The Auto Finance News editorial team is pleased to announce Peter Muriungi, chief executive of Chase Auto, will join the Auto Finance Summit in a group discussion with other industry leaders to explore how auto lenders can rise above the effects of the COVID-19 pandemic. This flagship session will begin at 9:45 a.m. on Thursday, Oct. 28.
The pandemic has changed the landscape of the auto industry, with impacts ranging from residual inflationary effects and a return to rate-driven competition to lenders seeing a rise in outstandings. Muriungi and his fellow panelists will take a deep dive into how these topics will affect the industry going forward.
Since 2013, Muriungi has held multiple leadership roles at JPMorgan Chase as senior vice president of operations, head of shared services and head of mortgage banking servicing, where he managed a portfolio with a combined balance of more than $950 billion. As CEO of Chase Auto, Muriungi oversees strategy, sales, finance, risk operations, marketing and technology.
Chase Auto was ranked the second-largest auto lender in 2020 with $87.2 billion in outstandings. The captive originated $38.4 billion in auto loans last year, according to the 2021 Big Wheels Auto Finance Data report.
Despite a looming pandemic and inventory woes, Chase Auto continued to see record originations and lower allowance for credit losses. In the third quarter of 2020, the lender’s originations hit $11.4 billion, a record that Chase Auto quickly broke when origination volume grew 61.1% year over year to $12.4 billion in Q2 2021. Also in the first quarter of 2021, as principals in deferral began to decline, Chase Auto decreased their allowance for losses 14% quarter over quarter to $892 million. Chase Auto also released $75 million in reserves spurred by positive recovery in net charge-offs.
The Auto Finance Summit will also feature presentations on exploring team performance in auto finance, economic outlooks for the industry, and tips for maximizing originations amid a continued transition to omnichannel operational strategy.
More information on the 2021 Auto Finance Summit is available here. Register for the Summit here.
