Auto Outstandings Grow 30% YOY at 5 Largest Credit Unions

Auto outstandings at the nation’s five largest credit unions increased year over year, totaling $32.5 billion last year compared with $25.2 billion in 2017, according to Big Wheels Auto Finance Data 2019.  No. 1-ranked Navy Federal Credit Union notched a 10.3% increase last year in its auto portfolio, to $13.9 billion. Among the nation’s top […]

• Nicole Casperson
• June 18, 2019
• Credit Performance, Earnings, Operations

Axis Auto Posts Quarterly Loss Amid Expansion Efforts

Axis Auto Finance recorded a $1.7 million net loss for the quarter ending March 31 despite doubling outstandings year over year, the Toronto lender reported last week. By comparison, Axis lost $400,000 in the prior-year period. Expansion across Canada on the heels of two acquisitions last year — Trend Financial Corp. and Cars on Credit Financial Inc.— propped up Axis […]

• Joey Pizzolato
• June 10, 2019
• Earnings, Operations, Update

Ride-Hailing Services Struggle for Profitability in 1Q

Uber Technologies posted a $1.03 billion loss during the first quarter, more than double the $478 million loss recorded in the prior-year period, according to the company’s first-ever quarterly earnings report. Despite a 20% year-over-year increase in revenue to $3.1 billion, the San Francisco-based mobility company has struggled to maintain profitability. Since its inception, Uber […]

• Joey Pizzolato
• May 31, 2019
• Earnings

Ford Motor Credit Posts Highest Earnings Since 2010

Ford Motor Credit earned $801 million before taxes in the first quarter, notching a 25% year-over-year increase and the captive’s best results in nine years. “Ford Credit benefited from lower depreciation on vehicles in our leased portfolio and improvement in credit loss reserves, reflecting continued strength in consumer credit metrics,” said Bob Shanks, chief financial […]

• Joey Pizzolato
• May 7, 2019
• Capital Markets, Credit Performance, Earnings, Operations, Update

Ferrari Pushes Through Auto Challenges With Profit Beat

Ferrari NV served up more proof the Italian supercar maker can push through headwinds that have beset much of the auto industry, delivering a rise in first-quarter profit that beat the highest estimate. The brand, selling sleek and powerful cars sought after by the megarich, has long sought a spot next to other luxury goods […]

• Bloomberg News
• May 7, 2019
• Capital Markets, Earnings, Operations

Santander Originations Climb 10% Amid Discussions With FCA

Santander Consumer USA originations climbed 10% year over year amid "constructive and positive" discussions with Fiat Chrysler Automobiles Group "focused on optimizing the existing contract that we have in place," SCUSA Chief Executive Scott Powell said during the company's first-quarter earnings call this week. Powell noted that the discussions have “moved away from the sale of […]

• Nicole Casperson
• May 1, 2019
• Earnings, Operations

Ally Boosts Used Financing to Offset Lower New-Car Sales

Ally Financial Inc. originated $9.2 billion of loans and leases last quarter — a 3.3% year-over-year decline — with used-car originations accounting for 56% of the volume, the company reported in its earnings release. Used originations accounted for 50% of the volume in the prior-year period. Ally originated $5.2 billion of used-car loans last quarter, which reflects […]

• Nicole Casperson
• April 25, 2019
• Earnings, Operations, Sales & Marketing, Strategy

Nissan Profit to Drop Below Renault’s for First Time in Decade

Nissan Motor Co. is on track to miss its full-year profit goal, earning less than alliance partner Renault SA for the first time in a decade and underscoring the challenges they face in charting a post- Carlos Ghosn future. The Japanese carmaker, which has been struggling to reignite earnings and sales while dealing with the […]

• Bloomberg News
• April 24, 2019
• Capital Markets, Earnings, Operations