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Will Ride-Hailing Replace Personally-Owned Cars? Execs Weigh In

LAS VEGAS —  The disruptive impact that ride-hailing companies are having on auto finance is evident with the success of Uber and Lyft. While both companies are not profitable, Uber 's revenue surged 43% to $11.3 billion in 2018 and Lyft's revenue doubled to $2.2 billion. However, the question confronting auto finance is whether ride-hailing […]

Roadblocks Ahead for Consumer-Owned AV Adoption, Execs Say

LAS VEGAS — While autonomous vehicle fleets are sparking widespread interest in the industry, executives at an SFIG 2019 panel said widespread adoption of consumer-owned AVs is still at least a decade away. “We’re in the early stages of an industry revolution,” said Theresa O’Neill, managing director at Bank of America Merrill Lynch. The consensus […]

China Rideshare Didi Plans to Expand Into Carsharing

Didi Chuxing, China’s ridesharing behemoth, plans to expand into other mobility services including car-sharing, Cheng Wei, the founder and chief executive, said at China’s annual World Internet Conference in Wuzhen last week. The Beijing-based company intends to enter the car-share market with an initial investment of at least $151 million, Wei said, adding that users will be […]

Car Harmony to Expand Used-Car Offerings

Online used-car seller Car Harmony is expanding its “breadth of offering” by listing wholesale vehicles, provided by one of its current partnered rental companies, on CarHarmony.com, said Craig Nehamen, the company’s co-founder and assistant vice president of strategy and corporate development at parent company Westlake Financial Services. Los Angeles-based Car Harmony, through a partnership with Midway […]

FCA’s $350MM Securitization Shows ‘Structural Changes’

Flagship Credit Acceptance LLC (FCA) is preparing an asset-backed securitization worth $350 million in a transaction set to close on May 5. The notes are backed by subprime auto loan receivables, according to a presale report from Standard & Poor’s Ratings Services. The loans in the Flagship Credit Auto Trust 2016-2 (FCAT 2016-2’s) have a […]

Avis Grows Direct-to-Consumer Sales, Financing

As part of an ongoing expansion, the Avis Budget Group Inc. recently announced it had enrolled a total of more than 3,000 U.S. dealerships, in 19 states, to participate in Avis Direct, its relatively new dealer channel for retail sales of off-rental vehicles from the Avis, Budget, Payless and Zipcar brands. Avis Direct is partnered […]