New-car sales close in on 17M

Powered by strong November sales showings from Toyota Motor North America and Honda Motor Co., yearend light-vehicle volume is on track for 17 million units for the fifth straight year. Total light-vehicle sales for the year are on pace to hit 17.1 million units, down 1.4% from 2018, according to J.D. Power and LMC Automotive. Toyota notched […]

• Marcie Belles
• December 3, 2019
• Finance, Sales & Marketing

Quantifying the likelihood of a data breach [webinar]

Across the industry, lenders are becoming dependent on a vast and expanding digital infrastructure. In turn, businesses are increasingly vulnerable to cybercriminals. Should a breach occur, lenders are pressed to quickly diagnose problems and identify solutions to ensure that customers’ personal information is protected. That’s the upshot from the latest webinar hosted by Auto Finance Excellence. Tune […]

• Nicole Casperson
• December 3, 2019
• Auto Finance Excellence, Innovation & Technology, Risk Management

Wells Fargo hires new COO from Santander

Scott Powell, the head of Banco Santander SA’s U.S. business, is joining Wells Fargo & Co. to be a top deputy to new Chief Executive Officer Charlie Scharf. He will take Wells Fargo’s chief operating officer role on Dec. 9, the bank said in a statement Monday. He will be based in New York and […]

• Bloomberg News
• December 3, 2019
• People

The ripple effect: Distressed repo industry threatens lender losses

Auto loan losses are poised to rise — but not because consumers are failing to make payments. The issue runs deeper, hinging on repossession agencies bogged down by increased competition and rising costs. Repossession companies, typically family-owned businesses passed down through generations, are succumbing to industry challenges. Florida, for one, has lost 23% of its […]

• Bianca Chan
• December 2, 2019
• Features, Risk Management

GM Financial opposes second Reagor-Dykes restructuring plan

GM Financial has filed a motion urging the court to reject Reagor-Dykes’ second proposed restructuring plan because — like its predecessor — the plan fails to answer critical operational and repayment questions, according to a Nov. 26 filing with the United States Bankruptcy Court in the Northern District of Texas. Read more: Reagor-Dykes proposes $14M […]

• Joey Pizzolato
• December 2, 2019
• Risk Management, Sales & Marketing

Online used-car retailer launches, scores $32M from investors

London-based used-car marketplace Cazoo has launched its platform today as the startup scored $32 million in funding led by venture capital firms General Catalyst and Mubadala Capital. Cazoo has raised more than $100 million since its founding in 2018. Cazoo, which strives to become the U.K. equivalent to Carvana, allows consumers to buy, sell, trade […]

• Nicole Casperson
• December 2, 2019
• Finance, Innovation & Technology

Exeter scraps IPO

Subprime lender Exeter Finance has shelved plans for an initial public offering “due to market conditions,” according to a Nov. 22 SEC filing. Blackstone-backed Exeter had expected to raise $100 million in the IPO, according to an S-1 filed on Jan. 8. Details in the withdrawal filing were sparse. “The registrant has decided not to […]

• Marcie Belles
• November 27, 2019
• Capital Markets

Auto ABS volume surpasses 2018 levels

Auto asset-backed securitization volumes have already outpaced 2018’s yearend levels, according to data from JPMorgan Securities. Auto ABS volume hit $109.8 billion year to date, a 5.6% increase from 2018’s total, according to the Nov. 22 Global ABS/CDO Weekly Market Snapshot report. In fact, 2019 marks the third straight year that auto ABS volume has increased, […]

• Bianca Chan
• November 27, 2019
• Capital Markets