Strategy | Auto Finance News - Part 3

Amazon Investment in Electric OEM Paves Way for ‘Limitless’ Mobility Potential, Analyst Says

Amazon’s $700 million investment in electric OEM Rivian is a potential step by the retail giant to launch a mobility service that would supplement its delivery platform, said Grayson Brulte, a consultant with Brulte & Co. “I think it’s limitless where Amazon takes it,” Brulte told Auto Finance News. “There’s a lot of money to be made in niches. Do they […]

Lyft’s Losses, Dependence on Autonomous Overshadow IPO Filing

Rideshare giant Lyft filed its IPO prospectus on Friday. The company’s net losses and heavy reliance on autonomous vehicles is likely the biggest concern for investors, said Brian Allan, senior director of strategic partnerships at HyreCar. Lyft's net loss climbed to $911.3 million in 2018 from $688.3 million a year earlier, according to the filing. Lyft […]

Credit Unions Gain Share With Bigger Risk Appetites, Dealers Say

From the February issue: Credit unions have been grabbing marketshare by dipping into lower credit scores and making more exceptions, a sampling of dealers nationwide told Auto Finance News. As a result, larger banks and other financial lending institutions are missing out on potential borrowers, dealers said. Lower Valley Credit Union and Numerica Credit Union […]

Tricolor Uses AI to Improve Call Center Efficiency

On the heels of launching artificial intelligence algorithms in its underwriting processes, subprime lender Tricolor Auto Acceptance has started testing AI in another area of the business. Chief Executive Daniel Chu said the buy-here, pay-here lender, which focuses on Hispanic car buyers, is using AI in its Guadalajara, Mexico, call center. The niche lender has […]

Regions Bank to Exit Indirect Lending Space [FULL DETAILS]

Regions Bank has set the wheels in motion to shutter its indirect auto lending business, Auto Finance News has learned. The Birmingham, Ala.-based bank will continue to originate direct auto loans. “We informed the dealers and sent out a notice to them on Jan. 14,” Tom Lazenby, senior vice president and line of business executive […]

Regions Bank to Exit Indirect Lending Space

Regions Bank has set the wheels in motion to shutter its indirect auto lending business, Auto Finance News has learned. The Birmingham, Ala.-based bank will continue to originate direct auto loans. “We informed the dealers and sent out a notice to them on Jan. 14,” Tom Lazenby, senior vice president and line of business executive […]

Bank of the West Seeks to Build Out Floorplan Portfolio

Boosting floorplan financing volume is top of mind for Bank of the West, Michael Pereira, the bank’s executive vice president and head of personal finance, told Auto Finance News. “The flooring is very much integrated within our [retail] program,” Pereira said, adding that the lender is making strides to better connect with and service dealer […]
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