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PE firm Cerberus buys stake in Florida used-car chain

Private equity firm Cerberus Capital Management has acquired an 80% interest in independent used-car dealership chain Off Lease Only LLC with plans to expand the company’s footprint and “further strengthen the business through strategic investments and the integration of operations and technology initiatives,” according to a press release. Off Lease Only has four Florida dealership […]

Ally sets record with used-car volume

Used-car loan originations hit $5.24 billion at Ally Financial in the second quarter, the highest level ever for the lender. Ally initially surpassed the $5-billion mark for used-car volume in the first quarter, notching $5.15 billion in originations. Used volume has been on an upward trajectory at Ally since the third quarter of 2017. “We […]

VW Financial and Daimler Mobility launch UK used-car platform

Volkswagen Financial Services and Daimler Mobility have expanded online used-car marketplace Heycar into the U.K., bringing an inventory of more than 100,000 vehicles across 1,400 dealerships. The U.K. used-car market is valued at $60 billion, and financing is valued at $21.2 billion, according to Heycar.   Heycar’s platform, which launched nearly two years ago in Berlin, partners with […]

Higher Used-Car Volume Could Benefit Captives, HCA Says

Though slipping new-car sales typically translate to lower origination volume for captives, increased flow of off-lease vehicles in the market could dull the sting next year. The goal of a manufacturer’s captive is to finance new vehicles for its OEM, but an influx of used vehicles can benefit an enterprise, Marcelo Brutti, chief risk officer […]

Anderson Brothers Says It’s on Target for Double-Digit Origination Growth

Anderson Brothers Bank, which operates 23 branches in South Carolina, is on track to increase auto loan originations 22.5% this year and as much as 20% in 2019, according to Micky Watts, the bank’s senior vice president of indirect lending. The bank specializes in subprime and near-prime loans. While larger banks in North and South […]

Affordability, Credit Access Spur Used-Vehicle Sales

Tighter underwriting standards and vehicle affordability are spurring new-car shoppers to buy used, Lawrence Dixon, senior director of valuation services at J.D. Power, told Auto Finance News. “In an environment where new-vehicle demand is plateauing, we believe a big reason for that is affordability,” Dixon said. “New-vehicle affordability is becoming increasingly difficult to attain, consumers […]
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