Operations | Auto Finance News - Part 3

Tesla Pivots to Online-Only Sales Model

Tesla will be shifting its worldwide sales model to an online-only platform, starting with North America, the company said in a statement last week. The electric OEM will also be closing many of its brick-and-mortar dealerships, leaving “a small number of stores in high-traffic locations remaining as galleries, showcases, and Tesla information centers,” the company […]

ACI Worldwide Acquires Speedpay to Better Its Subscription-Based Payments Service

Mobile bill presentment is at the heart of ACI Worldwide‘s $750 million all-cash acquisition of bill pay service Speedpay from Western Union announced on Thursday. “ACI has a strong e-Commerce space, merchant fraud offering and we also have recurring billing,” Sanjay Gupta, SVP of ACI On-Demand, told Bank Innovation. “But at the same time we need to rise to meet […]

How Daimler-BMW’s $1.1B Mobility Venture May Affect Finance Operations

Despite Daimler AG and BMW Group’s $1.1 billion investment in a mobility and ride-hailing joint venture, the companies’ captives will continue to operate as competitors. “The core business with vehicles will remain unaffected, and the competition in the premium market will be maintained,” Daimler Financial Services spokesman James Ryan told Auto Finance News. “This also […]

Credit Unions Gain Share With Bigger Risk Appetites, Dealers Say

From the February issue: Credit unions have been grabbing marketshare by dipping into lower credit scores and making more exceptions, a sampling of dealers nationwide told Auto Finance News. As a result, larger banks and other financial lending institutions are missing out on potential borrowers, dealers said. Lower Valley Credit Union and Numerica Credit Union […]

Regions Bank to Exit Indirect Lending Space [FULL DETAILS]

Regions Bank has set the wheels in motion to shutter its indirect auto lending business, Auto Finance News has learned. The Birmingham, Ala.-based bank will continue to originate direct auto loans. “We informed the dealers and sent out a notice to them on Jan. 14,” Tom Lazenby, senior vice president and line of business executive […]

Regions Bank to Exit Indirect Lending Space

Regions Bank has set the wheels in motion to shutter its indirect auto lending business, Auto Finance News has learned. The Birmingham, Ala.-based bank will continue to originate direct auto loans. “We informed the dealers and sent out a notice to them on Jan. 14,” Tom Lazenby, senior vice president and line of business executive […]

Volvo Financial Services Tees Up AI, Blockchain at Innovation Lab

Volvo Financial Services is leveraging the start of its iLabX accelerator program to determine “technology disruptors” ripe for investment, Vice President of Global Strategy and Head of Innovation Allen Atchley told Auto Finance News. To start, investments in artificial intelligence and blockchain “are the most interesting to us, especially in the lab context,” he said. […]

How Lenders Can Take Advantage of Mobility as a Service

The carshare and rideshare markets are gaining traction, and financiers must adapt their strategies or risk getting left behind. “The challenge for lenders today is that they aren't managing the loan properly because they don’t know they are financing vehicles for the rideshare and carshare consumer,” Brian Allan, senior director of strategic partnerships at HyreCar, […]
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