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 […]

• Bianca Chan
• February 6, 2019
• Risk, Technology

CarMax Eyes East Coast Expansion for Omni-Channel Buying Experience

CarMax Inc. has set its sights on an East Coast expansion as it rolls out an omni-channel buying experience that debuted in Atlanta last month, Mike Farris, chief operating officer of CarMax Auto Finance, told Auto Finance News. Next in line will be the Midwest and then the West Coast, he added. CarMax’s omni-channel offering […]

• Bianca Chan
• January 30, 2019
• Operations, Sales & Marketing, Strategy, Update

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 […]

• Bianca Chan
• January 24, 2019
• Archives, Strategy, Technology

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 […]

• Nicole Casperson
• September 28, 2018
• Dealer Pulse, Strategy

CarMax Auto Finance Grows Portfolio as One Third-Party Lender’s Performance Deteriorates

CarMax Auto Finance grew income 1.6% year over year to $109.7 million in part due to a decrease in fees paid to a third-party lender that has experienced a decline in performance, according to Wednesday’s earnings report. The used car retailer has its financing arm but also works with third-party lenders that it breaks out […]

• William Hoffman
• September 27, 2018
• Credit Performance, Earnings

CarMax Auto Finance Income Increases as Used-Car Sales Rise

CarMax Auto Finance’s income increased 12.5% year over year to $107.9 million in the second quarter, despite “modest impact” of Hurricane Harvey in Texas, according to the company’s investor meeting today. CarMax Auto Finance’s net loans originated reached $1.5 billion in the quarter, up 7.4% from the same time the year prior. Total auto finance […]

• Huixin Deng
• September 22, 2017
• Earnings, Operations, Strategy

RumbleOn Brings One-Price Transacting to Powersports

RumbleOn wants to be the CarMax of the Powersports industry, except 100% online, Founder and Chief Executive Marshall Chesrown told Powersports Finance.

• Emma Sandler
• September 1, 2017
• Powersports

CarMax’s Online Portal Helps Push Origination Growth

CarMax Auto Finance grew auto originations 7% in the first quarter, compared with the same time a year prior. The rise was due, in part, to growth in its online pre-qualified financing portal, President and Chief Executive Bill Nash said during the company’s earnings call yesterday. The online portal has been in place for two full quarters at […]

• William Hoffman
• June 22, 2017
• Earnings, Technology