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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 […]

Porsche Targets Fintech, Mobility Startups for New Accelerator

Porsche Digital, in partnership with Axel Springer Digital Ventures, will launch an accelerator in spring 2018 to support business ideas that have a high-market potential, which include fintech and mobility, Auto Finance News has learned. Porsche Digital is a wholly owned subsidiary of Porsche AG and serves as its digital mobility center. The unnamed accelerator, […]

Volkswagen’s Originations Decline Amid Mobility Focus

VW Financial Services’ North American originations were down 11.8% for the nine-month period through September, according to the company’s third-quarter earnings. North American originations totaled 647,000 contracts through September, down from 734,000 during the same period the year prior. The pullback in originations was mostly concentrated in leasing, where the company’s total U.S. lease outstandings […]

Trump’s SEC Chair Nominee Softens Position on Dodd-Frank Act

Jay Clayton, President Donald Trump’s nominee for Chairman of the Securities and Exchange Commission, has no “specific plans to” attack the Obama administration’s financial reform law, Dodd-Frank, he said Thursday during his Senate confirmation hearing. Prior to his hearing, Clayton was expected to play a key role in the president’s plan to dismantle the financial reform act, […]

Is Toyota Gearing Up to Crowdsource for Automated Driving?

Mobileye is clinching help from two major automakers to crowdsource data for the creation of the detailed maps needed for autonomous vehicles. And it seems other partnerships could be on the horizon this year. Toyota Research Institute hinted to Auto Finance News that more “cross-collaboration” partnerships can be expected, potentially with Toyota Motor Corp. “Everybody talks to everybody,” especially […]
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