Sales & Marketing | Auto Finance News - Part 28

California, Michigan Auto Sales to Decline as Debt-Strapped Customers Curb Purchases, Economist Says

LAS VEGAS —  Economic weaknesses in Michigan and California may dampen auto sales and financing volume, said Robert Dye, senior vice president, and chief economist at Comerica Bank. “On a regional basis, we’re seeing weakness in the Midwest, and we’re also seeing weakness in the West, so there’s an affordability issue,” Dye said in a […]

For Toyota Pilot Programs, Focus Moves to Utilization From Ownership [VIDEO]

Toyota Finance Services has deployed several pilots in ridesharing and car rental services. The company gave specific insight into the findings from two of these pilots at this year’s Auto Finance Summit. “A variety of scenarios are going to coexist in the future, it’s between personally owned and shared, and autonomous vehicles and driver-driven,” Sabreen […]

Why Penetration Rates Are Dropping at Hyundai Capital, NMAC

LAS VEGAS — Hyundai Capital America expects rising interest rates to squeeze penetration ratios to 40% or 50% by yearend across all its franchise brands, Chief Executive Ross Williams said during a fireside chat at the Auto Finance Summit. Historically, the captive’s penetration rate has hovered around 70%, Williams said. However, the rising interest rate […]

Lease Demand for Tesla Model 3 Beats BMW, Mercedes

Consumers seek leases on Teslas 26% more often than on Mercedes-Benz vehicles and 20% more frequently than on BMWs, Scot Hall, executive vice president of operations at car lease transfer marketplace Swapalease.com, told Auto Finance News. Currently, Tesla offers leasing options on its Model X and Model S variants but not on the lower-priced Model […]

How USAA Is Improving Experiences for Members [VIDEO]

USAA has specific objectives around customer service and simplifying the consumer-facing loan application process. The bank’s priorities heading into 2019 are to continue to provide an end-to-end digital experience for members to find and finance cars. “As a direct lender, we facilitate the process from research to enabling that member to apply online, decisioning that […]

BBVA, NMAC, TD Bank, Wells Fargo See Tech as Top Priority for 2019

LAS VEGAS — Digital transformation and changing consumer communication trends will be top priorities for four of the nation’s largest lenders in 2019, according to an exclusive Auto Finance News survey of the resource-allocation plans among the companies’ senior executives. Results from the survey of BBVA Compass, Nissan Motor Acceptance Corp., TD Bank, and Wells […]

General Motors to Shut Down Cadillac Subscription Service by Yearend

General Motors Co. is reportedly hitting the pause button on its vehicle-subscription service, Book by Cadillac after launching nearly two years ago in Los Angeles, Dallas, and New York. A GM spokesman confirmed the OEM plans to shut down the service by yearend, the Wall Street Journal reported. However, there is still a chance that […]
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