CarMax | Auto Finance News | Page 2 | Auto Finance News - Part 2

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 […]

Top Lenders Pull Back Auto Originations Amid High Losses

An analysis of first quarter earnings among 11 auto lenders — who together comprise one third of the overall auto finance volume — showed originations have dropped 4%, compared with the same period last year, according to Autonomous Research. The banks include Wells Fargo Dealer Services and JPMorgan Chase, who saw the largest declines of 29% […]

An F&I Revolution is Coming [SPONSORED]

Can you remember the last time you walked into a fast food restaurant and they filled your drink order? It was a short few years ago when the restaurants started handing you a cup and you dispensed the ice and your drink of choice.  The shift happened as consumers demanded a better, quicker experience.  Now, […]

CarMax Captive Ups Loss Provisions in 3Q

CarMax Auto Finance saw third quarter income decline 3.2% year over year, due to increased provisions for loan losses, and modestly decreased interest margins, in a sign that the company is expecting delinquencies to rise in the new year, CAF reported  yesterday in its third quarter earnings. The increase in provisions follows a pattern of […]

CarMax Auto Finance Income Up; Subprime ‘Test’ Remains Tiny

CarMax Auto Finance reported higher income on a lower number of credit applications in the third quarter, as its mix increased toward higher credit-quality loans. The mostly used-car retailer also said its 2-year-old foray into originating its own subprime auto loans remains very small, accounting for just 0.5% of the captive’s sales penetration in the […]

CarMax Auto Finance to Extend Subprime Pilot, CFO Says

CarMax Auto Finance’s subprime test pilot originated $72.2 million of receivables through Feb. 28, exceeding the company’s original pledge of $70 million in allotted funds for the program, according to an 8-K filed with the Securities and Exchange Commission last week. “We intend to continue with our subprime test,” Chief Financial Officer Tom Reedy said […]
Page 2 of 3123