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Bank of America joins AutoFi network

Bank of America recently partnered with AutoFi, a company that connects dealerships with lenders and car buyers online, to tap a new funnel of dealer partners, David Hollodick, the bank’s consumer vehicle lending product executive, told Auto Finance News. “As a leader in auto lending, we’re continually searching for new ways to expand our business […]

Shift Secures $140M in Funding Backed by Lithia Motors

The online car retail and finance platform Shift Technologies secured a $140 million series-D funding round led by Lithia Motors Inc. last week. The funding includes a strategic partnership that will give the startup access to physical locations to scale its business, Toby Russell, co-chief executive of Shift, told AFN. Shift enables consumers to shop […]

Digital Buy-Sell Platforms Combat Declining Auction Values

Lenders that need to liquidate repossessions should look to private-party vehicle sale websites, such as Shift Technologies Inc., Blinker, and TRED — in the face of declining recovery values at traditional auctions, said Scott France, president of Loan Portfolio Servicing, an Innovate Auto Finance company. “I service loans for about 20 different clients, and they […]

Shift Considers ‘Virtual Leases,’ President Says

Shift Technologies Inc. is eyeing opportunities in what it calls “virtual leasing” — a perpetual lease agreement not tied to a specific vehicle — which will allow consumers to more frequently swap out their vehicle, President Toby Russell told Auto Finance News. “We haven’t productized that or created a sample product yet,” he said, but Shift envisions that […]
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