Auto Finance News and FIS (www.fisglobal.com) have partnered to provide enhanced technology-related content to AFN subscribers. The deal calls for AFN to publish a twice-yearly supplement called TechSpotlight ― the first issue of which was released last month ― and to develop a designated technology track at the Auto Finance Summit (www.autofinancesummit.com), the…Continue
Added by Marcie Belles on April 18, 2013 at 1:07pm — No Comments
In the past few years, the role of risk management has shifted dramatically. With the economy and the auto industry showing signs of improvement, we’ve set out to assess which risk factors will pose the biggest challenge for auto financiers this year.
Weigh in with your predictions by completing a quick, 3-question survey.
Survey results will be made public in Auto Finance…Continue
Added by Marcie Belles on March 14, 2013 at 1:43pm — No Comments
Thasunda Brown Duckett [at left] has replaced Marc Sheinbaum at the helm of Chase Auto Finance. Sheinbaum, who joined the auto unit in 2007, left to pursue other opportunities, the company said.…Continue
Added by Marcie Belles on February 25, 2013 at 11:30am — No Comments
Nearly a year before the deal was slated to expire, Chase Auto Finance and Jaguar Land Rover North America have renewed their five-year private-label financing arrangement. In the past four years, Chase Auto has financed more than 120,000 Jaguar and Land Rover customers.
The earlier talks enabled the pair to “have good business conversations and explore different areas that we both wanted to improve,” Chase Auto CEO Marc Sheinbaum told…Continue
Added by Marcie Belles on February 19, 2013 at 10:30am — No Comments
Financiers may now electronically submit 2012 results for inclusion in Big Wheels Auto Finance Data: A Ranking of the Nation's Top Car Financiers, at www.BigWheelsDataQuery.com. Big Wheels produces the definitive tabulation of automotive lending and leasing activity in the nation. It offers a unique opportunity to include your company's performance among a ranking of the best of the best in auto finance, a…Continue
Added by Marcie Belles on February 5, 2013 at 1:57pm — No Comments
Chrysler is reportedly close to striking a deal with Santander Consumer USA’s parent, Spanish lender Banco Santander, to establish an in-house financing arm through a joint…Continue
Added by Marcie Belles on January 18, 2013 at 2:30pm — No Comments
Three times a year AutoFinanceNews.net and sister publication Auto Finance News conduct the Auto Finance Forecast, which gauges activities and sentiments in the automotive lending and leasing market. How much will originations grow this year? Which direction are delinquencies headed? Are profits on track to climb?
Complete the short survey by Jan. 21 and you'll be entered into a drawing for a $50 giftcard to Amazon.com.…Continue
Added by Marcie Belles on January 14, 2013 at 3:00pm — No Comments
I have to admit, when I came up with my estimate last January for the AutoFinanceNews.net 2012 Car-Sales Crystal Ball Challenge, I was a bit hesitant. At the time, all indications pointed to a 13-million-unit year. My prediction, on the other hand, topped 14 million units (14,099,841, to be exact).
But the thought that vehicle sales would climb less than 10% just seemed too low. The economy…Continue
General Motors Financial Co. hired Vincent Woffenden to oversee commercial operations in Canada. Woffenden started today as vice president of Canada commercial servicing. He reports to Brian Fallon, senior vice president of the captive’s Commercial Lending Services unit.
For the past three years, Woffenden worked at Bank of Montreal, as a director and account manager of dealership finance, according to his LinkedIn profile. Previously, he spent more than a decade at Chrysler…Continue
Added by Marcie Belles on December 3, 2012 at 2:00pm — No Comments
Parthenon Capital Partners has planted a stake in the auto finance sector with the $80 million purchase of White River Capital Inc., a financial services holding company that owns subprime lender Coastal Credit LLC.
The purchase marks the second time in the same number of months that a private equity firm has bought an auto lender. In September, Aquiline Capital…Continue
Added by Marcie Belles on November 16, 2012 at 1:30pm — No Comments
Dan Chait was named president of World Omni Financial Corp., on the heels of Frank Armstrong’s retirement.
