Earnings | Auto Finance News

SunTrust grows loan portfolio as merger with BB&T awaits DOJ approval 

SunTrust Banks’ indirect and direct consumer portfolios increased by double digits as the bank continues to aim for a fourth-quarter closing of its merger with BB&T Bank, SunTrust Chief Financial Officer Allison Dukes said during the bank’s earnings call last week.  However, regulatory approvals are “moving at their own pace,” said BB&T Chief Executive Kelly […]

Earnings roundup: Ally, Chase, US Bank boost auto originations in 3Q

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]

Wells Fargo Auto originations climb 45% YOY

Origination volume for Wells Fargo Auto is on a growth trajectory, as the bank reported a 45% year over year increase to $6.9 billion in the third quarter, according to earnings released today. Third quarter originations are up 9% from a two-year high recorded last quarter.  The jump in origination volume is a reflection of […]

Honda Finance injects $1B into ABS market

Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

Ally sets record with used-car volume

Used-car loan originations hit $5.24 billion at Ally Financial in the second quarter, the highest level ever for the lender. Ally initially surpassed the $5-billion mark for used-car volume in the first quarter, notching $5.15 billion in originations. Used volume has been on an upward trajectory at Ally since the third quarter of 2017. “We […]

HyreCar adds dealers to boost 2Q revenue, cut losses

HyreCar has been focused on expanding commercial accounts — which include auto dealers and fleet managers — to boost revenue and cut net losses in the second quarter. HyreCar, a mobility-as-a-service carsharing marketplace, closed out the quarter with 170 commercial accounts, up 49% year over year. Those accounts provided 2,300 vehicles to the platform, compared […]

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. […]
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