5 Innovative Auto Finance Moves of 2018

A number of auto finance companies rolled out products and services in 2018 that the editors of Auto Finance News found noteworthy, among them: Honcker Adds Insurance to List of App Services Mobile car buying app Honcker added insurance to its platform this year, bringing the company closer to making the entire car buying experience […]

• Monica Melton
• December 31, 2018
• Innovation & Mobility, Sales & Marketing, Strategy, Technology

AutoNation Leads $146M Funding Round In Vroom

New- and used-car dealership chain AutoNation is the lead investor in Vroom’s $146 million series G funding, announced today. Other investors were T. Rowe Price, L Catterton, General Catalyst, and Fraser McCombs Capital. In October, AutoNation had pumped $50 million into Vroom in exchange for a 7% stake. Vroom CEO Paul Hennessy told Auto Finance […]

• Monica Melton
• December 11, 2018
• Innovation & Mobility, Operations, Strategy, Technology

SunTrust to Add Functionality to Consumer ‘Smart-Portal’ Tool

SunTrust Bank plans to increase functionality and services offered through its consumer-facing “Smart Portal” web tool in the coming three to six months, said Chuck Jones, the bank’s head of national indirect lending. The online service, which took about six months to build, went live in the second quarter. “The portal is an introductory site showing […]

• Monica Melton
• November 29, 2018
• Innovation & Mobility, Operations, Strategy, Technology

Electric Vehicle OEM Offers Drive Motors’ Digital Financing

Electric vehicle startup Karma Automotive has synced up with digital sales platform Drive Motors to power its online checkout option for consumers. Drive Motors, which counts Ally Financial Inc. as a preferred lender on its platform, enables consumers to get fully approved for loans in less than a minute, Chief Executive Aaron Krane told Auto […]

• Monica Melton
• November 22, 2018
• Innovation & Mobility, Sales & Marketing, Technology

CPS Revamps Dealer Portal for Release in Early 2019

Subprime lender Consumer Portfolio Services is boosting dealer self-service options, with a revamped portal slated to debut early next year. “We’re rebuilding the dealer portal, so the dealer can go in and play around with the [loan] structure until he gets one that he likes, and we accept, without having to call a buyer and […]

• Monica Melton
• November 21, 2018
• Operations, Sales & Marketing, Technology

Dealertrack Looks to Speed Car Buying Process

Dealertrack, with the launch last week of its uniFI dealership management and F&I software product, is looking to streamline dealer workflows and shorten the amount of time it takes to buy a car. A Cox Automotive study published in July found that dealership personnel uses an average of six platforms to complete a deal and […]

• Monica Melton
• November 9, 2018
• Innovation & Mobility, Operations, Sales & Marketing, Strategy, Technology

Mountain America CU Eyes Fintech Partners in 2019

Mountain America Credit Union is scouting fintech partners to provide self-service options, plus mobile and online capabilities to its auto finance customers. “We’re looking at partnership models with fintechs, that’s our biggest focus over the next six to 18 months,” said Jade Beckman, vice president of consumer lending at the West Jordan, Utah-based credit union, […]

• Monica Melton
• November 8, 2018
• Innovation & Mobility, Operations, Strategy, Technology

Daimler Mobility Platforms Reach 26 Million Users, Amid Global Expansion

Daimler AG’s mobile platforms have notched 64% growth in users this year. Through September, more than 26 million customers have used Daimler mobile ride-hailing and car rental services like car2go, mytaxi, and moovel, the OEM announced today. Newly released usage numbers coincide with the announcement that the German company will change its name to Daimler […]

• Monica Melton
• October 30, 2018
• Asia, Innovation & Mobility, Operations, Strategy