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CarMax expands delivery service to Texas

CarMax has expanded its online car-buying service to seven cities in Texas, with three more slated to launch in late-October, the used-car retailer announced. The functionality allows customers to complete the entire car-buying process from home — including retail shopping, securing financing, and filing trade-in paperwork. CarMax customers may be financed by captive CarMax Auto […]

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 […]

Biometrics, Behavior Trends Shield Lenders From Online Fraud, Experian Says

As financing moves increasingly onto the digital stage, one fraud expert urged auto lenders to leverage more data and analytics beyond the common credit data and ID verification tactics used today. Experian’s Senior Fraud Solutions Consultant Chris Ryan said auto lenders are particularly vulnerable to the use of synthetic identities, which he noted is on […]

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 […]

Dealers Feel the Pressure of Competition in Used-Car Market

Captives and lenders are feeling confident in the used-vehicle market, but some dealers are feeling the pressure as full-time used-vehicle retailers are making the space more competitive for franchise dealers, Paul Ritchie, president of Hagerstown Honda and Kia, told Auto Finance News. “The dedicated full-time used-car lots, like CarMax, are starting to get into the […]
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