State and federal regulatory activity and concerns over what the results of the 2020 presidential election might mean for the auto industry were hot topics at the American Financial Services Association conference this week in Las Vegas. Auto lender and dealer eyes are on Washington regarding topics such as stagnation …
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BMW’s venture capital arm has invested in automotive financial technology provider AutoFi, both companies said last week. The amount of the investment was not disclosed. Kevin Singerman, CEO of AutoFi, which develops and markets software to automate online vehicle sales and financing, said BMW i Ventures’ Series B investment gives …
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Jim Drotman, executive vice president for Ford Motor Credit Co.’s U.S. and Canadian operations, knows that Ford Credit is a significant profit generator for the automaker. He doesn’t see that changing in the new decade. He told Staff Reporter Jackie Charniga about the captive’s performance tailwinds, focus on customer experience …
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GM Financial’s loan originations plunged 35 percent in the fourth quarter as a new incentive program offered by General Motors got off to a slower start than anticipated. Despite the decline, lease originations and net income rose, and revenue inched up slightly. In the fourth quarter, loan originations at GM’s …
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The nation’s largest auto lenders capped off 2019 with strong origination growth amid shrinking new-vehicle sales. Ford Motor Co.’s lending arm posted its best results in nine years, while Santander Consumer Holdings USA set record-high auto originations for the year. Originations slid for General Motors, meanwhile, as a result of …
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Satisfied with the ability to verify legitimate customers, lenders are investing in targeted marketing to entice more consumers. Those consumers, however, aren’t confident in the way lenders authenticate them online, and are less open to receiving those marketing messages as a result. Auto lenders, particularly those that offer multiple consumer …
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F&I platform Dealertrack, a subsidiary of Cox Automotive, plans to phase out its digital F&I menu as it partners with competitor Darwin Automotive, executives from both companies said. Dealers will have the option to migrate to Darwin’s F&I menu product or find a new provider. Darwin CEO Phil Battista said …
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New Wells Fargo & Co. CEO Charlie Scharf’s first overhaul included bringing in yet another former JPMorgan Chase & Co. executive and breaking the firm’s main businesses into smaller fiefdoms. The reorganization divides the bank’s business lines into five units from three previously, Wells Fargo said in a statement Tuesday. …
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NEW YORK — New Wells Fargo & Co. CEO Charlie Scharf’s first overhaul included bringing in yet another former JPMorgan Chase & Co. executive and breaking the firm’s main businesses into smaller fiefdoms. The reorganization divides the bank’s business lines into five units from three previously, Wells Fargo said in a …
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