USAA Bank Tees Up Subscription Services at Auto Experience Lab

USAA Bank’s Auto Experience Lab is working to enter the subscription service market, but even after seven years of development, rollout for that service is still “under the queue of projects to complete,” James Spears, assistant vice president at USAA Auto Experience, told Auto Finance News. Much of the work in the lab is dedicated […]

DriveItAway Acquires Whip Assets, Cuts Ties With HyreCar

DriveItAway, which provide dealers with the tools they need to offer subscription car services for Lyft and Uber drivers, today acquired the technology and assets of Whip. Whip offers subscription-service infrastructure management to car dealerships and fleet owners. Terms of the deal were not disclosed. DriveItAway also said that it is cutting ties with HyreCar, […]

BECU Automates Decisioning to Offset Origination Decline

With volume slipping and interest rates on the rise, Boeing Employees Credit Union has worked to manage loan pricing and strengthen underwriting guidelines this year, Randy Schultz, the credit union’s senior product strategy manager for consumer loans, told AFN via email. For instance, BECU is in the process of implementing a customized scoring system to […]

Higher Used-Car Volume Could Benefit Captives, HCA Says

Though slipping new-car sales typically translate to lower origination volume for captives, increased flow of off-lease vehicles in the market could dull the sting next year. The goal of a manufacturer’s captive is to finance new vehicles for its OEM, but an influx of used vehicles can benefit an enterprise, Marcelo Brutti, chief risk officer […]

Anderson Brothers Says It’s on Target for Double-Digit Origination Growth

Anderson Brothers Bank, which operates 23 branches in South Carolina, is on track to increase auto loan originations 22.5% this year and as much as 20% in 2019, according to Micky Watts, the bank’s senior vice president of indirect lending. The bank specializes in subprime and near-prime loans. While larger banks in North and South […]

Ford Motor Credit to Issue $500M Dealer Floorplan ABS

Ford Motor Credit is expected to close its fourth auto securitization on December 21, according to presale reports. The transaction, backed by a $500 million pool of revolving floorplan accounts, is 31.7% smaller than the captive’s last securitization — $732.2 million of notes — which was issued in November. However, the transaction has a 10-year revolving […]
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