Canadian OEM Electra Meccanica Seeks Financing Partner Amid Launch of First Model

Electra Meccanica is seeking lending partners for its new model slated to debut in January 2019, CEO Jerry Kroll told Auto Finance News.  “We control financing ourselves and have it in-house, but if we can get some of the big banks and financial institutions supporting this [car], that’s what we’re all about,” Kroll said. Kroll is confident […]

Ally Financial Boosts Carvana Financing Commitment to $2.3 Billion

Ally Financial has increased its financing commitment to Carvana by 15%, to $2.3 billion. In the third year of the partnership, Ally has agreed to provide Carvana with a $650 million floorplan line of credit, up from $350 million previously. Ally will also provide as much as $1.25 billion available for bulk purchases, and a […]

Chinese Loan Platform Files for $100M U.S. IPO

Weidai Ltd., a title lender that provides small businesses with credit backed by auto loans, has filed for an initial public offering to raise $100 million, according to an SEC filing. Weidai is a peer-to-peer lender with an early-stage personal credit system wherein users can borrow from the platform with their automobiles as collateral. The site also […]