Sales & Marketing | Auto Finance News - Part 5

Low consumer confidence a top concern for credit unions

The Consumer Confidence Index fell to 121.5 in June — the lowest level since September 2017 — and lenders are bracing for impact. In a June 25 LinkedIn post, credit union executives took to social media to share concerns for the impact declining consumer confidence will have on growing, or sustaining, loan portfolios. Adam Ennett, […]

Carvana grows southern presence, doubles originations YOY

Carvana, an online used-car retailer, is expanding its geographic reach in the southern states as a part of its sales growth roadmap. Already in June, the Tempe, Ariz.-based company entered four North Carolina markets, two South Carolina markets, and two Central Florida markets, according to company press releases. Bolstering the platform’s southern presence is one […]

Off-Lease Vehicles Boost Used-Car Prices

Stricter leasing terms are propping up the used-vehicle market, according to Edmunds’ first-quarter Used Vehicle Report. Average used-vehicle prices hit a record-breaking high of $20,247, compared with $19,700 in the same prior-year period. Edmunds’ research attributes the increase partially to “the return [to market] of a record volume of vehicles leased in 2016,” the report […]

Slowing Inventory Turnover Reduces Floorplan ABS Payment Rates

As vehicles idle on dealers’ lots, auto lenders face slower repayment of their floorplan loans. Nissan Motor Acceptance Corp., for one, has been in breach of a floorplan trigger since February, when its three-month payment rate dropped below 35%. As such, NMAC had to increase credit enhancement levels in its floorplan trust. Ally Financial, Ford […]

Perfecting the Formula: Why Lenders Need to Harness the Power of Social Media

From June's issue: Since the rise of Facebook, Twitter, and Instagram, consumers are increasingly turning to social media to view content, interact with each other, and communicate with the companies they engage with in business. Lenders in auto finance have started harnessing the width and breath of social media, but many are only scratching the […]

Carvana’s 7-Day Return Policy Boosts Retention Rate

Carvana’s seven-day return policy has resulted in a single-digit return rate, Christina Keiser, vice president of strategy, said at the Auto Finance Sales & Marketing Summit last month. "Carvana return rates are in the mid- to high-single digits, and about half of those are swaps — meaning, a customer exchanges the original vehicle for a […]

Five Questions With… Kyle Birch of GM Financial

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. As the Chief Operating Officer of GM Financial, Kyle Birch leads all origination channels and servicing in North America for General Motor’s captive finance arm. That level of responsibility […]

3 Strategies for Effective Customer Communication

SAN DIEGO — Technology is changing the way lenders engage with their customers, prompting lenders to hone their value propositions, Westlake Financial Service’s Senior Vice President of Marketing Mark Vazquez said at the Auto Finance Sales & Marketing Summit this month. Vazquez’s delved into tips on effective communication with consumers through both traditional and non-traditional […]
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