Innovation & Mobility | Auto Finance News - Part 4

DriveItAway Acquires Whip Assets, Cuts Ties With HyreCar

DriveItAway, which provide dealers with the tools they need to offer subscription car services for Lyft and Uber drivers, today acquired the technology and assets of Whip. Whip offers subscription-service infrastructure management to car dealerships and fleet owners. Terms of the deal were not disclosed. DriveItAway also said that it is cutting ties with HyreCar, […]

Alliant Credit Union Reaches $80 Million Milestone with TrueCar

Alliant Credit Union, which partnered with an online automotive marketplace TrueCar in 2015, said as of December 2018 that it has originated 3,000 auto loans worth $80 million through the platform and that Alliant members have saved $4 million off manufacturers’ suggested retail prices. TrueCar allows Alliant members to access certified-dealer inventory, check vehicle prices, […]

Westlake Financial to Roll Out Direct Lending Portal in 4 States

Westlake Financial Services is gearing up to expand its direct lending portal, LoanCenter, beyond its current California footprint. “Historically, we always pilot everything in our backyard,” VP of Westlake Services and Lending Solutions Ralph Ontiveros, told AFN. Now, nearly two years after launching the pilot, Westlake Financial is ready to take the portal nationwide. The rollout […]

AutoNation Leads $146M Funding Round In Vroom

New- and used-car dealership chain AutoNation is the lead investor in Vroom’s $146 million series G funding, announced today. Other investors were T. Rowe Price, L Catterton, General Catalyst, and Fraser McCombs Capital. In October, AutoNation had pumped $50 million into Vroom in exchange for a 7% stake. Vroom CEO Paul Hennessy told Auto Finance […]

Reinventing Loyalty: 4 Companies Transforming the Customer Experience

From the December issue: Customer experience is seen as the key to attracting and retaining consumers in an increasingly digital world. Unfortunately, providing quick and easy interaction has not been auto financing’s strong point. Historically, car buyers have been left feeling overwhelmed with paperwork, confused by ancillary products, and exhausted from negotiating price options. However, […]

How NMAC Uses Technology to Improve the Customer Experience

Technology is playing a more important role in auto financing as car buyers increasingly look for lenders to provide digital options for communication and payment. Finance organizations, including Nissan Motor Acceptance Corp., are meeting their customers’ expectations with online portals, text communications, and mobile computing applications. Brian Massey, NMAC’s director of collections and loss recovery, was […]

BMO Harris Auto Chief Outlines Growth for AutoGravity Partnership

BMO Harris Bank is accepting online auto loan applications in California thanks to a newly inked partnership with AutoGravity, with plans to expand its online business eastward in 2019. “Primarily [the loan applications are] just from the West Coast now, and we anticipate that as the relationship [with AutoGravity] grows, we’ll see a movement more […]
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