Sales & Marketing | Auto Finance News - Part 4

AFS 2019: TFS to launch car-buying website with preapprovals [Video]

LAS VEGAS – Toyota Financial Services, in partnership with OEM Toyota Motor Corp., is piloting a product that will enable consumers to shop inventory at participating dealerships and secure preapprovals online, Carrie McNamara, TFS national manager of customer and dealer experience, said Wednesday at the Auto Finance Summit. Currently, seven or eight dealers are piloting the product, which […]

You’re welcome: The Fed gifts a strong auto finance sector

Apparently, Halloween is the new Christmas in auto finance. Yesterday, the Federal Reserve gifted the industry a 25-basis-point interest rate cut, the third time the Fed has cut rates this year. The central bank’s benchmark rate now stands at 1.5% to 1.75%. A present like that doesn’t even need gift wrapping. “We believe monetary policy […]

AFS 2019: Market Scan inks partnership with Experian

LAS VEGAS — Market Scan Information Systems has partnered with Experian to offer auto lenders its mGauge product, which consolidates data and analytical insights into competitors’ rates and programs, Rusty West, Market Scan’s co-founder and president, told Auto Finance News. “We aggregate all the data electronically — consumers’ preferences, OEMs incentives, lenders’ rates, trends by municipality […]

Ford Credit increases cash distribution

Ford Motor Credit increased its cash distribution to Ford Motor Co., injecting $1.1 billion into the OEM, compared with $700 million in the prior-year period, according to the company's third-quarter earnings call. “Cash distributions tend to track with profitability for Ford Credit, and that's been consistent over time,” Ford Motor Co.’s Chief Financial Officer Tim […]

Fair, the high-flying industry startup, initiates substantial staff cuts

Fair, which offers an automotive subscription app, will reduce its staff by 40% in an effort to increase profitability, according to an internal company memo sourced by TechCrunch.  TechCrunch estimated that 215 employees would lose their jobs at Fair. Among the employees let go is Chief Financial Officer Tyler Painter, brother of Chief Executive Scott […]

A blossoming partnership: An inside look at Santander’s deal with FCA

From the October feature: Since revising their financing alliance this summer, Santander Consumer USA and Fiat Chrysler Automobiles appear to have smoothed the speed bumps that had hindered the Chrysler Capital partnership for years. The original partnership had consistently been weighed down by missed penetration rate targets. Quarter after quarter, Santander would cite “the competitive […]

Earnings roundup: Ally, Chase, US Bank boost auto originations in 3Q

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]
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