Operations | Auto Finance News - Part 4

Bank of the West Seeks to Build Out Floorplan Portfolio

Boosting floorplan financing volume is top of mind for Bank of the West, Michael Pereira, the bank’s executive vice president and head of personal finance, told Auto Finance News. “The flooring is very much integrated within our [retail] program,” Pereira said, adding that the lender is making strides to better connect with and service dealer […]

PSA Group Plots Comeback in North America With Peugeot Cars

With the auto industry in retreat and U.S. President Donald Trump threatening new tariffs on European cars, France’s PSA Group is stepping into the fray with a plan to re-enter North America with the Peugeot brand. A quarter century after the manufacturer quit selling cars in the U.S., the world’s second-biggest market, Chief Executive Officer […]

California Growth Spurs Further Expansion for Digital Marketplace CarZing

CarZing is looking to increase southern California loan volume in the next three to four months before expanding its presence outside the state, President Jay Kamdar told Auto Finance News. CarZing, an online marketplace that connects dealers with consumers and lenders, is owned by Hankey Group, which also owns Westlake Financial Services. “Westlake and CarZing have a joint venture where the […]

Term Extensions Trump Rate Cuts for Tackling Affordability, TransUnion Says

Despite concern that rising interest rates will slow new-car sales, loan term extensions will move the needle quicker on monthly loan payments, Brian Landau, senior vice president and TransUnion’s auto line of business leader, told Auto Finance News. Auto lenders originated 7.1 million loans through the third quarter of 2018, up 0.5% year over year, TransUnion reported this […]

Daimler Joins BMW in $1.1 Billion Mobility Bet to Rival Uber

Daimler AG and BMW AG are pouring more than 1 billion euros ($1.13 billion) into their joint car-sharing and ride-hailing businesses to take on the likes of Uber Technologies Inc. and Lyft Inc. The German venture, which is estimated to become the world’s largest car-sharing operator, will weigh purchases of startups or established players, along […]

Bank of the West to Launch Dealer Portal by Yearend

San Francisco-based Bank of the West is making investments to strengthen dealer relationships. At the top of the priority list is a dealer portal, slated for release by yearend. “We continue to invest in the dealer interface,” Executive Vice President of Personal Finance Michael Pereira told AFN. “We need to be engaging with our dealers […]

Volvo Financial Taps 7 Startups With iLabX Program

Volvo Financial Services is hosting seven startups for its iLabX program, which gives the companies an opportunity to develop ideas and utilize the captive’s resources over 10 weeks at VFS U.S. headquarters in Greensboro, N.C. The seven companies, announced today, were selected from 183 applicants and will have an opportunity to partner with the captive following […]

Trump Receives Report on U.S. Security Threat of Car Imports

President Donald Trump has received the findings of a probe into whether imported vehicles pose a national security threat, which could lead the U.S. to impose tariffs. Commerce Secretary Wilbur Ross has submitted his recommendations to Trump, the department said in a statement on Sunday in Washington, without offering any insights into the findings. Trump […]
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