Innovation & Mobility | Auto Finance News - Part 5

Auto Finance News Launches Week-Long Event for Spring 2019

Auto Finance News today introduced a new event, called Auto Finance Accelerate. The week-long event series focuses on all facets of auto finance operations including sales, marketing, innovation, and risk. The inaugural Auto Finance Accelerate week will take place May 13-16, 2019, at the Omni San Diego.   Produced by Auto Finance News and Royal […]

Canadian OEM Electra Meccanica Seeks Financing Partner Amid Launch of First Model

Electra Meccanica is seeking lending partners for its new model slated to debut in January 2019, CEO Jerry Kroll told Auto Finance News.  “We control financing ourselves and have it in-house, but if we can get some of the big banks and financial institutions supporting this [car], that’s what we’re all about,” Kroll said. Kroll is confident […]

SHIFTMobility Sets Sights on Auto Finance With Blockchain App

Users of a new app will soon be able to use digital currency to make payments on their loans and insurance, according to blockchain company SHIFTMobility. Come 2019, Redwood City, Calif.-based SHIFTMobility plans to incorporate lenders into its automotive ecosystem of service shops, manufacturers, and distributors, unlocking the possibility to use the partnership-wide rewards program […]

SunTrust to Add Functionality to Consumer ‘Smart-Portal’ Tool

SunTrust Bank plans to increase functionality and services offered through its consumer-facing “Smart Portal” web tool in the coming three to six months, said Chuck Jones, the bank’s head of national indirect lending. The online service, which took about six months to build, went live in the second quarter. “The portal is an introductory site showing […]

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]

HyreCar Seeks More Dealer Partners Amid Inventory Imbalance

HyreCar, which announced earlier this month that it was expanding its service nationally, is facing a car inventory shortage, Chief Executive Joe Furnari told Auto Finance News. The car-share company added 32,000 drivers to its platform last month. Furnari said. However, he said, HyreCar has only about 720 cars available. There’s a “tremendous imbalance of drivers […]

TrueCar Releases Tool to Guarantee Trade-In Values

Online car-pricing service TrueCar has launched a trade-in valuation tool meant to drive consumers to its dealer partners and, subsequently, boost origination volume for lenders. Consumers plug information about their vehicles into the tool, which then generates a guaranteed trade-in value powered by Galves Accu-Trade. “We’re able to take that information, which is inclusive of […]
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