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You’re welcome: The Fed gifts a strong auto finance sector

Apparently, Halloween is the new Christmas in auto finance. Yesterday, the Federal Reserve gifted the industry a 25-basis-point interest rate cut, the third time the Fed has cut rates this year. The central bank’s benchmark rate now stands at 1.5% to 1.75%. A present like that doesn’t even need gift wrapping. “We believe monetary policy […]

AFS 2019: Carvana, TFS, Tricolor, fraud coalition and US Bank’s Hyatt win 2019 Excellence Awards

LAS VEGAS – The Auto Finance Coalition, Carvana, Toyota Financial Services, Tricolor and U.S. Bank‘s John Hyatt are this year’s recipients of Auto Finance Excellence Awards, a mark of distinction within the industry for achievement in leadership, community service, and technology among other categories. For achievement in leadership: The Auto Finance Coalition, a subchapter of […]

Asbury Automotive amends $1.5b credit facility

Asbury Automotive has “amended and reinstated” its five-year, $1.45 billion syndicated senior credit facility, the company announced on Wednesday. The syndicated facility will offer a $1.04 billion new-vehicle revolving floorplan facility, a $250 million revolving credit facility, and a $160 million used-vehicle floorplan facility. American Honda Finance Corp., BMW Financial Services, Mercedes-Benz Financial Services, Nissan […]

US Bank targets partners for mobile enhancements

  U.S. Bank is exploring potential partnerships to boost the bank’s mobile capabilities as it looks to bring in more customers and enhance the value it provides to dealers, John Hyatt, president of dealer services, told Auto Finance News. “We will continue to see advancements in technology that will allow more of our transactions to […]

NY dealership sells cars in HCA floorplan fraud suit

In response to Hyundai Capital America’s floorplan fraud suit, Cortland Manor, N.Y.-based Picon Motors LLC claims it is no longer in possession of the eight vehicles the captive sought to repossess from its now-defunct Kia dealership, according to July 18 filings with the Westchester County Court. HCA originally sued the dealership on the grounds it […]
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