Earnings | Auto Finance News

Ally on track for 20% growth as dealers ramp up volume, analyst predicts

Ally Financial’s originations are on pace to increase 20% in the coming years as the non-General Motors and non-Chrysler dealers in the lender's network boost their application volume, wrote Jefferies Research Services analyst John Hecht in a report yesterday. In a best-case scenario, that growth could reach as high as 31%, he added. Ally has added […]

Ally’s Doug Timmerman named Auto Finance Executive of the Year

Auto Finance News is pleased to announce Doug Timmerman, Ally Financial’s president of auto, as the inaugural Auto Finance Executive of the Year. Timmerman first joined Ally — then General Motors Acceptance Co. — back in 1986 and is now at the helm of an $80 billion auto portfolio. Under Timmerman’s leadership, Ally broke a […]

Nicholas Financial maps growth trajectory

Nicholas Financial  has outlined expansion plans for its direct loan product and branch network, according to a Nov. 14 SEC filing. Nicholas plans to roll out its direct loan product in Indiana, Missouri, South Carolina and Kentucky this quarter, according to the filing. “We remain focused on proliferating our direct loan product to all of […]

Oportun debuts auto refi product

Oportun Financial rolled out an auto refinance product this week after applying lessons learned from a retail loan offering that launched in the second quarter, said Chief Executive Raul Vazquez during an earnings call. “We are excited about the introduction of auto refi loans, because we believe they will be a larger contributor to growth […]

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 […]

Toyota to buy back $1.8 billion in shares as profit tops estimates

Toyota Motor Corp.’s quarterly profit topped analysts’ estimates thanks to healthy sales of RAV4s in the U.S. and Corollas at home, keeping the Japanese automaker’s business on track amid sputtering global demand for cars. Operating income for the fiscal second quarter that ended in September was 662 billion yen, helped by cost controls that paved […]

Santander increases Chrysler penetration rate to 36%

Santander Consumer USA drove up its Chrysler Capital loan origination volume and quarterly penetration rate during the third quarter, an “indication of where we are at with our FCA partnership coming off the amendment we had last quarter,” Chief Executive Scott Powell said during the lender’s earnings call.  Chrysler Capital’s quarterly penetration rate grew to […]

You’re welcome: The Fed gifts a strong auto finance sector

Apparently, Halloween is the new Christmas in auto finance. Yesterday, the Federal Reserve gifted the industry a 25-basis-point interest rate cut, the third time the Fed has cut rates this year. The central bank’s benchmark rate now stands at 1.5% to 1.75%. A present like that doesn’t even need gift wrapping. “We believe monetary policy […]
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