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Ally sets record with used-car volume

Used-car loan originations hit $5.24 billion at Ally Financial in the second quarter, the highest level ever for the lender. Ally initially surpassed the $5-billion mark for used-car volume in the first quarter, notching $5.15 billion in originations. Used volume has been on an upward trajectory at Ally since the third quarter of 2017. “We […]

CPS realigns sales, origination staff

Consumer Portfolio Services is changing the way it serves its dealer customers. The Irvine, Calif.-based lender is matching origination staff to its 8,000 active dealers so that dealers work with the same sales reps and loan originators "whenever possible,” Senior Vice President of Originations Teri Robinson said in a statement. Dealers are paired with the […]

Carvana grows southern presence, doubles originations YOY

Carvana, an online used-car retailer, is expanding its geographic reach in the southern states as a part of its sales growth roadmap. Already in June, the Tempe, Ariz.-based company entered four North Carolina markets, two South Carolina markets, and two Central Florida markets, according to company press releases. Bolstering the platform’s southern presence is one […]

Citizens One Prioritizes Dealers and Digital Initiatives, President Says

Citizens One Auto Finance will adopt e-contracting by yearend, President Craig Lamp told Auto Finance News. “In the second half of the year, we want to deliver e-contracting [to our dealers],” Lamp said. The e-contracting push is one element of a broader strategy launched in June 2017, when Citizens refreshed its loan-origination system with an […]

Pass-Through Applications Trigger Volume Surge at Westlake Financial

Application volume at Westlake Financial Services shot up 50% in March — to 690,000 applications — thanks to pass-through agreements that have “ramped up” in the past 18 months, said Senior Vice President of Sales and Marketing Mark Vazquez. Westlake inked its third pass-through arrangement, with a subprime lender, last month. For the quarter, Westlake […]

CPS Eyes Pass-Through Agreements to Bolster 2019 Originations

An existing pass-through agreement and a couple others in the works should help propel Consumer Portfolio Services’ originations 20% higher this year, to about $1 billion, Chief Executive Charles Bradley Jr. told Auto Finance News. CPS has “been working with some banks to see extra flow,” Bradley said, though he declined to name the banks. […]

AI-Supplemented Underwriting Likely to Bump Up Tricolor Originations

Tricolor Auto Acceptance has seen a lift in origination capabilities since integrating an artificial intelligence algorithm into its underwriting model last month. Chief Executive Daniel Chu expects the algorithm, which hones the company’s customer segmentation abilities, will contribute about 3% of the anticipated 25% origination volume increase expected for 2019. That 3% growth translates to […]
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