Asbury Automotive amends $1.5b credit facility

Asbury Automotive has “amended and reinstated” its five-year, $1.45 billion syndicated senior credit facility, the company announced on Wednesday. The syndicated facility will offer a $1.04 billion new-vehicle revolving floorplan facility, a $250 million revolving credit facility, and a $160 million used-vehicle floorplan facility. American Honda Finance Corp., BMW Financial Services, Mercedes-Benz Financial Services, Nissan […]

• Joey Pizzolato
• September 27, 2019
• Capital Markets

Newly minted Daimler Mobility to focus on ride-hailing

To coincide with its rebranding to Daimler Mobility AG, the captive lender formerly known as Daimler Financial Services intends to continue expanding its mobility services, with an emphasis on ride-hailing, Harald Wilhelm, member of the board of management for finance and controlling and Daimler Mobility, said during the company’s second-quarter earnings call. Daimler Mobility will […]

• Joey Pizzolato
• July 24, 2019
• Earnings, Innovation & Technology

Mercedes-Benz Financial fosters innovation to drive originations

Mercedes-Benz Financial Services’ focus on ushering a culture of innovation, collaboration, and new mobility fronts has buoyed loan and lease originations this year, Vice President of Credit Operations Chris Kaefer told Auto Finance News.  The captive leapfrogged competitor BMW Financial Services, increasing originations 34.6% to $17.1 billion in 2018, according to Big Wheels Auto Finance data. Comparatively, BMWFS originations declined […]

• Nicole Casperson
• July 17, 2019
• Innovation & Technology, Risk Management

Group 1 extends $1.8B syndicated credit facility

Group 1 Automotive has extended its $1.8 billion revolving syndicated credit facility with 23 financial institutions, including four captive finance companies, for another five years, according to a company release. The credit facility will expire in June 2024 and have the option to expand to $2.1 billion. It was originally set to mature in June […]

• Joey Pizzolato
• July 1, 2019
• Capital Markets

New MBFS Sales Exec Zeroes In on Tech Innovation

Mercedes-Benz Financial Services USA plans to use artificial intelligence and machine learning to further adapt to the industry’s “online evolution,” newly appointed Vice President of Sales and Operations Mark Lovely told Auto Finance News. Though traditional auto finance will remain a part of the business, Lovely is on the lookout for “new and exciting developments […]

• Nicole Casperson
• March 28, 2019
• Innovation & Technology, Risk Management, Sales & Marketing, Update

Lincoln Financial, MBFS Top Consumer Satisfaction Survey

Lincoln Automotive Financial Services and Mercedes-Benz Financial Service tied for first place in J.D. Power’s luxury brand customer satisfaction index ranking, published this week. Consumer satisfaction was gauged in five areas: billing and payment processing; mobile app experience; onboarding; origination; and website experience. On a 1,000-point scale, both companies scored 877. This year’s study found that consumers are making […]

• Monica Melton
• November 13, 2018
• Innovation & Technology, Risk Management

Dealers Prioritize Lender Communication, J.D. Power Survey Finds

As interest rates rise, dealer satisfaction with their lender partners is increasingly reliant on quick and meaningful communication with credit staff, according to the 2018 J.D. Power Dealer Financing Satisfaction Survey released this week. “Satisfaction declines by 163 points, on a 1,000-point scale, when dealers are not able to reach the credit staff,” Jim Houston, […]

• William Hoffman
• August 14, 2018
• Archives, Credit Performance, Risk Management

18 Subscription Programs That Are Changing Auto Finance

Subscription programs that allow for more flexible vehicle ownership could wind up being a bust, but if investments from just about every major OEM on the market, a handful of startups, and numerous dealerships are any indication, this is a fad that will be around for some time to come.    What “flexible ownership” means […]

• William Hoffman
• July 31, 2018
• Innovation & Technology, Risk Management