2Q19 | Auto Finance News | Auto Finance News

HyreCar adds dealers to boost 2Q revenue, cut losses

HyreCar has been focused on expanding commercial accounts — which include auto dealers and fleet managers — to boost revenue and cut net losses in the second quarter. HyreCar, a mobility-as-a-service carsharing marketplace, closed out the quarter with 170 commercial accounts, up 49% year over year. Those accounts provided 2,300 vehicles to the platform, compared […]

Losses widen for rideshare giants in 2Q

Both Uber and Lyft continue to struggle to become profitable enterprises, according to second-quarter earnings reports filed by the two companies last week. Lyft’s losses more than tripled in the quarter to $644.2 million, despite increases in revenue and ridership. Revenues shot up 72% to $867.2 million, while active riders increased 41% to 21.8 million. […]

Carvana’s originations skyrocket in 2Q

Carvana’s second-quarter earnings were “the most successful quarter-to-date” for the finance platform, Chief Financial Officer Mark Jenkins said during the company’s earnings call yesterday. Carvana’s originations shot up 124.7% year over year to $1.2 billion, compared with $525 million in the prior-year period. In addition, finance gross profit per unit was a record $1,100 — […]

Ford Credit loan performance offsets 2Q volume decline

Despite a decline in loan origination volume and lease penetration at Ford Motor Credit, Vice President and Chief Executive David McClelland credits an increase in second-quarter revenue to improving portfolio performance. U.S. loan contract placement volume dropped 26% year over year to 220,00 units, from 299,000. Similarly, lease placement dropped to 81,000 units from 104,000 […]

Wells Fargo, Chase boost auto originations in 2Q

Wells Fargo and JPMorgan Chase recorded auto origination levels last quarter unseen in several years, according to results filed with the Securities and Exchange Commission. Wells Fargo Auto originated $6.3 billion of loans last quarter, up 43% year over year and up 17% from a two-year high recorded last quarter. Outstandings for the San Francisco-based bank […]