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Drive Motors to Launch E-Signature Tool Amid Dealership Growth

Car shopping and financing platform Drive Motors debuted a new e-signature tool at the NADA Expo last week. The e-sign product is currently in a pilot stage with about a dozen dealers and is slated to be rolled out across all stores this quarter, Chief Executive Aaron Krane told Auto Finance News. Drive Motors is […]

5 Innovative Auto Finance Moves of 2018

A number of auto finance companies rolled out products and services in 2018 that the editors of Auto Finance News found noteworthy, among them: Honcker Adds Insurance to List of App Services Mobile car buying app Honcker added insurance to its platform this year, bringing the company closer to making the entire car buying experience […]

Drive Motors Hires Head of Strategic Partnerships

Drive Motors, an online sales platform for dealers, announced today the appointment of Chris Gugliotta as its head of strategic partnerships. Gugliotta brings 20 years’ experience in technology, automotive, and retail sales. He was formerly the head of innovation and online sales at Lithia Motors, a dealership headquartered in Medford, Oregon. In his new role, […]

Drive Motors Names Ally as Preferred Lender for Digital Platform

Ally Financial Inc. and Drive Motors entered a strategic relationship yesterday, naming Ally as the preferred lender for the Drive Motors platform. The partnership provides the lender with the opportunity to receive credit applications submitted digitally by dealerships using Drive Motors’ e-commerce solution for dealership websites, according to an Ally press release. Drive Motors makes software […]

Kroll Remains Optimistic Despite Rising Auto ABS Losses

Kroll Bond Rating Agency said historically high delinquencies and losses will continue to rise due to used-vehicle depreciation and a saturation of lenders, according to a new report analyzing the auto ABS market. However, those rises are not as “ominous” as headlines often make them out to be. Growing cumulative net losses are offset by […]

LTVs Hit Record Low in Santander’s DRIVE Auto Securitization

Santander Consumer USA’s Drive platform had the lowest LTV rate in its latest securitization than all the previous Drive asset-backed transactions, according to a presale report by Moody’s Investor Service. The weighted average LTV was 106% in the Drive Auto Receivables Trust 2017-2, down from 109% in the Drive 2017-1 transaction and down from 112% in the 2016-A issuance. […]
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