Sales & Marketing | Auto Finance News - Part 3

Credit Acceptance ditches $10K dealer-enrollment fee

Credit Acceptance has eliminated its $9,850 dealer-enrollment fee in an effort to expand its dealer network. The lender disclosed the change, which was implemented Aug. 5, in its third-quarter SEC filing. “Beginning Aug. 5, 2019, dealers may enroll in our Portfolio Program without incurring an enrollment fee,” according to CAC’s third-quarter filing. “Prior to Aug. […]

Rodo integrates insurance into app to mitigate cancellations

LAS VEGAS — Digital leasing app Rodo has launched an insurance marketplace in conjunction with Travelers Group to mitigate lease cancellations, said Patrick McKeever, vice president of sales and business development at Rodo. “One of the things we heard from our consumers — and certainly first-time buyers — is they had no idea how expensive […]

Used-vehicle values notch first YOY decline since 2017

The Manheim index of used-vehicle values posted its first year-over-year decline in 33 months, dropping 0.4% to 140.3. By comparison, the October 2018 value was 140.9.  Looking closer, most major market segments posted price declines — 3-year-old vehicles, in aggregate, fell 4% for the month. Normal price depreciation usually drops between 1.5% and 2%. Used-vehicle sales volume, […]

Trump won’t hit EU with threatened car tariffs, Juncker says

U.S. President Donald Trump will not impose tariffs on European Union automotive goods next week as threatened, European Commission President Jean-Claude Juncker told German newspaper Suddeutsche Zeitung. “Trump will ruffle a bit, but there will not be any automobile tariffs,” Juncker said in the interview, which was published online Thursday. “He won’t do it. You’re […]

AFS 2019: How Tricolor leverages Google Mexico to generate leads [Video]

LAS VEGAS — Tricolor Auto Acceptance is leveraging a partnership with Google Mexico to reach more Hispanic consumers and enhance its lead-generation process, company Chief Executive Daniel Chu said at the Auto Finance Summit 2019.  Tricolor’s goal is to “broadly develop the most robust search engine to serve the unbanked Hispanic consumer,” Chu said. “We […]

AFS 2019: Chase Auto augments private-label financing business after losing Mazda

LAS VEGAS — Chase Auto is looking to supplement its private-label financing venture with a “new business” focused on strategic partnerships that will leverage the private-label infrastructure, Chief Executive Mark O’Donovan said at the Auto Finance Summit. “We had some unfortunate news that Mazda had let us know a little while ago they’re going to […]

Santander increases Chrysler penetration rate to 36%

Santander Consumer USA drove up its Chrysler Capital loan origination volume and quarterly penetration rate during the third quarter, an “indication of where we are at with our FCA partnership coming off the amendment we had last quarter,” Chief Executive Scott Powell said during the lender’s earnings call.  Chrysler Capital’s quarterly penetration rate grew to […]

AFS 2019: NMAC to boost consumer base with fintech partnership

LAS VEGAS — Nissan Motor Acceptance Corp. has been engaged in a pilot program with Modal — formerly known as Drive Motors — to connect additional customers to the captive for vehicle financing, said Colin Cooke, director of financial products, at the Auto Finance Summit. “That’s been our focus over the last 18 months," Cooke […]
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