Sales & Marketing | Auto Finance News - Part 2

HyreCar adds dealers to boost 2Q revenue, cut losses

HyreCar has been focused on expanding commercial accounts — which include auto dealers and fleet managers — to boost revenue and cut net losses in the second quarter. HyreCar, a mobility-as-a-service carsharing marketplace, closed out the quarter with 170 commercial accounts, up 49% year over year. Those accounts provided 2,300 vehicles to the platform, compared […]

Carvana ramps up car-buying business

Carvana is allocating more marketing dollars and technological capabilities to the company’s business of buying cars, something Chief Executive Ernie Garcia called “a significant fundamental step toward achieving our long-term goals.” As the company continues to expand geographically, light inventory has been a “pinch point” for Carvana, Garcia said in the company’s second-quarter earnings call […]

Tricolor debuts insurance program

Tricolor Auto Group is diving into the auto insurance business with the creation of Tricolor Insurance Agency, the company announced today. Tricolor Auto Insurance has signed up with 10 “nonstandard” carriers in Texas, said Chief Product Officer Mauricio Delgado, referring to insurers that offer coverage to high-risk customers. Tricolor will not underwrite the policies; instead, […]

Aussie fintech to enter US auto market

On the heels of growing its Canadian presence, Australian startup CarDeals2Me is in the “final stages” of preparations for a U.S. rollout, Chief Executive Shaun Sumaru told Auto Finance News. The 2-year-old company will start testing a new product in the U.S. next quarter that enables consumers to complete the vehicle purchase and finance process […]

Wholesale used-vehicle prices climb in July

July’s used-vehicle prices on the wholesale market increased 2.6% year over year, pushing the Manheim Used-Vehicle Value Index to 140.5. Comparatively, July 2018 saw an abnormal increase in both prices and sales volume due to tariff concerns, making comparison to last year “particularly tough,” the report notes. While July usually sees a 1% decline in […]

CPS increases capture rate with dealer grading system

A revamped dealer grading system is increasing Consumer Portfolio Services’ capture rate, Senior Vice President of Sales Curt Powell told Auto Finance News. Launched in July, the system enables Irvine, Calif.-based CPS to review and evaluate each of the 10,000 dealerships it works with by grading them on five performance metrics, said Chris Terry, senior […]

Ford Credit scales back leasing

Ford Motor Credit’s lease volume has dropped to its lowest level in more than four years, according to an analysis by Auto Finance News. The captive originated 81,000 leases last quarter, down 22% year over year. In the past four years, Ford Credit’s leasing volume has dropped below 90,000 units only four times — once […]

Reduced incentives dampen new vehicle sales in July

July’s projected 2.9% decline in new light vehicle sales to 16.6 million units at a seasonally adjusted annualized rate (SAAR) is fueled largely by automakers’ decline in incentive spending, said Oliver Strauss, chief economist at ALG, noting that the SAAR has fluctuated more in 2019 than in previous years. In fact, automakers’ average incentive spending […]
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