Auto Finance News
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Covers news on compliance, innoavtion and technology, capital and funding, management, powersports and more. Auto Finance News is the flagship publication for the auto finance industry. The leading source for news and analysis on automotive lending and leasing.
Auto Finance News
2d ago
Avid Acceptance has expanded into its lower credit tiers after originations plummeted in 2023 amid a focus on higher-quality applications. From January 2023 to May 2023, Avid’s originations shrank 80% as the lender focused on lending in its top credit tier on the heels of difficult years in 2021 and 2022, President and Chief Financial ..read more
Auto Finance News
2d ago
AI-based auto lender Lendbuzz’s default rate doubles when the lender expands into a new region, prompting updates to the financier’s credit model. Boston-based Lendbuzz expanded into new markets earlier this year, beginning a period of worsened credit performance as the model adjusts, Chief Executive Amitay Kalmar said during a May 2 panel at Auto ..read more
Auto Finance News
2d ago
GM Financial is looking to AI to streamline processes and boost customer experience, Chitra Herle, global chief information officer, said at Auto Finance Summit East 2024. The captive joins financial institutions including Deutsche Bank, Scotiabank, Citigroup and others integrating AI within their operations. “The way we approach technology and more digitization and leveraging AI is really focused on three key things ..read more
Auto Finance News
2d ago
President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors with new levies while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said. The decision is the culmination of a review of Section ..read more
Auto Finance News
3d ago
American Honda is aiming to bolster sales and consumer loyalty by training dealers on certified pre-owned vehicle leasing. The company aims to educate dealers so they can embrace certified pre-owned vehicle (CPO) leasing, which is more complex compared to traditional car leasing, Dan Rodriguez, senior manager of auto remarketing and fleet operations at American Honda ..read more
Auto Finance News
3d ago
Auto industry partners are working to establish lending options that are mutually beneficial to lenders, dealers and subprime consumers amid tightening credit. Addressing the gap Nearly 40% of U.S. adults fall into the subprime credit tier or have no credit, and approximately 15% of the auto market was comprised of deep subprime and subprime consumers ..read more
Auto Finance News
3d ago
AI-driven lending platform Upstart’s auto originations fell in the first quarter as the financier focused on profitability, better credit quality and automation. Upstart originated $13 million in auto loans in Q1, flat with Q4 2023 volume and down 71.1% year over year, according to the company’s May 7 earnings presentation. The number of auto finance ..read more
Auto Finance News
3d ago
American Honda‘s certified pre-owned vehicle sales growth outpaced the industry average as the company expanded the program to incorporate older models. Honda and Acura certified pre-owned (CPO) vehicle sales increased by more than 16% year over year to more than 440,000 units in 2023, according to a slide presentation shared with Auto Finance News on May ..read more
Auto Finance News
4d ago
American Honda‘s certified pre-owned vehicle sales outpaced the industry average as the company expanded the program to incorporate older models. Honda and Acura certified pre-owned (CPO) vehicle sales increased by more than 16% year over year to more than 440,000 units last year, according to a slide presentation shared with Auto Finance News on May 3 ..read more
Auto Finance News
4d ago
Retailers’ captive finance originations grew in the first quarter and finance and insurance revenue was mixed as sales and inventory improved. AutoNation’s captive finance arm, AutoNation Finance, originated more than $160 million in loans in Q1, bringing the portfolio to over $560 million, Chief Executive Michael Manley said during the company’s April 26 earnings call ..read more