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Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

Higher Interest Rates Will Likely Reduce 2019 Sales by 300,000 Units, Analyst Says

Rising interest rates will likely shave vehicle sales by 300,000 units this year, predicted Eric Lyman, senior vice president of ALG, an analytics subsidiary of TrueCar. “It’s not insignificant,” Lyman told AFN, “but not large enough to be a shock to the auto retail environment either.” A 300,000-unit sales decline in 2019 would translate to […]

Alliant Credit Union Reaches $80 Million Milestone with TrueCar

Alliant Credit Union, which partnered with an online automotive marketplace TrueCar in 2015, said as of December 2018 that it has originated 3,000 auto loans worth $80 million through the platform and that Alliant members have saved $4 million off manufacturers’ suggested retail prices. TrueCar allows Alliant members to access certified-dealer inventory, check vehicle prices, […]

TrueCar Looks to Streamline Financing With Retail Software Acquisition

TrueCar last week acquired DealerScience, a maker of automotive retail software, for $27 million. DealerScience makes tools that helps dealers create web offers, complete sales and respond to customer questions.  DealerScience’s desking technology streamlines the customer experience by automatically consolidating a dealer’s up-to-date pricing, rebates, residuals, and current incentives and finding the lowest payment based […]

TrueCar Releases Tool to Guarantee Trade-In Values

Online car-pricing service TrueCar has launched a trade-in valuation tool meant to drive consumers to its dealer partners and, subsequently, boost origination volume for lenders. Consumers plug information about their vehicles into the tool, which then generates a guaranteed trade-in value powered by Galves Accu-Trade. “We’re able to take that information, which is inclusive of […]

PNC Bank Launches Online Direct Auto Lending Portal

PNC Bank is teaming up with online automotive marketplace TrueCar to launch its own digital car-buying service, the bank announced today in a press release. Dubbed PNC Total Auto, consumers can shop new and used cars from nearby dealers, select the features they want, find the best pricing, and apply for a loan before entering […]
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