Innovation & Mobility | Auto Finance News - Part 2

Fair to Add Inventory With $50M Debt Facility Backed by Silicon Valley Bank

Used-car leasing app Fair closed a $50 million debt facility financed by Silicon Valley Bank. The funds will be used to purchase more vehicles for Fair’s fleet, the company announced Jan. 24. The new debt facility is a move for the bank to support “companies offering disruptive solutions in industries undergoing transformative change," Zhengyuan Lu, […]

Ford Credit Earnings Fall Despite Higher Lease Penetration, Stronger Auction Values

Despite favorable lease residual performance driven by higher auction values, Ford Motor Credit Co. posted lower earnings last year, according to results released yesterday. The captive’s full-year 2018 net income dropped 26% to $2.2 billion. Lease penetration in the fourth quarter climbed 4 percentage points year over year, to 21%. The continued rise in leasing […]

Apple Self-Driving Car Layoffs Are a Nod to Reality

Project Titan, Apple Inc.’s increasingly abortive plan to build an autonomous car, doesn’t seem to have the strength its name implies. The iPhone-maker has dismissed about 200 people from the project, according to a Thursday report from CNBC. Some are being moved to projects in other parts of the company, as are other staff affected […]

Auto Finance Accelerate 2019 Agenda Is Live

The agendas for Auto Finance News’ week-long event, Auto Finance Accelerate, is now available on AutoFinanceAccelerate.com. The series of three events will take place May 13-16, 2019, at the Omni San Diego. The success of the Auto Finance Risk Summit, now in its 12th year, and the 4th annual Auto Finance Innovation Summit made way […]

HyreCar Exec Eyes Rideshare Opportunities Beyond ‘Just Moving People’

HyreCar’s new director of strategic partnerships is thinking about moving products, not just people, with its peer-to-peer carsharing service. HyreCar connects car owners with idle vehicles to rideshare drivers in need of cars. “There’s going to be a lot more growth in food delivery, in medical pharmaceutical delivery, recreational drug delivery, and packages that is […]

Auto Finance Innovation Summit to Delve Into Leading-Edge Auto Finance Tech

Developments in machine learning, subscription services, and blockchain are spurring lenders to rethink and refine their operations. The 4th Annual Auto Finance Innovation Summit, a part of the week-long event Auto Finance Accelerate, will explore what innovations have true importance to the industry, and how those technologies can be refashioned to break auto finance’s mold. […]
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