Bank of America Enters Car Subscription Space With Volvo

Bank of America is the finance provider for Volvo Cars’ new subscription service launched late last year, David Hollodick, the bank’s senior vice president of consumer vehicle lending, told Auto Finance News. All of Volvo Car Financial Services’ loan and lease originations end up on Bank of America’s balance sheet, Hollodick explained, including subscriptions to […]

Volvo Eyes Financial Services for Future Growth

Volvo Financial Services is still an “untapped potential” for Volvo Group and is key to deepening the relationship with customers, Chief Executive Martin Lundstedt said in the OEM’s third-quarter earnings report last Friday. “Volvo Financial Services delivered a good return on equity with low credit losses,” he said. “Financial services are key in our work to […]

Volvo Offers New 24-Month Subscription Service

To coincide with Volvo Car’s new Volvo XC40, the luxury automaker is also launching its Care by Volvo subscription service. Care by Volvo is a national subscription service with a ready-negotiated monthly fee that allows someone to get a new car every 24 months. While it is unclear what connection Volvo Financial Services will have with […]

Carmaker Lynk & Co. to Offer On-Demand Subscription Model

In preparation for the Shanghai Motor Show this week, carmaker Lynk & Co. previewed its 03 Concept car, through which it plans to offer a pay-as-you-go subscription model. The company also declared its ambition to immediately enter the carsharing market. As a new car brand, Lynk & Co. is poised to show itself as the part of the next […]

GM and Volvo Prepare for Shift to Autonomous Fleets

DALLAS — Due to shifts in consumer preference from personal ownership to a shared fleet, Deloitte Consulting LLP predicts commercial vehicle financing will make up 40% of the overall auto lending market sometime between 2022 and 2040, Angus Ross, digital transformation and innovation leader, told Auto Finance News. Executives at General Motors Co. and The Volvo […]
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