As president, Chait is responsible for the strategic and operational management of World Omni (www.worldomni.com) and its divisions, including Southeast Toyota Finance, CenterOne Financial Services, DataScan Technologies, and DataScan Field Services. Chait will continue to serve as a member of the executive management team of Deerfield…Continue
Added by Marcie Belles on November 7, 2012 at 2:30pm — No Comments
Even with Hurricane Sandy, which cut short vehicle sales on the East Coast in October, automakers largely posted increases last month.
Volkswagen sales were up 22% last month ― the automaker’s best October in nearly 40 years ― even though a quarter of its U.S. dealerships were affected by the storm. Toyota’s sales rose 16%, while Chrysler sales were up 10%.
General Motors sales increased 5%, to 195,764 ― the best October since 2007. About half of GM’s New Jersey dealerships are…Continue
Added by Marcie Belles on November 1, 2012 at 2:30pm — No Comments
Thanks to a one-time non-cash boost, Ford Motor Credit Co. posted net income of $355 million in the third quarter, up 1.4% from $350 million in the prior-year period.
On a pre-tax basis, the Ford Motor Co. captive earned $393 million in the quarter, down 32.4% from 3Q11. “The decrease in pre-tax earnings is more than explained by fewer lease terminations, which resulted in fewer vehicles sold at a gain, lower financing margin, and the non-recurrence of credit loss reserve reductions,”…Continue
Added by Marcie Belles on October 30, 2012 at 2:42pm — No Comments
Sheldon “Trip” Hall will be named president of Capital One Auto Finance come Nov. 1, on the heels of Kevin Borgmann’s appointment to a risk post at the parent company.
Borgmann, tapped as COAF president in September 2010, will assume the role of deputy chief risk officer of Capital One Financial Corp. as he transitions to replace Peter Schnall as chief risk officer. Schnall is slated to leave the position on June 1, 2013, and will remain with the company in a senior advisory role…Continue
Added by Marcie Belles on October 16, 2012 at 12:08pm — No Comments
In the second auto finance acquisition in two weeks, First Investors Financial Services Group Inc. has agreed to sell itself to private equity firm Aquiline Capital Partners LLC for $100 million in cash.
Aquiline Capital will pay $13.87 per First Investors share, a 39% premium to the stock’s $10 closing price on Sept. 25. The stock has climbed 32% in…Continue
Added by Marcie Belles on September 27, 2012 at 12:30pm — No Comments
Three times a year AutoFinanceNews.net and sister publication Auto Finance News conduct the Auto Finance Forecast, which gauges activities and sentiments in the automotive lending and leasing market. Results will be made public in Auto Finance News, on AutoFinanceNews.net, and at the 2012 Auto Finance Summit, Oct. 22-24.Continue
Added by Marcie Belles on September 21, 2012 at 12:04pm — No Comments
Santander Consumer USA has inked a deal to acquire DriveTime Automotive Group’s $700 million portfolio of finance receivables, which includes installment sales contracts, certificates representing residual interests in securitizations, and “certain other assets,” according to a filing with the Securities and Exchange Commission dated Sept. 11.
The sale is part of a broader move by DriveTime to sell the Phoenix-based buy-here, pay-here company. Once the sale of the portfolio closes, a…Continue
With just one week to go before the nomination period ends, now's the time to recommend executives and companies for the 2012 Auto Finance Excellence Awards, which celebrate achievement in the auto lending and leasing arena.
These awards recognize executives or companies that have made the greatest contribution to the auto lending and leasing industry in the past year. The awards will be announced at the Auto…Continue
Added by Marcie Belles on September 14, 2012 at 1:00pm — No Comments
With the deadline just two weeks away, now’s the time to nominate executives and companies for the 2012 Auto Finance Excellence Awards, which celebrate achievement in the auto lending and leasing arena.
These awards recognize executives or companies that have made the greatest contribution to the auto lending and leasing industry in the past year. The awards will be announced at the Auto Finance Summit…Continue
Added by Marcie Belles on September 6, 2012 at 6:34pm — No Comments
Auto Finance News and AutoFinanceNews.net are pleased to welcome Nikki Mascali as associate editor. She’ll be posting regular blogs to the site and adding even more critical content to the publication.
Nikki joins the team from The Weekender, an award-winning weekly serving the Scranton/Wilkes-Barre, Pa., area. Nikki also served as senior copy writer…Continue