Bianca Chan

Platinum Auto Finance cuts funding time in half

Platinum Auto Finance has cut turnaround time in half since introducing messaging capabilities into its funding and servicing operations, said Director of Servicing Armando Hidalgo. “We needed a solution instead of doing email, faxes and scans,” Hidalgo said. Since implementing Lightico’s technology in April, the subprime lender has used text messaging and mobile capabilities to […]

• Bianca Chan
• November 13, 2019
• Exclusive, Innovation & Technology

Carvana partners with Lyft to buy riders’ vehicles

Carvana has partnered with rideshare giant Lyft in a pilot program to get riders to “ditch their car and dealership at the same time,” said Ryan Keeton, Carvana’s chief brand officer. The campaign, called “Ditch Your Car,” launched in 2018 and lasted for 30 days, during which Lyft encouraged 150,000 riders to leave their cars […]

• Bianca Chan
• November 12, 2019
• Archives, Customer Experience, Sales & Marketing

Chase Auto pilots subscription model, questions scalability

LAS VEGAS — Chase Auto is experimenting in the subscription service space by funding a “cross-product or cross-model” offering, Chief Executive Mark O’Donovan said at the Auto Finance Summit. Chase is providing a wholesale credit line, with the dealership groups running the subscription models, he said. “We’re dabbling in it to try to support our dealer […]

• Bianca Chan
• November 11, 2019
• Auto Finance Summit, Innovation & Technology

NMAC wins $2.5m in floorplan fraud case

A federal judge has ruled in favor of Nissan Motor Acceptance Corp. after it was determined a used-car dealership defrauded the captive on its floorplan loan by selling vehicles out of trust. Helena, Mont.-based Robert Allen Nissan owes NMAC $2.5 million, plus attorneys fees and costs incurred by NMAC to date, according to a Nov. […]

• Bianca Chan
• November 8, 2019
• Risk Management

Carvana posts triple-digit origination growth YOY

Carvana’s originations hit $1.9 billion in the third quarter, a 115% year-over-year increase. Third-quarter revenue increased 105% to $1.1 billion, marking the used-car retailer’s 23rd straight quarter of triple-digit revenue growth. Carvana sold 46,413 retail units, up 83% from the prior-year period. The business of buying cars from customers, an area of focus for the […]

• Bianca Chan
• November 7, 2019
• Earnings

AFS 2019: HyreCar exec pinpoints subscription service challenges and opportunities [Video]

What do delivery pizza and automotive subscription services have in common? HyreCar’s SVP of Strategic Partnerships Brian Allan made the case at the Auto Finance Summit that vehicle subscription services could unlock the potential for consumer adoption with a seamless mobile app, just as Domino’s achieved with pizza delivery 10 years ago. “Domino’s changed the […]

• Bianca Chan
• November 6, 2019
• Auto Finance Summit, Innovation & Technology, Videos

AFS 2019: Chase Auto augments private-label financing business after losing Mazda

LAS VEGAS — Chase Auto is looking to supplement its private-label financing venture with a “new business” focused on strategic partnerships that will leverage the private-label infrastructure, Chief Executive Mark O’Donovan said at the Auto Finance Summit. “We had some unfortunate news that Mazda had let us know a little while ago they’re going to […]

• Bianca Chan
• November 5, 2019
• Auto Finance Summit, Innovation & Technology, Sales & Marketing

AFS 2019: Golden 1 CU develops mobile portal for auto loans

LAS VEGAS – Golden 1 Credit Union is revamping its online portal this month to enable members to apply for auto loans in three clicks, Chief Lending Officer Greg Brown told attendees at the Auto Finance Summit. “We used some of the data that we’ve learned through focus groups and vendors and then our own […]

• Bianca Chan
• November 4, 2019
• Auto Finance Summit, Customer Experience, Innovation & Technology