CarMax Auto Finance | Auto Finance News | Auto Finance News

Auto ABS Volume Closes In on $60B

Year-to-date auto securitization volume hit $57.8 billion at the end of April, with prime loan issuance accounting for the lion’s share of transactions, according to research released today by Deutsche Bank. Prime loan securitization volume totaled $23.7 billion, and subprime volume reached $12.8 billion. The remaining volume was comprised of retail lease ($9.8 billion), fleet […]

CarMax Updates Systems to Onboard New Tech Faster

CarMax Auto Finance is one year out from being able to onboard new technologies faster, Chief Operating Officer Mike Farris told AFN. The used-car retailer is working with London-based Alfa Systems to overhaul its core systems to make it more agile for innovation. “It’s really an evolution concept,” Farris said. “On the finance side, we’re […]

CarMax Finance Penetration Decreases in 4Q Earnings

CarMax saw a “modest expansion” in the percentage of cash purchases and direct financing deals in which the consumer brought a pre-approved offer to the dealership from an outside source, the company said during the fourth quarter earnings call yesterday. CarMax offers financing to customers either through its CarMax Auto Finance subsidiary or through third-party finance providers designated as “Tier 2” […]

CarMax Auto Finance Bucks Industry Trends With Growing Portfolio

CarMax grew its auto finance portfolio by 10.6% in the third quarter while also lowering its loss expectations, the company reported in a December earnings report. The used-car dealership’s financing arm grew originations 8.2% year over year to $1.45 billion in the third quarter. That rise pushed CarMax Auto Finance’s average receivables to $11.4 billion […]

Auto Securitization Report Highlights Riskier Outliers

AmeriCredit and Santander Consumer USA stand out as the two lenders securitizing auto loans with an average loan term above 70 months and below a 600 credit score, according to the latest report from DBRS. In AmeriCredit’s most recent issuance included in the report the lender had an average credit score of 580 and an […]
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