Online Retail Platform Shift Adds Prime Options With TD Auto, U.S. Bank

TD Auto and U.S. Bank are the latest auto lenders to sign on with Shift Technologies, an online car retail and financing platform, Co-Chief Executive Officer Toby Russell told Auto Finance News. The newest additions enable San Francisco-based Shift to offer consumers financing options across the credit spectrum. "To be totally transparent, a lot of […]

• Bianca Chan
• June 14, 2019
• Innovation & Mobility, Operations

Capital One Introduces Financing on CarGurus Platform

Capital One Auto Finance has inked a deal to offer financing preapprovals for vehicles on CarGurus' buying platform. The bank is the first lender to sign up with CarGurus, which has 5 million vehicles in its inventory. The companies are “ready to roll out nationwide this week,” CarGurus’ Chief Product Officer Tom Caputo told Auto […]

• Nicole Casperson
• May 9, 2019
• Sales & Marketing, Strategy, Technology, Update

Shift CEO Reveals Expansion, Revenue Targets for Planned IPO

Shift Technologies is expanding geographically and increasing revenue as it preps to go public in 2021, Founder and Co-Chief Executive George Arison told Auto Finance News. Before the online car retail and finance platform is IPO-ready, it will need to nearly triple its revenue. “You need to achieve a certain amount of revenue to feel […]

• Bianca Chan
• May 6, 2019
• Capital Markets, Operations, Strategy, Update

Retouching Operations: Bank of the West Adds to Its Financing Palette

From the March issue: Despite a recent industrywide rise in auto loan delinquencies, one legacy prime lender is expanding its product set to satisfy dealer partners. “We needed to reinvent our business model,” Bank of the West Executive Vice President of Personal Finance Michael Pereira told Auto Finance News. “Bank of the West has a […]

• Bianca Chan
• March 15, 2019
• Features, Operations, Risk, Sales & Marketing, Strategy, Technology

Auto Finance Execs Weigh In on Creating a Culture of Innovation

SAN FRANCISCO — Auto is behind the rest of the consumer retail industry when it comes to innovation, Alex Maritczak, EY’s global auto finance leader, said during a panel discussion at AFSA’s Vehicle Finance Conference. Executives from Capital One, CarMax Auto Finance, and Ford Motor Credit Co. weighed in on how auto finance companies can […]

• Bianca Chan
• January 28, 2019
• Innovation & Mobility, Operations, Update

Capital One Auto Finance Sues Missouri Dealership for Fraud

Capital One Auto Finance filed a lawsuit against Cape Girardeau, Mo.-based Coad Toyota claiming $619,690 in damages for allegedly misrepresenting facts about vehicles sold and falsifying down payments and sales tax in 34 instances, according to court documents filed Dec. 21, 2018. In one example cited in the lawsuit, the dealership allegedly supplied information to […]

• Nicole Casperson
• January 8, 2019
• Compliance, Operations

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 […]

• Nicole Casperson
• November 28, 2018
• Features, Innovation & Mobility, Strategy, Technology

Consumers Lack Confidence in the Car Buying Process, Study Finds

As car buyers start their search for year-end deals, Capital One Auto Finance has released a study that found most consumers are not confident when it comes to understanding the purchasing process. Only 20% of consumers feel sure of themselves when buying a car, according to the survey of more than 1,000 U.S. adults. In […]

• Monica Melton
• November 26, 2018
• Operations, Sales & Marketing