AUTO FINANCE NEWS
ATPs rise 2.2%, credit availability worsens
Affordability challenges worsened as new-vehicle average transaction prices rose to their highest level since December 2023 in April, driven by...
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Axis Auto originations down 86% as company eyes sale
Axis Auto Finance’s auto originations continued to fall in the third quarter as the lender has tightened credit and prepares...
Supreme Court upholds consumer watchdog’s funding
The US Supreme Court upheld the Consumer Financial Protection Bureau’s funding system, lifting a legal threat that could have derailed...
Auto finance fraud exposure slips to $7.9B in 2023
Synthetic identity fraud contributed to an estimated $7.9 billion in fraud exposure across the auto finance industry in 2023, fueled...
CPS originations dip 16%, collections improve
Consumer Portfolio Services' originations declined year over year, but the subprime lender’s portfolio grew as it secured additional capital and...
CPS supports efficiency, cost savings through 99% automation
Consumer Portfolio Services is focusing on document automation to improve efficiency and prevent fraud. Machine learning, artificial intelligence and e-contracting...
US inflation ebbs for first time in six months in relief for Fed
A measure of underlying US inflation cooled in April for the first time in six months, a small step in...
Big Wheels: Toyota Financial Services leads industry with $114B in outstandings
Toyota Financial Services was once again the largest auto lender by outstanding volume in 2023 as the auto finance industry...
Under the Hood: Executive compensation drops 5% in 2023
Though base salaries and stock awards increased, smaller bonuses drove a 5% decline in auto finance executives’ compensation in 2023,...
Kubota moves to limit dealership consolidation
Equipment manufacturer Kubota has instituted a policy that limits the number of stores one dealer can own in a state.…
Electric vehicle earnings mixed facing uncertain future
Manufacturers Nikola and Lion Electric reported mixed results for the quarter ended March 31, as the electric vehicle market navigates…
