Nicholas Financial Sacrifices Originations for Loan Profitability, CEO Says

Subprime lender Nicholas Financial is valuing “discipline” and “pricing” over volume in an effort to increase profits by utilizing branch offices to enhance relationships with independent dealerships, Chief Executive Doug Marohn told Auto Finance News. “The focus is not on the quantity of business, but rather on the quality and profitability of what we originate,” […]

AutoGravity Names New CEO With Deep Finance Background

AutoGravity has announced the appointment of a new chief executive to lead the company as well as a new chief technology officer, following the departures from two of the company’s head brass. Alex Mallmann was named president and chief executive today, taking over for Andreas Hinrichs who quietly left the company in May, according to […]

Canadian Fintech Expands to U.S., Leverages Dealer Relationships

The U.S. division of auto loan platform Canada Drives launched in the states as USA Drives in March following a six-month pilot program by leveraging dealer relationships, Cody Green, founder and co-chief executive, told Auto Finance News. The platform, which launched in Vancouver in 2010, helps consumers gain access to auto financing, personal loans, and credit-building solutions through the […]

Leasing Boosts Millennial New-Car Sales

Through May, 21% of millennial car purchases were for new vehicles — up from 18% last year — and more than a third of those young consumers turned to leasing to complete the purchase, according to a newly released Edmunds report. The lease penetration rate for millennials this year is 35%, compared with 30% for […]

Moody’s Analyst to Provide Economic Outlook at Auto Finance Summit Asia

Moody’s Analytics Chief APAC Economist Steve Cochrane will give a presentation on the economic trends in China at the upcoming Auto Finance Summit Asia. As the lead for Moody’s Asia economic analysis and forecasting activities,Cochrane will bring together disparate economic trends to inform attendees on the state of the Chinese economy, current demand for auto finance […]

Auto ABS Heats Up With $3.2B of Issuance

A trio of securitizers pumped up ABS volume last week, bringing year-to-date issuance to $64.5 billion, according to Deutsche Bank. Nissan, Mercedes-Benz, and CarMax combined for $3.21 billion of issuance last week, according to rating reports by S&P Global Ratings and Moody’s. Nissan Motor Acceptance Corp. completed its second auto loan transaction of the year, […]

SpringboardAuto Shifts Lending Model Following Portfolio Sale

Direct lending platform SpringboardAuto sold its portfolio last week to an undisclosed buyer for nearly $60 million as it moves away from holding loans on its books, Founder and Chief Executive Jim Landy told Auto Finance News. SpringboardAuto will no longer use its own capital to finance loans, but rather, it will originate loans then […]

Breaking Down the 3 Categories of Car Subscription Programs

Car subscriptions have been one the most exciting developments in the auto industry in the past year. By offering a good balance between ridesharing (Uber, Lyft, etc.) and full ownership (buying or leasing), subscriptions are getting increasingly popular both with customers and auto retailers. Subscriptions are especially appealing to dealerships and fleet operators because they […]
  • Nicole Casperson
  • July 16, 2018
  • Archives
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