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Earnings roundup: Ally, Chase, US Bank boost auto originations in 3Q

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]

Wells Fargo Auto originations climb 45% YOY

Origination volume for Wells Fargo Auto is on a growth trajectory, as the bank reported a 45% year over year increase to $6.9 billion in the third quarter, according to earnings released today. Third quarter originations are up 9% from a two-year high recorded last quarter.  The jump in origination volume is a reflection of […]

HyreCar adds dealers to boost 2Q revenue, cut losses

HyreCar has been focused on expanding commercial accounts — which include auto dealers and fleet managers — to boost revenue and cut net losses in the second quarter. HyreCar, a mobility-as-a-service carsharing marketplace, closed out the quarter with 170 commercial accounts, up 49% year over year. Those accounts provided 2,300 vehicles to the platform, compared […]

Losses widen for rideshare giants in 2Q

Both Uber and Lyft continue to struggle to become profitable enterprises, according to second-quarter earnings reports filed by the two companies last week. Lyft’s losses more than tripled in the quarter to $644.2 million, despite increases in revenue and ridership. Revenues shot up 72% to $867.2 million, while active riders increased 41% to 21.8 million. […]

Carvana’s originations skyrocket in 2Q

Carvana’s second-quarter earnings were “the most successful quarter-to-date” for the finance platform, Chief Financial Officer Mark Jenkins said during the company’s earnings call yesterday. Carvana’s originations shot up 124.7% year over year to $1.2 billion, compared with $525 million in the prior-year period. In addition, finance gross profit per unit was a record $1,100 — […]

GM Financial boosts originations, OEM talks autonomous in 2Q earnings

General Motors Financial Co. bolstered origination volume 6.5%, maintaining the captive’s growth momentum.   The captive originated $13 billion of loans and leases in the quarter, up from $12.2 billion in the prior-year period. The growth comes on the heels of a 14.8% increase in originations in the first quarter. GMF’s loan portfolio totaled $42.6 billion, up […]

CPS grows originations despite ‘exceedingly competitive’ market, CEO says

Consumer Portfolio Services' originations increased 16.5% in the second quarter, to $250.1 million, despite the fact that the industry is "exceedingly competitive" and "people are growing like crazy," Chief Executive Charles Bradley said during an earnings call yesterday. "That puts pressure on us to eke out our meager growth and our performance amongst these people that […]

Ford Credit loan performance offsets 2Q volume decline

Despite a decline in loan origination volume and lease penetration at Ford Motor Credit, Vice President and Chief Executive David McClelland credits an increase in second-quarter revenue to improving portfolio performance. U.S. loan contract placement volume dropped 26% year over year to 220,00 units, from 299,000. Similarly, lease placement dropped to 81,000 units from 104,000 […]
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