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 […]

• Joey Pizzolato
• September 17, 2019
• Sales & Marketing

Despite Exeter’s growth, CarMax-sourced share of latest ABS stays flat

Although Exeter Finance’s portfolio has grown 19% through midyear, the portion of originations stemming from CarMax dealerships has remained steady, according to a pre-sale report from Standard & Poor’s. Exeter’s portfolio hit $5.1 billion as of June 30, up from $4.3 billion at the end of 2018. Yet the ratio of CarMax loans in Exeter’s […]

• Marcie Belles
• July 18, 2019
• Capital Markets

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 […]

• Marcie Belles
• June 5, 2019
• Capital Markets, Credit Performance

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
• Innovation & Technology, Risk Management

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
• Risk Management, Sales & Marketing, 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, Innovation & 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

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