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Global Lending Services aims for 14K dealers

On the heels of establishing a direct-to-consumer business, Global Lending Services continues to build the indirect side of the business. The subprime lender has been signing on nearly 200 new franchise dealers each month as it aims for the 14,000-dealer mark, Chief Executive Steve Thibodeau told Auto Finance News. So far, GLS has signed on […]

Carvana grows southern presence, doubles originations YOY

Carvana, an online used-car retailer, is expanding its geographic reach in the southern states as a part of its sales growth roadmap. Already in June, the Tempe, Ariz.-based company entered four North Carolina markets, two South Carolina markets, and two Central Florida markets, according to company press releases. Bolstering the platform’s southern presence is one […]

YOY Growth Slows at Nation’s Top 10 Financiers

Loan and lease outstandings increased 2.2% last year for the nation’s 10 largest auto financiers, and two top-10 players recorded year-over-year portfolio declines, according to the Big Wheels Auto Finance Data 2019 report released last week. By comparison, portfolio growth among the 10 largest auto financiers was 4.5% in 2017. Wells Fargo Auto posted a 15.6% portfolio decline […]

Fidelity Bank Exits Indirect Auto

Fidelity Bank is shuttering its indirect auto business after nearly 30 years, Auto Finance News has learned. "Effective May 15, 2019, Fidelity Bank will cease indirect auto originations," according to a fax distributed to dealers in Florida and Georgia, the two remaining states in the bank's dwindling auto finance footprint. "Contracts dated May 15, 2019, […]