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More dealers use CarGurus, TrueCar than other digital platforms

When it comes to dealerships’ digital functionality and presence, CarGurus is the most widely used third-party digital platform, according to new data from an Auto Finance News dealer insights survey. The survey tapped a sampling of dealers nationwide to unveil digital trends directly from the showroom. Among dealers surveyed, 45% said they leverage CarGurus’ platform, a marketplace […]

Used-vehicle sales lose steam

Used-car volume has started to contract, fresh ALG data shows. Sales of used cars are expected to slow to 3.2 million units in June, down 4% year over year, TrueCar’s analytics subsidiary ALG predicted in a report published Wednesday. From a quarterly outlook, ALG analysts expect year-over-year used-car sales to drop 2.5% in the second […]

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 […]

5 Innovative Auto Finance Moves of 2018

A number of auto finance companies rolled out products and services in 2018 that the editors of Auto Finance News found noteworthy, among them: Honcker Adds Insurance to List of App Services Mobile car buying app Honcker added insurance to its platform this year, bringing the company closer to making the entire car buying experience […]

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, […]
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