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Westlake Financial Aims for Another Year of Growth in 2019


Westlake Financial is shooting for 20% growth in 2019 on the heels of expansion of its direct lending platform and several other units, the lender announced last week. Westlake’s portfolio shot up 35% last year, to a record $8.33 billion, with 40.5% of originations in the prime and near-prime credit tiers. Westlake Financial attributed some […]

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Bank of America Adds 15,000 Carvana Vehicles to Its Buying Site


Bank of America added 15,000 vehicles to its digital car shopping and financing platform through an expanded partnership with Carvana, the companies announced last week. The partnership comes on the heels of a limited pilot with Carvana. In 2018, Carvana was added to Bank of America’s direct-to-consumer mobile car shopping service “in a couple of […]

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Fleet Sales to Hit Skids in 2019


While fleet sales grew 7% in 2018, volume will likely remain flat this year, a new Cox Automotive report shows.  “Will fleet sales increase again in 2019? We don’t believe so,” Cox wrote in the report. Fleet sales totaled 2.7 million units last year. Commercial fleet volume, up 9% to 743,000 units, was a primary driver […]

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Ford Credit Eyes ‘Self-Adapting’ Underwriting Model


As Ford Motor Credit Co. refines the first phase of its machine-learning model for credit decisioning, the captive is already working on version 2.0. “In the fourth quarter of 2018, we launched machine learning into production,” Director of Credit Analytics Yi Lu said during a panel discussion at the American Financial Services Association’s Vehicle Finance […]

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HyreCar Scouts Insurance Options Amid Profit Growth


HyreCar is leveraging its 2018 growth to either reprice or onboard a new insurance provider this year, Chief Executive Joe Furnari, told Auto Finance News. The startup’s growth in earnings, operations, and geographic expansion allows more room for negotiations as its insurance renewal date approaches in early April. “We’re coming up on that renewal date,” […]

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BB&T-SunTrust Merger to Establish $23B Auto Finance Operation


BB&T Bank’s acquisition of SunTrust Banks is likely to combine auto lending operations in a move that will improve efficiency but take time to configure, analysts told Auto Finance News. A SunTrust-BB&T merger would create a $22.8 billion auto finance operation, propelling the business into the top 20 among auto financiers, according to Big Wheels […]

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GM Financial Notches 32% Loan Origination Growth in 2018


General Motors Financial Co. continues to bolster retail loan growth with a 31.7% yearly rise in originations, the company reported Wednesday. “We navigated significant headwinds in 2018 to deliver another year of strong results, demonstrating the earnings resiliency of this company,” General Motors’ Chief Financial Officer Dhivya Suryadevara said in a statement. “The actions we’ve […]

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Call for Speakers: AFN Seeks Speakers for Auto Finance Innovation Summit


Auto Finance Innovation Summit — the event of the industry focused on today’s technology and tomorrow’s innovation-driven opportunities — is searching for thought leaders in auto finance to join the speaker roster. Help shape our agenda for the 4th annual Auto Finance Innovation Summit, to be held at the Omni San Diego on May 14-15. […]

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Credit Acceptance 2018 Profits Accelerate Despite State AG Investigations


Net income at Credit Acceptance Corp. shot up 20% year over year to $574 million in 2018 despite ongoing investigations by two state attorneys general. The lender filed a disclosure with the SEC last week meant to “provide an update on two state matters” that are related to investigations by Massachusetts and Mississippi state attorneys […]

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Consumer Intent Paves Way for Customized Incentives


© Can Stock Photo / vichie81

A data-as-a-service company new to the automotive space is hoping to refine the way incentives are designed by financiers and manufacturers. Called Jornaya, the data provider specializes in tracking consumer behavior and, thus, consumer intent, Vice President of Automotive Brian Epro told Auto Finance News.

“It’s 2019, the days of treating every single lead you receive the exact same way are over,” Epro said. Rather, he said, incentive offerings can be tailored on a one-to-one basis, determined by the intent a consumer shows online. Epro said the average time a customer will spend shopping for a vehicle is 16 to 17 weeks – with the majority of that time spent online.

Jornaya tracks consumers visiting websites within its network that are categorized as automotive shopping sites, such as OEM and classified listing sites. It gathers behavioral data that may show the number of times a consumer visits the website over a given timeframe, the number of times different application forms are filled, or the amount of time someone spends on a given page, among others.

Jornaya is currently onboarding two OEMs; Epro anticipates adding at least another two multi-brand OEMs by yearend, though he declined to disclose company names. “[OEMs] are spending a tremendous amount of money on incentives,” he said, adding that it is not unusual for manufacturers to spend $8 billion to $10 billion a year, or an average of $4,000 per vehicle sold on incentives.

“The reality, though, is not every person needs the same incentives. If you have somebody who’s showing a lot of intent who’s actively shopping and the data is indicating this person is going to buy, you may not need to put $1,000 on the hood of the car to get it sold,” he said. If the tailored marketing and incentive strategies are successful, the same offer can be made to other consumers who behave the same way.

Jornaya – which got its start in the insurance, education, and mortgage industries eight years ago – entered the automotive market last spring.

For more content like this, check out our upcoming event Auto Finance Accelerate, May 13-16 at the Omni San Diego. Visit www.AutoFinanceAccelerate.com to register.



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