Auto Finance News | The News That Drives the Industry - Part 3

Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence. In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its call center and branches. […]

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

Digital Customer Experience Takes Center Stage at Auto Finance Sales & Marketing Summit

Distinguished executives from USAA Bank and CarFinance.com are set to discuss best practices for optimizing the digital lending experience at the Auto Finance Sales & Marketing Summit during a session entitled “Delivering the Digital Customer Experience.” The discussion will take place Monday, May 13, at 4:00 p.m. PT at the Omni San Diego. The panel […]

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 […]

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Uber Makes IPO Case That It’s About the Platform, Not the Losses

Uber Technologies Inc., the current era’s archetypal startup, moved toward becoming a public company Thursday, revealing that it racked up a $3 billion operating loss last year and hoping potential investors will look beyond that. Less than two years after being tapped to take Uber to its initial public offering destination, Chief Executive Officer Dara […]

Pennsylvania AG Steps Up Regulatory Oversight

WASHINGTON, D.C. — The Pennsylvania Attorney General’s office is taking a more aggressive stance on consumer financial protections, Sam Mirarchi, senior deputy attorney general and assistant director of litigation for the Bureau of Consumer Protection, said during a panel at CBA Live last week. Mirarchi estimates that 30% to 40% of the office’s attention is […]

Auto Finance Accelerate 2019 Unveils Slate of Speakers From Chase Auto, Ally, Hyundai Capital

Auto Finance News is proud to welcome a slate of diverse speakers to this year’s spring event, Auto Finance Accelerate 2019, to be held May 13-16 at the Omni San Diego. The speaker faculty is quickly expanding with the addition of several top captives and banks. Chase Auto’s Chief Marketing Officer Melinda Welsh will kick off […]

Citizens One Prioritizes Dealers and Digital Initiatives, President Says

Citizens One Auto Finance will adopt e-contracting by yearend, President Craig Lamp told Auto Finance News. “In the second half of the year, we want to deliver e-contracting [to our dealers],” Lamp said. The e-contracting push is one element of a broader strategy launched in June 2017, when Citizens refreshed its loan-origination system with an […]

Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]
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