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Auto Finance News - Blog 09/13/2019 12:38
DriveItAway is expanding its product offering to non-rideshare drivers, said Chief Executive John Possumato. The Haddonfield, N.J.-based company, which connects rideshare drivers with dealerships’ idle stock, will now connect individuals and small businesses with fleets to partnering dealerships for long-term rentals. “The whole idea is to be this functional mobility platform,” Possumato said, noting that […]
Auto Finance News - Blog 09/12/2019 18:04
When it comes to dealerships’ digital functionality and presence, CarGurus is the most widely used third-party digital platform, according to new data from an Auto Finance News dealer insights survey. The survey tapped a sampling of dealers nationwide to unveil digital trends directly from the showroom. Among dealers surveyed, 45% said they leverage CarGurus’ platform, a marketplace […]
Auto Finance News - Blog 09/11/2019 13:11
Mercedes-Benz Financial Services has granted a $5 million credit line to VMAC Holdings, a fleet management firm that provides inventory for rideshare companies. The new line of credit will be used for VMAC’s incoming projects, including expanding its mobility-as-a-service business into “various municipalities” across the U.S., Co-Owner and Chief Operating Officer Grant Stark, told Auto […]
Auto Finance News - Blog 09/11/2019 10:00
Millennials’ preference for ride-hailing services such as Uber and Ola over owning cars, and not high taxes, is among reasons behind India’s slumping vehicle sales. That’s the argument advanced by Finance Minister Nirmala Sitharaman Tuesday when she spoke about steps the government has been taking to revive demand and bolster economic growth from a six-year […]
Auto Finance News - Blog 09/10/2019 13:34
Ford Motor Credit’s weakened credit profile will likely have negative implications for the captive’s access to funding and financing volumes after a downgrade by Moody’s Investors Service this week. The downgrade moved Ford Credit’s rating to non-investment speculative-grade status. Moody’s said an upgrade for Ford Credit is “unlikely in the near term,” as margins are […]
Auto Finance News - Blog 09/10/2019 13:30
Exeter Finance will leverage a new partnership with software provider Nextworld to spur development of web-based digital applications, according to a company press release. Irving, Texas-based Exeter last week signed a five-year contract with NuVerge – a software and tech firm – to use Nextworld’s technology. NuVerge is Nextworld’s formal reseller. The nonprime financier will […]
Auto Finance News - Blog 09/10/2019 09:00
Aclaró, which provides disruptive technologies to the automotive, financial and government sectors, has released Aclaró EcoSystem 3.0 (ES 3.0), a game-changing toolset for vehicle purchasers, lenders and dealers, and added a new member to its board. With these announcements, the artificial intelligence software company continues the rapid advancement toward its overarching mission of helping lenders, […]
Auto Finance News - Blog 09/09/2019 13:18
Citizens One Auto Finance has been revving up used-vehicle loan originations since launching its CPO program “a little over a year ago,” President Craig Lamp told Auto Finance News. Volume for the bank’s CPO program has “more than doubled,” Lamp said, adding that the program has exceeded company expectations. To that end, “a big chunk […]
Auto Finance News - Blog 09/09/2019 12:50
The Manheim used-vehicle value index for the month of August rose to 141.3, a year-over-year increase of 1.2% and a record high. The index was propped up by lower-than-normal depreciation. Prices for 3-year-old vehicles declined in aggregate 0.5%, under the expected average of 1%. As a result, August reflected a “much stronger” used-retail market compared […]
Auto Finance News - Blog 09/06/2019 13:06
American Honda posted the "best month of sales in company history" in August and set four different records, according to a release from parent Honda Motor Co. Between the Honda and Acura brands, the company sold 173,993 units, a 17.6% year-over-year increase, which "smashes all-time monthly sales records for total vehicles and trucks," the release [...]

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