Auto Finance Feels the Pressure of Fed’s Rate Hikes

Major automakers are reporting declines for U.S. sales as signs of tightening credit conditions are adding pressure to financing options for consumers.  Ford, Toyota, Nissan, and Honda all reported sales declines in September of 11.2%, 10.4%, 12.2%, and 7%, respectively. Though Hyundai sales rose 0.6%, sibling brand Kia was down 1.8%, according to sales reports. […]

Getaround Poised to Meet Carshare Demand With $300M Investment

Carsharing app Getaround raised $300 million in series D funding today — led by investments from SoftBank and Toyota Motor Corp. — at a time when the sector could get a boost from New York City regulations.  Getaround is the latest to join SoftBank’s contingent of mobility startups it backs, which include Uber, China’s ride-hailing […]

Cracking China’s Door: Government Urges Foreign Lenders to Invest in China, Despite Barriers

    Financial institutions bemoan regulation in the United States, but it’s a drop in the bucket compared with lending in the People’s Republic of China. Non-bank financial companies — and their equity investors — have to be approved by the China Banking Regulatory Commission. Companies cannot expand branches without regulatory approval nor can they […]

Toyota’s $1B Investment in Grab to Boost Financial Services in Asia

Toyota Motor Corp. late Tuesday announced a $1 billion investment in Grab Holdings Inc. — the largest investment ever from an OEM into a ride-hailing startup — in part to collaborate on driving-data-based automotive insurance and financial services, according to a press release. Grab operates transportation platforms, food and package delivery, and financial services in […]

Toyota Captive Seeks Penetration Growth in Slowing Chinese Market

Toyota Motor Finance China (TMFCN) aims to grow originations to 22% of Toyota and Lexus vehicles sold in China, Auto Finance News has learned. That compares with a 21% penetration rate — or 273,000 vehicles — in 2017. Though China has been the largest new-car sales market since 2009, its finance rate is only about […]

Peer-to-Peer Carshare Launches With Focus on Luxury

Ryde Inc., a new peer-to-peer carsharing startup, launched its service last week with an emphasis on luxury vehicles, to distinguish itself among a growing mobility marketplace, Founder and Chief Executive Thanura Yapa told Auto Finance News. Luxury car owners can register their vehicles into Ryde’s fleet for others to pick up and rent. In the next […]

Vehicle Sales Fall for First Time in 7 Years

The sales downturn that lenders have been anticipating for some time has arrived. Manufacturers on Wednesday reported a decline of about 1.8 percent in 2017 new vehicle sales, to 17.2 million cars and light trucks, following a seven-year streak of growth. U.S. auto sales for 2018 are further forecasted to drop to 16.5 million units, according […]

Toyota Establishes New Mobility Service Unit

Toyota Motor Corp. will merge its subsidiary Toyota Fleet Leasing Co. Ltd. with its second-tier subsidiary Toyota Tokyo Rental & Leasing Co. Ltd. to establish a new company — Toyota Mobility Service Co. Ltd. — on April 1, 2018, the company announced yesterday. Specific initiatives of Toyota Mobility Service Co. include collaborating with Toyota’s in-house […]
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