Strategy | Auto Finance News - Part 5

Ally Boosts Used Financing to Offset Lower New-Car Sales

Ally Financial Inc. originated $9.2 billion of loans and leases last quarter — a 3.3% year-over-year decline — with used-car originations accounting for 56% of the volume, the company reported in its earnings release. Used originations accounted for 50% of the volume in the prior-year period. Ally originated $5.2 billion of used-car loans last quarter, which reflects […]

How Lenders Stand to Benefit From Uber’s Platform

Despite profitability concerns outlined in Uber Technologies’ S-1 filing, lenders could benefit from partnering with the mobility company, Grayson Brulte, president of Brulte & Co., told Auto Finance News. For instance, lenders might allow Uber drivers to rent their off-lease inventory. “Uber is not a ride-sharing company or an autonomous vehicle company or a food […]

Global Lending Services to Venture Into Direct Lending

Global Lending Services is looking to build out a direct-to-consumer business, Auto Finance News has learned. "We are beginning to explore direct-to-consumer opportunities in the areas of direct-to-indirect, direct purchase, and refinance," Chief Executive Steve Thibodeau wrote to AFN in an email. "We will be exploring opportunities to partner with other lenders and players in the […]

Cracking the Code: How to Manage Dealer Relations in the Digital Age

From the April issue: In auto finance, the lender-dealer relationship is one of symbiosis. Yet, in an age where technology is continually advancing, and financing is becoming faster, lenders and dealers agree that being mindful of and maintaining the human relationship is paramount to cultivating a prosperous partnership. Advances in technology — machine learning, artificial […]

Refinance Startup to Stretch Footprint, Double Lender Partners by Yearend

MotoRefi, an automotive refinance startup, is eyeing geographic and partnership growth after securing $4.7 million in seed funding last month, Chief Executive Kevin Bennett told Auto Finance News. Founded in 2017, MotoRefi is a technology platform that connects consumers looking to refinance vehicles with a handful of national and regional lenders that personalize offerings online […]

‘Diminished’ Tax Season Stymies CPS 1Q Revenue

Tax season, as the auto finance industry has traditionally known it, “probably doesn’t exist anymore,” a factor that contributed to lower revenue at Consumer Portfolio Services last quarter, said CEO Charles Bradley during the company’s first-quarter earnings call last week. The Irvine, Calif.-based lender reported revenue of $88.2 million, down 14.8% from $103.6 million year […]

Uber’s Self-Driving Arm Gets $1 Billion Investment Ahead of IPO

Uber Technologies Inc. secured a $1 billion investment from three Japanese companies, ahead of an initial public offering expected next month. Denso Corp., Toyota Motor Corp. and SoftBank Group Corp.’s Vision Fund bought stakes in the self-driving unit, valuing the arm at $7.25 billion, according to a statement. The deal will help Uber, which tallied […]
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