Are You Ready for Young Blood in the C-Suite? [SPONSORED]

We’ve seen quite a few articles about millennials in the auto finance space. Rumors abounded that millennials didn’t want cars, didn’t want to move out of their parents’ house, and wanted life to be handed to them. While this younger generation did start on their career paths later in life, due in large part to […]
  • EFG Companies
  • December 8, 2017

Ford’s Financial Arm Left Out of Alibaba Deal in China

Ford Motor Co. signed a letter of intent Thursday with the world’s largest retailer — Chinese e-commerce company Alibaba Group — which will allow the companies to explore new ways to purchase and finance vehicles in a fast-growing market. However, in the current unfinalized version of the deal, financing will be provided through Alibaba’s affiliate […]
  • William Hoffman
  • December 7, 2017

Porsche Targets Fintech, Mobility Startups for New Accelerator

Porsche Digital, in partnership with Axel Springer Digital Ventures, will launch an accelerator in spring 2018 to support business ideas that have a high-market potential, which include fintech and mobility, Auto Finance News has learned. Porsche Digital is a wholly owned subsidiary of Porsche AG and serves as its digital mobility center. The unnamed accelerator, […]
  • Emma Sandler
  • December 7, 2017

Senate’s Tax Bill Could Boost Powersports Industry, Free Up Disposable Income [VIDEO]

ThunderRoad Financial is feeling “very optimistic about 2018,” and the Senate’s tax reform overhaul could boost the industry even further, said Donal Hummer Jr., the lender’s president and chief executive. “We are seeing really strong demand and good floor traffic for dealers,” he told attendees at PowerSports Finance 2017 in late October. “Our volume is […]
  • Natalie Mattila
  • December 7, 2017

CFPB’s Dealer Markup Guidance Faces Repeal in Congress

Congress’ investigative unit determined a controversial 2013 guideline from the Consumer Financial Protection Bureau — which holds financial institutions responsible for a discriminatory lending practice at dealerships — is subject to Congressional review and could be headed to Capitol Hill for a vote among deregulatory-minded Republicans.    In March, Senator Pat Toomey (R-Pa.) requested that the […]
  • William Hoffman
  • December 6, 2017

Auto Finance Continues Migrating to Mobile, Chase Research Finds

Nearly half of Americans are comfortable completing vehicle purchases online, and one in five car buyers have already secured financing online, according to new research from Chase Auto Finance. However, more than half of Americans — 53% — remain uncomfortable with online vehicle purchases because 76% of those Americans wish to test drive the vehicle […]
  • Natalie Mattila
  • December 6, 2017

TCF’s Auto Sector Exit Intensifies Profitability Concerns at Regional Banks

The announcement this week that TCF Bank will shutter its indirect auto finance unit, Gateway One Lending & Finance LLC, caps a year that has been volatile for mid-sized regional banks, according to Peter Winter, analyst at Wedbush Securities. “Most banks are surprised how long the credit cycle has lasted for the [mid-tier] bank group,” […]
  • William Hoffman
  • December 6, 2017

ThunderRoad CEO Spotlights Auto, Powersports Differences Amid Rising Regulation

The regulatory landscape is “getting worse” for lenders, but powersports finance is not “predatory lending,” Donal Hummer Jr., president and chief executive of ThunderRoad Financial, said at PowerSports Finance 2017 last month. There is a “defining difference” between powersports and auto or home lending, Hummer said. “Predatory lending really applies to a situation when you are taking […]
  • Natalie Mattila
  • December 6, 2017

Prior to Business Exit, TCF Scores Pointed to Waning Performance

In announcing TCF Bank’s exit last week from the auto sector, CEO Craig Dahl said subsidiary Gateway One Lending & Finance “performed as expected” under the new direction set earlier in the year. Yet, data from the 2017 Auto Finance Performance initiative paint a picture of a lender whose representatives were falling short of dealer […]
  • Marcie Belles
  • December 5, 2017

BMO Bank’s Auto Portfolio Declined 41% in FY 2017

BMO Financial Group reported a 41% decline in its indirect auto loan portfolio year over year in the fourth quarter, which ended in October, according to the company’s earnings released today. The Canadian bank’s portfolio now sits at $3.2 billion, down from $5.5 billion during the same quarter the year prior. Additionally, net income from […]
  • William Hoffman
  • December 5, 2017
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