AFS 2019: Chase Auto augments private-label financing business after losing Mazda

LAS VEGAS — Chase Auto is looking to supplement its private-label financing venture with a “new business” focused on strategic partnerships that will leverage the private-label infrastructure, Chief Executive Mark O’Donovan said at the Auto Finance Summit. “We had some unfortunate news that Mazda had let us know a little while ago they’re going to […]

• Bianca Chan
• November 5, 2019
• Auto Finance Summit, Innovation & Technology, Sales & Marketing

Chase Auto inks deal with Vroom

Chase Auto has expanded its relationship with online used-car retailer Vroom, in anticipation of an expected 2020 launch of Vroom Financial Services Powered by Chase, a new financing arrangement between the two companies, Mark Roszkowski, Vroom’s chief revenue officer, told Auto Finance News. “The goal is to eventually make the entire financing process completely digital,” Roszkowski […]

• Joey Pizzolato
• September 25, 2019
• Exclusive, Innovation & Technology, Sales & Marketing

4 Auto Initiatives to Watch in 2019

While slowing car sales, an unpredictable tariff war, and a growing affordability issue could all make for a tough 2019, there are a number of auto initiatives that are looking to take off next year. Among them: Fair The used-car leasing app company has its sight set on global expansion in 2019 – and it’s […]

• Bianca Chan
• December 28, 2018
• Innovation & Technology

Fair Plans Global Expansion With $385M Investment Led by SoftBank

Used-car leasing app Fair is looking to establish itself as a global player in the subscription space on the heels of a $385 million Series B funding led by SoftBank. “We’re not identifying specific countries for future growth at this time, but are certainly planning to explore scaling our Uber platform internationally to supply cars […]

• Nicole Casperson
• December 20, 2018
• Innovation & Technology, Risk Management

AutoNation Leads $146M Funding Round In Vroom

New- and used-car dealership chain AutoNation is the lead investor in Vroom’s $146 million series G funding, announced today. Other investors were T. Rowe Price, L Catterton, General Catalyst, and Fraser McCombs Capital. In October, AutoNation had pumped $50 million into Vroom in exchange for a 7% stake. Vroom CEO Paul Hennessy told Auto Finance […]

• Monica Melton
• December 11, 2018
• Innovation & Technology, Risk Management

Fair Leverages B2B Marketing Strategy for Rapid Growth, CEO Says

Used-car leasing app Fair is expanding rapidly through partnerships rather than spending funds on advertising straight to the consumer, Founder and Chief Executive Scott Painter, told AFN. “Given our partnership with Uber Technologies Inc., our expansion is not based on [brand building], so we don’t have to worry about marketing dollars,” Painter said. By having […]

• Nicole Casperson
• September 19, 2018
• Innovation & Technology

Vroom Reduces Staff as Former Founder Spearheads Growth at RumbleOn

As online used-motorcycle retailer RumbleOn grows, the car company upon which it was modeled — called Vroom — is faltering. On-demand car marketplace Vroom laid off an undisclosed portion of its staff earlier this month, a company spokesperson confirmed to Powersports Finance. The news comes on the heels of growth at online used-motorcycle retailer RumbleOn, […]

• Natalie Mattila
• April 4, 2018

RouteOne Debuts Online Contracting, Processes First Deal With Toyota

The dealership F&I software company RouteOne LLC says it has processed the industry’s first remotely executed auto finance contract via a deal through Toyota Financial Services. The “remote eSign technology” allows dealers to send a contract package electronically to the borrower so they can sign all credit application and ancillary product documentation at home, according […]

• William Hoffman
• December 14, 2017
• Innovation & Technology