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RumbleOn Secures $25M in Floorplan Financing From Ally

Online used-motorcycle retailer RumbleOn has secured a floorplan line of credit for up to $25 million from Ally Bank, the companies announced last week. RumbleOn serves as an entirely online marketplace where consumers and dealers can buy, sell, trade, or finance used-motorcycles. Utilizing the $25 million of credit, the company plans to purchase pre-owned motorcycles […]

DriveTime Overhauls Mobile Site Following Traffic Surge

Used-vehicle retailer and financier DriveTime introduced a new mobile website this week after it identified that 80% of its online traffic is coming from mobile, up from 60% last year, Shawn Curran, managing director of retail, marketing, and product development, told Auto Finance News. The new site was built in-house and features enhanced personalization options, […]

Ally Grows Auto Portfolio 3.5% in 4Q as Losses Rise

Ally Financial Inc. grew its auto portfolio 3.5% on a year-over-year basis to $67.5 billion in the fourth quarter, as delinquencies and charge-offs rose, the company reported in earnings today. Delinquencies increased to 3.43% of the company’s auto portfolio, up from 3.28% the same time a year prior, the bank reported. Likewise, net charge-offs reached $294 […]
  • Matthew Wood
  • January 30, 2018
  • Earnings

DriveTime Begins Search For New CEO

The used vehicle retailer and financier DriveTime is searching for a new chief executive after Ray Fidel left the role and company in December 2017. Fidel and Ernie Garcia II bought the company in 1991, back when it was called Ugly Duckling. They changed the name to DriveTime in 2002 and have since grown its […]

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 […]

Lenders See Regulatory Stability, CFPB Complaints Show

After years of retooling, investing, and stressing over the regulatory environment following passage of the Dodd Frank Act in 2010, an analysis of the Consumer Financial Protection Bureau’s complaint database is showing signs of stabilization. Yes, the overall number of complaints submitted to the bureau has risen — 7,185 last year, up from 5,921 in 2015 […]

Credit Erosion: Cracks Are Starting to Show in Subprime Auto

Fitch Ratings reported subprime delinquencies hit a 20-year high in March, and some of the smaller lenders in the space have cut back on originations, stopped issuing securitizations, or shuttered their doors completely, multiple sources told Auto Finance News. The number of new players entering the space has “slowed down,” Nathan Benson, chief executive of […]
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