Update | Auto Finance News - Part 3

HyreCar Exec Eyes Rideshare Opportunities Beyond ‘Just Moving People’

HyreCar’s new director of strategic partnerships is thinking about moving products, not just people, with its peer-to-peer carsharing service. HyreCar connects car owners with idle vehicles to rideshare drivers in need of cars. “There’s going to be a lot more growth in food delivery, in medical pharmaceutical delivery, recreational drug delivery, and packages that is […]

KAR Steps Up Vehicle Valuation Capabilities in Online Auction Platform

KAR Auction Services has plans in motion to make online remarketing platform Openlane accessible on any device and to incorporate more data and analytics into the system, newly appointed president Peter Kelly told AFN. The revamp is slated to be completed by yearend. “We want to improve the user experience to more modern interfaces that don’t only work on desktops but […]

Used-Vehicle Values Will Climb in 2019 If Tariff Threat, Rate Hikes Persist 

December auction prices increased 4.3% year over year, bringing the Manheim Used Vehicle Value Index to 137.6, the company announced last week. “Three-year-old vehicles ended the month worth 2% more than they would normally have been worth had typical depreciation occurred instead of the abnormal appreciation observed this summer,” said Manheim Chief Economist Jonathan Smoke. Two main factors that […]

Massachusetts AG Slaps Lender With $700,000 Fine for Deceptive Practices

Massachusetts Attorney General Maura Healey has ordered Sensible Auto Lending LLC to pay $733,925 to resolve allegations it knowingly facilitated the sale of defective vehicles by certain used-car dealerships. The Danbury, Conn.-based auto lender agreed to provide relief for consumers who were “cheated” by F&R Auto Sales Inc. and three other Massachusetts dealerships from August […]

ZestFinance Makes Machine Learning Tools Available Via Microsoft Cloud

Lenders using ZestFinance Inc.’s technology can now use Microsoft’s cloud-based Azure platform rather than their own servers to analyze machine learning models. “Testing and training machine learning models is a very compute-intensive task,” said ZestFinance founder and Chief Executive Doug Merrill. “Being able to tap Microsoft’s Azure cloud allows customers using Zest tools to train […]

Subprime Lender MAS Financial Drops MoneyGram as PayNearMe Usage Climbs

Subprime lender MAS Financial is starting out the new year out with a pair of payment-related moves. It will add automated payment capabilities to its options at month’s end, and it is cutting ties with money-transfer partner MoneyGram. MAS Financial customers are increasingly using the PayNearMe option, which MAS added about three years ago, Collections […]

Westlake Financial to Launch Peer-to-Peer Lending This Year

Westlake Financial Services plans to add peer-to-peer lending capabilities to LoanCenter, its direct lending platform, later this year. The goal is to reach a new group of borrowers looking to purchase vehicles from individuals instead of from dealerships, Ralph Ontiveros, vice president of Westlake services and lending solutions, told Auto Finance News. “A lot of […]
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