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Sparking Connections: How Tech Alliances Are Firing Up Lenders

Slowing vehicle sales and the potential for a market downturn have lit a spark among lenders, technology companies, and OEMs, igniting partnerships aimed at gaining marketshare and creating solutions attainable only by way of collaboration. In January, Ford Motor Co. and Volkswagen AG established an alliance that will likely spur the OEMs’ captives to collaborate […]

BB&T-SunTrust Merger to Establish $23B Auto Finance Operation

BB&T Bank’s acquisition of SunTrust Banks is likely to combine auto lending operations in a move that will improve efficiency but take time to configure, analysts told Auto Finance News. A SunTrust-BB&T merger would create a $22.8 billion auto finance operation, propelling the business into the top 20 among auto financiers, according to Big Wheels […]

Dealer Simplifies Financing Experience Through JoyDrive

The Harnish Auto Family in Seattle — with four dealerships in its group — was feeling the pressure to offer a better online experience like many peers in the space. “It’s something that nearly every new-car dealership has had pressure to start,” Shannon Harnish-Cook, president of the dealer group told Auto Finance News. “[You receive […]

Earnings Roundup: Ally, Daimler, VW See Growth in 1Q

Ally, Daimler AG, and Volkswagen AG all saw originations climb in the first quarter, in addition to an increased focus on financing in China for Daimler and VW. Ally Financial Ally originated $9.5 billion in the quarter, a 7% year over year increase and took in record-high used volume of $4.8 billion, which reflects the banks’ […]

Ducati Grows U.S. Sales in 2017 Amid New Lease-Like Program

Volkswagen Group’s powersports subsidiary Ducati North America grew U.S. sales by 1.3% year over year in 2017, likely spurred — in part — by the OEM’s new lease-like offering. Last March, Ducati Financial Services introduced a finance product called Ducati Premier Financing that lowers monthly payments by an average of  $80, and allows consumers to essentially […]

China Ripe for Auto Finance Boom as Consumer Penetration Rate Rises

Since 2009, China has surpassed the United States as the largest market for new-vehicle sales, according to Deloitte Consulting LLC. And now, auto finance is starting to catch up. For many years, the Chinese automotive market has been propped up by government incentives like tax breaks, which encouraged customers to purchase cars. So far, this […]

Volkswagen Financial Expects Record Earnings for Fiscal Year 2017

Volkswagen Financial Services released provisional figures for the fiscal year 2017 and expects to beat last year’s earnings of $2.4 billion, the company announced last week. According to provisional figures, the portfolio will increase by approximately 8% year over year to more than 19.7 million contracts, which includes contracts in financing, leasing, insurance, maintenance, and inspection. Volkswagen […]
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