Sales & Marketing | Auto Finance News - Part 5

California Growth Spurs Further Expansion for Digital Marketplace CarZing

CarZing is looking to increase southern California loan volume in the next three to four months before expanding its presence outside the state, President Jay Kamdar told Auto Finance News. CarZing, an online marketplace that connects dealers with consumers and lenders, is owned by Hankey Group, which also owns Westlake Financial Services. “Westlake and CarZing have a joint venture where the […]

Auto Lenders Must Channel Their Inner Warby Parker

The growing popularity of direct-to-consumer business models like Warby Parker increasingly has implications for the auto finance industry. While the logistics of affording and purchasing a pair of eyeglasses is admittedly much easier than an automobile, the customer experience is highly relevant. This is especially true for subprime auto lenders where consumers are focused on […]

Trump Receives Report on U.S. Security Threat of Car Imports

President Donald Trump has received the findings of a probe into whether imported vehicles pose a national security threat, which could lead the U.S. to impose tariffs. Commerce Secretary Wilbur Ross has submitted his recommendations to Trump, the department said in a statement on Sunday in Washington, without offering any insights into the findings. Trump […]

Leasing’s New Look: Financiers Give Lease Options a Makeover

From the February issue: With new-car purchases lagging and used-values increasing, captives and OEMs are reimagining lease products to keep their customer bases growing. Roughly a decade ago, 1.4 million new vehicles were leased — a 16% penetration rate. Fast forward to 2019, and lease volume is expected to reach 4.1 million, with penetration as […]

Used-Vehicle Depreciation Forecasted for Spring 2019

Used-vehicle values are likely to depreciate 15% by yearend, compared with the 12.4% total depreciation seen in 2018, Black Book's Executive Vice President of Operations, Anil Goyal, told Auto Finance News. “We had a great year last year in terms of used vehicle value retention, and it’s highly unlikely it’ll repeat itself this year,” Goyal […]

Lift in Fleet Volume Offsets Sagging January Sales

January fleet sales edged higher than expected, easing the decline in new-vehicle sales, according to fresh data from Cox Automotive. Total fleet sales rose 10% year over year in January to nearly 216,000 units, driven mostly by an increase in sales to rental car companies. In January, 67% of fleet vehicles were sold to rental […]

Bank of America Adds 15,000 Carvana Vehicles to Its Buying Site

Bank of America added 15,000 vehicles to its digital car shopping and financing platform through an expanded partnership with Carvana, the companies announced last week. The partnership comes on the heels of a limited pilot with Carvana. In 2018, Carvana was added to Bank of America’s direct-to-consumer mobile car shopping service "in a couple of […]
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