Sales & Marketing | Auto Finance News - Part 4

Bank of America joins AutoFi network

Bank of America recently partnered with AutoFi, a company that connects dealerships with lenders and car buyers online, to tap a new funnel of dealer partners, David Hollodick, the bank’s consumer vehicle lending product executive, told Auto Finance News. “As a leader in auto lending, we’re continually searching for new ways to expand our business […]

Used-vehicle volume to plateau in next 2 years

Used-vehicle sales volume at auction is expected to plateau over the next two years, according to Manheim’s Wholesale Market Insights report released today. Volume is expected to drop to 39.2 million units by yearend 2019 — from 39.4 million last year — and then fall to 39 million in 2020, Manheim predicted. Used-car sales volume in June […]

New-car prices inch up, EV prices tumble in June

New-vehicle prices climbed 3% year over year, averaging $37,285 in June, according to Kelley Blue Book. KBB analysts attributed the transaction price growth to the persistent demand for trucks and SUVs, pushing both sales and prices in those segments. In fact, light trucks and SUVs are estimated to account for more than 70% of June […]

CPS fine-tunes deal feedback in new portal

Consumer Portfolio Services is customizing the messages dealers see when they submit loan applications, as part of a new deal structuring portal unveiled in mid-June. “A lot of the messaging we were sending was really outdated, not really applicable, and boilerplate about our program,” said Curt Powell, senior vice president of sales. “Dealers didn’t pay […]

Volkswagen Financial introduces electric vehicle comparison tool

Volkswagen Financial Services has launched a digital tool for drivers to assess whether electric vehicles meet their mobility needs.  The idea behind the tool, called EV-4-Me?, is to eliminate confusion around what type of driver is suitable for ultra-low emission vehicles. "Ultimately, facts and evidence should drive the right decisions, and where potential myths overcharging […]

New-car sales slide YOY in June, pace to slow through yearend

New-vehicle sales clocked in at 1,513,574 for June, a 2.6% decline year over year. While the strength of the economy has withstood industry headwinds, including higher interest rates and rising vehicle costs, Edmunds analyst Jeremy Acevedo predicted that new-car sales will “settle into a slower sales pace as we head into the rest of 2019.” […]

CPS debuts AI-powered deal structuring portal

Consumer Portfolio Services launched an online portal last month that enables dealers to structure loan deals within seconds, said Senior Vice President of Sales Curt Powell. The portal, which took more than a year to develop, is called the Automated Structure Approval Program, or ASAP for short. Dealers can “test and toggle” any vehicle and […]
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