time low, as evidenced by November’s new-vehicle sales figures. As a percentage of new-vehicle sales, sedan — or “car” — segment marketshare dropped to 28.8%, the lowest monthly share on record, according to Cox Automotive unit Manheim. By comparison, the segment that comprises light-duty pickups, vans, SUVs, and crossovers […]

Reinventing Loyalty: 4 Companies Transforming the Customer Experience

From the December issue: Customer experience is seen as the key to attracting and retaining consumers in an increasingly digital world. Unfortunately, providing quick and easy interaction has not been auto financing’s strong point. Historically, car buyers have been left feeling overwhelmed with paperwork, confused by ancillary products, and exhausted from negotiating price options. However, […]

Attorneys Weigh In on Kraninger Appointment, Impact on Auto Lenders

Though newly appointed Consumer Financial Protection Bureau Director Kathy Kraninger will likely continue Mick Mulvaney’s efforts to dismantle the agency, chances are high that she will face tougher oversight than her predecessor, as Democrats take control of the House next year, several attorneys told Auto Finance News. Kraninger, President Donald Trump’s nominee for the CFPB […]

U.S.-China Tariffs, Credit Availability Threaten New-Car Market

Trade disputes and a tightening credit cycle pose risks for U.S. financial institutions, S&P Global Ratings noted in a report released earlier this month. “The hallmark of the auto finance industry is its access to credit and keeping the needle moving,” Jeremy Acevedo, manager of industry analysis at Edmunds, told Auto Finance News. “If [credit […]

How NMAC Uses Technology to Improve the Customer Experience

Technology is playing a more important role in auto financing as car buyers increasingly look for lenders to provide digital options for communication and payment. Finance organizations, including Nissan Motor Acceptance Corp., are meeting their customers’ expectations with online portals, text communications, and mobile computing applications. Brian Massey, NMAC’s director of collections and loss recovery, was […]

BMO Harris Auto Chief Outlines Growth for AutoGravity Partnership

BMO Harris Bank is accepting online auto loan applications in California thanks to a newly inked partnership with AutoGravity, with plans to expand its online business eastward in 2019. “Primarily [the loan applications are] just from the West Coast now, and we anticipate that as the relationship [with AutoGravity] grows, we’ll see a movement more […]
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