Sales & Marketing | Auto Finance News - Part 5

More dealers use CarGurus, TrueCar than other digital platforms

When it comes to dealerships’ digital functionality and presence, CarGurus is the most widely used third-party digital platform, according to new data from an Auto Finance News dealer insights survey. The survey tapped a sampling of dealers nationwide to unveil digital trends directly from the showroom. Among dealers surveyed, 45% said they leverage CarGurus’ platform, a marketplace […]

Millennials, not taxes, get blame for India’s falling auto sales

Millennials’ preference for ride-hailing services such as Uber and Ola over owning cars, and not high taxes, is among reasons behind India’s slumping vehicle sales. That’s the argument advanced by Finance Minister Nirmala Sitharaman Tuesday when she spoke about steps the government has been taking to revive demand and bolster economic growth from a six-year […]

Citizens One ramps up CPO program

Citizens One Auto Finance has been revving up used-vehicle loan originations since launching its CPO program “a little over a year ago,” President Craig Lamp told Auto Finance News. Volume for the bank’s CPO program has “more than doubled,” Lamp said, adding that the program has exceeded company expectations. To that end, “a big chunk […]

Used-vehicle value index hits record high

The Manheim used-vehicle value index for the month of August rose to 141.3, a year-over-year increase of 1.2% and a record high. The index was propped up by lower-than-normal depreciation. Prices for 3-year-old vehicles declined in aggregate 0.5%, under the expected average of 1%. As a result, August reflected a “much stronger” used-retail market compared […]

Honda breaks sales record

American Honda posted the “best month of sales in company history” in August and set four different records, according to a release from parent Honda Motor Co. Between the Honda and Acura brands, the company sold 173,993 units, a 17.6% year-over-year increase, which “smashes all-time monthly sales records for total vehicles and trucks,” the release […]

Westlake Financial enters Canadian market

Westlake Financial Services will start originating loans in Canada in the first quarter of 2020 via a newly inked deal with Axis Auto Finance, Ian Anderson, group president of Westlake, told Auto Finance News. Axis will originate and service the loans for a fee, and Westlake will retain the loans on its balance sheet, Anderson […]

Honcker rebrands to Rodo, unveils proprietary tech

Car-leasing platform Honcker has rebranded to Rodo, the company announced via LinkedIn on Thursday. The rebrand comes in tandem with the rollout of new proprietary rebates, incentives and desking technology, Chief Executive Nathan Hecht told Auto Finance News. Prior to the rebrand, the company was licensing part of its software stack through third parties, Hecht said, […]
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