Capital Markets | Auto Finance News

Fair eyes new debt funding

Fair is in discussion with a "major global financial institution" for as much as $500 million of debt funding, Co-Founder Georg Bauer told Auto Finance News. To date, the 3-year-old vehicle subscription company has raised $1.5 billion in funding over nine rounds. "Once this [funding] is closed, we are picking up our work with the […]

Losses widen for rideshare giants in 2Q

Both Uber and Lyft continue to struggle to become profitable enterprises, according to second-quarter earnings reports filed by the two companies last week. Lyft’s losses more than tripled in the quarter to $644.2 million, despite increases in revenue and ridership. Revenues shot up 72% to $867.2 million, while active riders increased 41% to 21.8 million. […]

Fewer loan modifications pushes up losses in Santander’s latest ABS deal

Santander Consumer USA's third asset-backed securitization of the year is bringing $1.2 billion auto loans to market in a deal that’s expected to close Aug. 21, according to a presale report by S&P Global Ratings issued today. The deal props up the subprime lender’s ABS volume to $3.4 billion this year, a 10.5% year-over-year decline.  The […]

GM Financial, Hyundai ramp up lease ABS with $1.9B of issuance

General Motors Financial and Hyundai Capital America are driving auto lease ABS volume, bringing a combined $1.9 billion of receivables to market, according to presale reports from S&P Global Ratings.  GMF’s $1 billion deal marks the captive’s third lease securitization this year, boosting its total volume to $3.4 billion in 2019. The collateral pool consists […]

Blinker lands $10M investment

Peer-to-peer used-car buying app Blinker scored a $10 million investment yesterday, in a funding round led by Thornapple River Capital, according to a company press release. According to Crunchbase data, this is the company’s first funding round. Blinker, which launched in 2016, uses a proprietary decisioning system to fund loans on its platform. The Denver-based […]

Credit Acceptance tops $1B in warehouse facility credit 

Credit Acceptance Corp. (CAC) has announced the completion of a $200 million revolving secured warehouse facility. In addition, the lender increased an existing $250 million revolving secured warehouse facility to $300 million, bumping CAC’s borrowing capacity on its six secured warehouse lines to $1.2 billion.  CAC’s new $200 million revolving secured warehouse facility expires July […]

CPS grows originations despite ‘exceedingly competitive’ market, CEO says

Consumer Portfolio Services' originations increased 16.5% in the second quarter, to $250.1 million, despite the fact that the industry is "exceedingly competitive" and "people are growing like crazy," Chief Executive Charles Bradley said during an earnings call yesterday. "That puts pressure on us to eke out our meager growth and our performance amongst these people that […]
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