Operations | Auto Finance News - Part 5

Nicholas Financial to Improve Underwriting Amid Earnings Drop

Subprime lender Nicholas Financial Inc. suffered losses in 2018 as a result of legacy portfolios with “difficult pools in terms of underwriting quality” from purchases made in previous years, Chief Executive Doug Marohn said in an earnings statement earlier this month. Clearwater, Fla.-based Nicholas lost $900,000 for the quarter ended Dec. 31, 2018, and originations […]

CPS Bolsters Originations Despite Shrinking Revenue

Consumer Portfolio Services increased originations 5.1% last year, bucking company expectations, Chief Executive Charles Bradley Jr. said during the company's fourth-quarter earnings call this week. “2018 was a better year than we expected but nothing [that] we were looking for,” Bradley said. “We've done a tremendous amount of housekeeping in 2018 that should bode well […]

Big Wheels Auto Finance Query Posted Online

Financiers may now electronically submit 2018 results for inclusion in Big Wheels Auto Finance Data: A Ranking of the Nation’s Top Car Financiers. Big Wheels produces the definitive tabulation of automotive lending and leasing activity in the nation. It offers a unique opportunity to include your company’s performance among a ranking of the best of the best in […]

Leasing’s New Look: Financiers Give Lease Options a Makeover

From the February issue: With new-car purchases lagging and used-values increasing, captives and OEMs are reimagining lease products to keep their customer bases growing. Roughly a decade ago, 1.4 million new vehicles were leased — a 16% penetration rate. Fast forward to 2019, and lease volume is expected to reach 4.1 million, with penetration as […]

Westlake Financial Aims for Another Year of Growth in 2019

Westlake Financial is shooting for 20% growth in 2019 on the heels of expansion of its direct lending platform and several other units, the lender announced last week. Westlake's portfolio shot up 35% last year, to a record $8.33 billion, with 40.5% of originations in the prime and near-prime credit tiers. Westlake Financial attributed some […]

Bank of America Adds 15,000 Carvana Vehicles to Its Buying Site

Bank of America added 15,000 vehicles to its digital car shopping and financing platform through an expanded partnership with Carvana, the companies announced last week. The partnership comes on the heels of a limited pilot with Carvana. In 2018, Carvana was added to Bank of America’s direct-to-consumer mobile car shopping service "in a couple of […]

HyreCar Scouts Insurance Options Amid Profit Growth

HyreCar is leveraging its 2018 growth to either reprice or onboard a new insurance provider this year, Chief Executive Joe Furnari, told Auto Finance News. The startup's growth in earnings, operations, and geographic expansion allows more room for negotiations as its insurance renewal date approaches in early April. “We’re coming up on that renewal date,” […]

Ford Credit Eyes ‘Self-Adapting’ Underwriting Model

As Ford Motor Credit Co. refines the first phase of its machine-learning model for credit decisioning, the captive is already working on version 2.0. “In the fourth quarter of 2018, we launched machine learning into production," Director of Credit Analytics Yi Lu said during a panel discussion at the American Financial Services Association’s Vehicle Finance […]
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