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Innovation & Mobility

Clutch Looks To Increase the Number of OEMs, Dealers on Its Subscription Platform by Year’s End

Clutch is aiming to increase the number of OEMs and dealers using its subscription platform by the end of the year, according to Mark O’Neil, chief operating office at Cox Automotive, which purchased the technology company in August. To date, Clutch has signed on BMW, Mercedes-Benz, and Porsche. O’Neil said the company is in discussions […]

Drive Motors Hires Head of Strategic Partnerships

Randolph-Brooks Talks Tech and Why It Won’t Be Using Subscription Services Anytime Soon

Clutch Expands Porsche Subscription Program to Include Hourly, Weekly Rentals

Manheim Adds White Glove Concierge Service to App as Part of $100 Million Investment

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From Auto Finance Excellence

Beyond Hallman Chevrolet: How Dealership Fraud Abuses Lenders and Consumers

John McCormick Joins Royal Media to Manage Content Production

Asia

U.S.-Canada Trade Agreement to Bring Some Relief to Auto Industry

4 Auto Finance Trends Shaping the Chinese Market

Used Car Dependability on the Decline in China

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Videos

How Smaller Lenders Can Build Their Fraud Teams [VIDEO]

FTC Shares Tips on Data Security [VIDEO]

Regulators to Hone in on Deceptive Practices at Dealerships [VIDEO]

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Economists Balk at Likelihood Slowdown Will Lead to Recession

MIAMI — When the investor and issuer audience at ABS East was asked when the U.S. economy will enter a recession, 44% answered 24 to 36 months. However, chief economists challenged the audience’s opinion, arguing that the chances of an economic slowdown turning into a recession are unlikely. “Recessions are very rare,” said James Sweeney, […]

Nicole Casperson
October 16, 2018
Risk, Strategy

Ford Motor Credit Issues Second $1B Auto ABS Transaction

Ford Motor Credit issued its second auto loan ABS transaction of the year with a $1.05 billion pool, according to Moody’s Investors Service. With the transaction, the captive finance arm’s total 2018 securitized portfolio is $1.1 billion while its auto loan portfolio totals $46.2 billion. Ford Credit’s latest transaction represents the most substantial average loan […]

Nicole Casperson
October 15, 2018
Credit Performance, Risk

Beyond Hallman Chevrolet: How Dealership Fraud Abuses Lenders and Consumers

Recently, Hallman Chevrolet in Erie, Pa. was fined $2.1 million when it admitted to a fraud scheme that involved inflating the price of vehicles sold to subprime consumers. However, the issue of price inflation (one might call it “power booking” or “price gouging”) happens widely. Attempts to inflate price at the time of sale by $1,000 or […]

Josh Wortman
October 15, 2018
Auto Finance Excellence

John McCormick Joins Royal Media to Manage Content Production

NEW YORK, NY (October 10, 2018) — John McCormick, a seasoned content executive, has joined Royal Media as Editorial Director. McCormick comes to Royal from SourceMedia, where he had the same title for 10 years. He was also a long-time senior editor at Ziff Davis. As Royal’s Editorial Director, a newly created position, McCormick will […]

Nicole Casperson
October 15, 2018
All Posts, Auto Finance Excellence

Wells Fargo Auto Originations Climb Despite Shrinking Portfolio

Though Wells Fargo Auto’s portfolio declined in the third quarter, the bank posted higher origination volume and improved credit performance in its third-quarter earnings released today. Originations increased 10% year over year to $4.8 billion, yet Wells Fargo’s auto portfolio declined 17% to $46.1 billion. The bank noted the downsized portfolio is “reflecting our focus […]

Nicole Casperson
October 12, 2018
Earnings

Costco Auto to Expand Members-Only Incentive Program Next Year

Costco will be expanding Member-Only Incentives, unlike the Holiday Sales Event, Member-Only Incentives are 60 days in length and can be targeted by model and/or region. They can also occur more frequently throughout the year. “We hope to expand sales programs, having multiple OEMs to pinpoint added incentives just for Costco members,” Rick Borg, executive vice president […]

Monica Melton
October 12, 2018
Sales & Marketing

Technology’s Impact on the Human Element in Auto Lending

Chatbots. Artificial intelligence. Voice prompts. Phone trees. Digital avatars. Truly, technology is advancing at a rapid pace, especially in the retail automotive lending space. One example is the use of automatic approvals to increase loan volume in the dealership. Will technology sound the death knoll to human interaction in the lending office? Or, will it […]

EFG Companies
October 12, 2018
Sponsored, Technology

Nissan Dealerships Slapped With $40M Fine for Loan Defaults

Nissan Motor Acceptance Corp. has won its legal battle with a group of Manhattan-based franchise dealerships. The captive is entitled to $40.1 million after the dealerships and their guarantors defaulted on loan obligations, according to court documents. The litigation was sparked by the dealerships initially suing NMAC for a “breach of contract,” the filing notes. […]

Nicole Casperson
October 11, 2018
Compliance, Risk