AutoNation Leads $146M Funding Round In Vroom

New- and used-car dealership chain AutoNation is the lead investor in Vroom’s $146 million series G funding, announced today. Other investors were T. Rowe Price, L Catterton, General Catalyst, and Fraser McCombs Capital. In October, AutoNation had pumped $50 million into Vroom in exchange for a 7% stake. Vroom CEO Paul Hennessy told Auto Finance […]

SunTrust to Add Functionality to Consumer ‘Smart-Portal’ Tool

SunTrust Bank plans to increase functionality and services offered through its consumer-facing “Smart Portal” web tool in the coming three to six months, said Chuck Jones, the bank’s head of national indirect lending. The online service, which took about six months to build, went live in the second quarter. “The portal is an introductory site showing […]

Swapalease Lease Approval Rates Up Slightly

Swapalease, an online peer-to-peer lease transfer company, reported a 70.9% lease approval rate in October, a slight increase from September’s 69.8% rate. The company said it wasn’t surprised by the modest month-over-month increase, saying consumer credit rose at a seasonally adjusted rate of just 3.3% in September, down from the 7% the month before.  And […]

Joydrive Seeks to Integrate Finance Marketplace Into Online Store

Online retailer Joydrive works with a dealers existing lender network to arrange financing for customers on the site, but in the medium to long-term, the company is seeking a strategic partner to “integrate a financing marketplace,” Chief Executive Hunter Gorham told Auto Finance News. “Early on we decided not to exclusively align with just one […]