European Purchase Positions KAR to Boost Auction Tech

KAR Auction Services’ plan to acquire Belgium-based counterpart CarsOnTheWeb (COTW) will position the U.S. company to compete in the international remarketing arena. It is also likely to spark technology enhancements for the combined entity, said Robert W. Baird & Co. analyst Craig Kennison. The $103 million deal — slated to close in the first quarter […]

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 […]

Subprime Originations Expected to Grow in 2019 Despite Lender Caution, TransUnion Says 

Anticipated growth in originations to subprime borrowers is a sign that the auto industry is normalizing and will stay healthy in 2019, Brian Landau, senior vice president and TransUnion’s auto line of business leader, told Auto Finance News. Following a lender pullback from the subprime space in 2016 and 2017, subprime as a percent of […]

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 […]
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