AFS 2019: CPS, GMF, Huntington, Westlake execs expect growth in 2020 despite pressures | Auto Finance News AFS 2019: CPS, GMF, Huntington, Westlake execs expect growth in 2020 despite pressures | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • 2020 DEMOvations
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Operations
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Marketshare Monitor
AFN PLUS
Tuesday, January 19, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • 2020 DEMOvations
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Operations
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Marketshare Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

AFS 2019: CPS, GMF, Huntington, Westlake execs expect growth in 2020 despite pressures

Nicole Casperson by Nicole Casperson
October 30, 2019
in Uncategorized
Reading Time: 2min read
(L-R): Nicole Casperson, Deputy Editor, Auto Finance News; Ian Anderson, Group President, Westlake Financial; Kyle Birch, Chief Operating Officer, GM Financial; Charles Bradley, President & Chief Executive Officer, Consumer Portfolio Services, Inc.; Rich Porrello, President of Huntington Auto Finance, Huntington National Bank

LAS VEGAS — Market competition and a potential economic downturn are spurring expectations of slowing originations in 2020, four senior executives from the nation’s largest lenders said during the Auto Finance Summit 2019. 

Senior executives from Consumer Portfolio Services, GM Financial, Huntington Auto Finance and Westlake Financial — whose books of business range from $2.5 billion to $98 billion — expect origination growth next year. However, more than 50% of the audience anticipated flat or declining originations, according to live poll results revealed during the Summit. 

“We’re still waiting for a recession,” said panelist Charles Bradley, CPS president and chief executive. “Winter is coming — there is going to be a recession, probably not next year, but maybe in 2021 — that influences the pessimism that’s going on.” 

Yet, some panelists are experiencing origination growth at levels unseen before. Third-quarter originations grew 29% year over year for Westlake Financial, mostly in the near-prime segment, said Group President Ian Anderson. Westlake’s portfolio totaled $7 billion as of Sept. 30. 

Increased market competition will also pressure growth next year. “There is increased competition in every segment of our business,” said GM Financial Chief Operating Officer Kyle Birch, noting that the captive is going into 2020 with a focus on growing market share of auto loans versus leases.  “It’s easy to look at overall sales and think ‘[originations] are going to be down,’” he added.

Huntington Auto Finance balked at the audience’s sentiment, especially if used-car values remain stable, said President Rich Porrello. “I’ve been wrong about used-car values falling for years — that’s been great,” he said. “Used-car values more than likely will come down in 2020, but I want to be wrong.” 

Tags: Auto Finance SummitConsumer Portfolio ServicesGM FinancialHuntington Auto Financemanheim used vehicle value indexoriginationswestlake financial
Previous Post

AFS 2019: Fed rate cuts offset affordability strain, Chase CEO says

Next Post

Fed Cuts Rates a Quarter Point, Powell Says Policy in Good Place

Related Posts

Dealers Feel the Pressure of Competition in Used-Car Market
Management

Flagship Credit CEO on the importance of communication

January 18, 2021
Biden taps Gensler as SEC chairman, FTC’s Chopra as CFPB chief
Compliance & Regulation

Biden taps Gensler as SEC chairman, FTC’s Chopra as CFPB chief

January 18, 2021
Inside Scott Painter’s NextCar subscription service
Earnings

Wells Fargo looks to increase vehicle loan automation

January 15, 2021
Next Post
Fed Cuts Rates a Quarter Point, Powell Says Policy in Good Place

Fed Cuts Rates a Quarter Point, Powell Says Policy in Good Place

Latest Magazine Issue

Sign Up Email List

INNOVATION & TECHNOLOGY

2021 Auto Finance Innovation Summit returns as virtual experience

2021 Auto Finance Innovation Summit returns as virtual experience

January 13, 2021
Auto Finance Innovation Summit Delves Into Analytics-Enabled Tech

Top 5 tech stories of 2020

December 29, 2020

CORONAVIRUS

Dealers Feel the Pressure of Competition in Used-Car Market

Flagship Credit CEO on the importance of communication

January 18, 2021
Inside Scott Painter’s NextCar subscription service

Wells Fargo looks to increase vehicle loan automation

January 15, 2021

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020
When tough times hit, proactive strategies pay

When tough times hit, proactive strategies pay

November 2, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Follow Us

Twitter Facebook LinkedIn Soundcloud

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • 2020 DEMOvations
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Operations
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Marketshare Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version