Earnings | Auto Finance News - Part 3

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 […]

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 […]

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 […]

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 […]

‘Diminished’ Tax Season Stymies CPS 1Q Revenue

Tax season, as the auto finance industry has traditionally known it, “probably doesn’t exist anymore,” a factor that contributed to lower revenue at Consumer Portfolio Services last quarter, said CEO Charles Bradley during the company’s first-quarter earnings call last week. The Irvine, Calif.-based lender reported revenue of $88.2 million, down 14.8% from $103.6 million year […]

1Q19 Originations Hit 2-Year High at Wells Fargo, Slip at Chase Auto

Wells Fargo Auto’s origination volume hit its highest level in two years despite a shrinking portfolio, while JPMorgan Chase & Co.’s portfolio remained flat as originations slowed. First-quarter originations at Wells Fargo Auto increased 24% year-over-year to $5.4 billion, though outstandings fell 9% to $44.9 billion. The last time the bank's auto originations topped $5 […]
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