Sales & Marketing | Auto Finance News - Part 2

Tightening credit standards to slow auto growth

Tightening lending standards from auto finance companies, interest rates and rising vehicle prices are poised to reduce total outstandings about 5% through 2020 and 2021, according to Moody’s Analytics U.S. Consumer Credit Outlook. In fact, finance companies have stiffened underwriting guidelines due to deterioration in credit performance, which has allowed banks and credit unions to […]

Daimler’s new CEO warns electric-car shift will be painful

Daimler AG’s new chief executive officer warned there will be no quick fix for the automaker’s struggle to revive squeezed profit margins during a costly shift to electric and self-driving cars. After two rapid-fire profit warnings earlier this year, Ola Kallenius said on Thursday that the German icon’s earnings would remain under pressure for the […]

Porsche Financial expands insurance coverage to EVs

Porsche Financial Services has expanded its car insurance coverage to include services related to electric mobility, the company announced. The service, called “E-Cover,” was designed to supplement the upcoming release of the Porsche Taycan Turbo, the German automaker’s first all-electric vehicle. Consumers in Germany will be able to add coverage to an existing insurance policy […]

Oportun debuts auto refi product

Oportun Financial rolled out an auto refinance product this week after applying lessons learned from a retail loan offering that launched in the second quarter, said Chief Executive Raul Vazquez during an earnings call. “We are excited about the introduction of auto refi loans, because we believe they will be a larger contributor to growth […]

Originations fall flat in 3Q

New data from TransUnion’s third-quarter Industry Insights Report echoes auto finance executives’ sentiments at the Auto Finance Summit that origination growth will slow in the coming months. “We’re expecting flat originations on a year-over-year basis,” Matthew Komos, vice president of financial services research and consulting at TransUnion, told Auto Finance News, citing rising vehicle prices […]

Jaguar Land Rover parent approaches BMW, Geely in hunt for partners

Tata Group, the owner of Jaguar Land Rover, has approached carmakers including China’s Zhejiang Geely Holding Group Co. and BMW AG as it seeks partnerships for the beleaguered British automotive business, people with knowledge of the matter said. India’s largest conglomerate has said it’s open to finding partners for JLR to save on costs and share the […]
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