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P2P Digital Marketplace Targets Florida Expansion, CEO Says

Online buy-sell platform Tred plans to launch in Florida next quarter, on the heels of its February expansion into four Texas cities, said Chief Executive Grant Feek. Though Feek declined to disclose which Florida cities the company is targeting, he noted that Tred typically chooses densely populated areas, like Miami, for example. The company, which […]

Bank of America Adds 15,000 Carvana Vehicles to Its Buying Site

Bank of America added 15,000 vehicles to its digital car shopping and financing platform through an expanded partnership with Carvana, the companies announced last week. The partnership comes on the heels of a limited pilot with Carvana. In 2018, Carvana was added to Bank of America’s direct-to-consumer mobile car shopping service "in a couple of […]

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]

Alt-Data Helps Lenders Overcome Underwriting Hurdles

LAS VEGAS — Lenders are making alternative data a more integral part of the underwriting process. In the subprime sector, alternative data can paint a clearer picture and better assist lenders in assuming comfortable risk levels. “The more information you can have, the better a decision you can make and potentially price loans the right […]

Ally Financial Boosts Carvana Financing Commitment to $2.3 Billion

Ally Financial has increased its financing commitment to Carvana by 15%, to $2.3 billion. In the third year of the partnership, Ally has agreed to provide Carvana with a $650 million floorplan line of credit, up from $350 million previously. Ally will also provide as much as $1.25 billion available for bulk purchases, and a […]

Ally Scraps Car-Match Feature Before Rollout on Direct Lending Platform

Ally Financial has scrapped the functionality in its direct lending platform that allowed consumers to get preapproved for specific vehicles within dealers’ inventories. The feature, called Clearmatch, was piloted in March, with plans to roll out the product to dealers on a regional basis starting in late April. Instead, Clearmatch has been removed from Clearlane, […]
  • Nicole Casperson
  • October 19, 2018
  • Strategy

Mobiliti to Add 4 States to Footprint by Yearend, CEO Says

By yearend, vehicle subscription startup Mobiliti plans to double the number of markets it serves, adding four East and West Coast states to its footprint, Chief Executive Chance Richie told Auto Finance News. So far, the company services cities in Michigan, New Jersey, Pennsylvania, and Texas. “The West Coast is a big area of growth […]

Fair Leverages B2B Marketing Strategy for Rapid Growth, CEO Says

Used-car leasing app Fair is expanding rapidly through partnerships rather than spending funds on advertising straight to the consumer, Founder and Chief Executive Scott Painter, told AFN. “Given our partnership with Uber Technologies Inc., our expansion is not based on [brand building], so we don’t have to worry about marketing dollars,” Painter said. By having […]
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