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Fair, the high-flying industry startup, initiates substantial staff cuts

Fair, which offers an automotive subscription app, will reduce its staff by 40% in an effort to increase profitability, according to an internal company memo sourced by TechCrunch.  TechCrunch estimated that 215 employees would lose their jobs at Fair. Among the employees let go is Chief Financial Officer Tyler Painter, brother of Chief Executive Scott […]

Earnings roundup: Ally, Chase, US Bank boost auto originations in 3Q

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]

Ally reveals 5-year remarketing goal

Since pulling together remarketing services into an “end-to-end” solution in March, Ally Financial has revealed to Auto Finance News its target market share for 2024. While it’s still a “fledgling business,” Ally 3PR (short for 3rd-party remarketing) has set his sight on “10% of the overall repossession space,” Director Scott Dumboski told AFN. “If you […]

OneMain Financial’s stock outperforms Ally, Santander in 3Q

Investors eyeing auto finance stocks are turning to OneMain Finacial (OMF), which had the highest share performance during the third quarter, outpacing Ally Financial and Santander Consumer USA (SCUSA), according to a research report released this week by JPMorgan.   OneMain Financial’s third quarter share performance reached 15.2%, compared with Ally Financial at 7.6%, and Santander […]

Chase Auto inks deal with Vroom

Chase Auto has expanded its relationship with online used-car retailer Vroom, in anticipation of an expected 2020 launch of Vroom Financial Services Powered by Chase, a new financing arrangement between the two companies, Mark Roszkowski, Vroom’s chief revenue officer, told Auto Finance News. “The goal is to eventually make the entire financing process completely digital,” Roszkowski […]
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