Westlake taps CarFinance to grow refi business

Westlake Financial Services has inked a deal to start purchasing auto refinance loans originated through CarFinance, the companies announced this week. The goal of the partnership is to “complement” Westlake’s direct lending platform, LoanCenter, with auto loan refinancing, Ralph Ontiveros, vice president of Westlake services and lending solutions, said in a press release. The Los Angeles-based […]

• Nicole Casperson
• September 18, 2019
• Archives, Sales & Marketing

Auto Financial Group expands Canadian reach

Auto Financial Group (AFG), a provider of residual-based financing options to credit unions, is stretching its reach across Canada by signing on its first Nova Scotian financial institution, the company announced yesterday. Halifax, N.S.-based CUA is the first credit union in the province to partner with AFG Canada, said Director of Marketing Monica Mendoza. Now, […]

• Bianca Chan
• September 18, 2019
• Sales & Marketing

5 questions with… TFS’s Carrie McNamara

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. Eighteen years at Toyota Financial Services has taught Carrie McNamara, national manager of consumer and dealer experience, that each hurdle encountered also represents an opportunity for growth. “When […]

• Joey Pizzolato
• September 18, 2019
• Auto Finance Excellence, Customer Experience, People

Nissan seeks sale of trading unit in $1b deal

Nissan Motor Co. is seeking to sell a wholly owned subsidiary that distributes vehicle parts and materials in a deal that may be valued at about $1 billion, as the struggling Japanese automaker seeks to slim down, people familiar with the matter said. The company has invited private equity and trading firms to bid for […]

• Bloomberg News
• September 18, 2019
• Bloomberg, Sales & Marketing

Startup Fair raises $2b in funding with new credit facility 

Used-car leasing app Fair closed a $500 million revolving credit facility financed by Mizuho Bank, the companies announced today. With Mizuho’s investment, the vehicle subscription company has raised nearly $2 billion in funding over four outside equity rounds.  The new credit facility is a move for Fair to increase its supply of rideshare vehicles for […]

• Nicole Casperson
• September 17, 2019
• Capital Markets, Exclusive, Leasing

CarMax expands delivery service to Texas

CarMax has expanded its online car-buying service to seven cities in Texas, with three more slated to launch in late-October, the used-car retailer announced. The functionality allows customers to complete the entire car-buying process from home — including retail shopping, securing financing, and filing trade-in paperwork. CarMax customers may be financed by captive CarMax Auto […]

• Joey Pizzolato
• September 17, 2019
• Sales & Marketing

Golden Eagle launches ‘GAP coverage for life events’

Golden Eagle Insurance launched a new product last week designed to aid lenders and customers during unexpected life events. The negative-equity protection program is described as GAP insurance for life events, allowing customers to walk away from their auto loans or skip payments in the case of unexpected life events, including involuntary unemployment, physical injury […]

• Bianca Chan
• September 17, 2019
• Operations, Risk Management

Startup CEO Amitay Kalmar to present at AFS

Lendbuzz CEO Amitay Kalmar will join Auto Finance News on stage at the 19th annual Auto Finance Summit, which will take place Oct. 28-30 at the Bellagio in Las Vegas. Kalmar will present on leveraging technology to underwrite loans to consumers overlooked by the traditional credit system. His presentation will begin at 4:15 p.m. on […]

• Bianca Chan
• September 17, 2019
• Auto Finance Summit, Innovation & Technology, Risk Management