Castlelake commits to buying up to $1 billion of Pagaya loans
Castlelake LP has agreed to purchase up to $1 billion in consumer loans that were initially created by Pagaya Technologies…
Ford hikes EV investment to $5B in push for budget models
Ford Motor Co. unveiled plans for a new line of budget electric vehicles in a $5 billion bid to achieve…
Team Replay scoop first prize in $125,000 fintech hackathon
Staying up all night in Vegas to make $20,000 used to mean a night at the roulette wheel. Not anymore. Team ‘Replay’ scooped first prize in the Money 20/20 hackathon and took home a cheque for $20,000.
February sales pace steady amid mixed OEM results
February’s sales increased year over year, outpacing January even as OEMs reported mixed results. “We call January and February ‘preseason…
Abra raises $55m for crypto wealth management platform
Cryptocurrency wealth management platform Abra has raised $55 million in a Series C funding round led by Ignia and Blockchain Capital.
Payroll data startup Teal raises £1.4 million
Payroll data platform Teal has raised £1.4 million in pre-Seed funding led by Passion Capital.
SAFCO reveals CFO transition, tapping former GLS & Exeter executive
Southern Auto Finance Co. (SAFCO) has a new chief financial officer. On Monday, the finance company announced the transition of Jason Person becoming SAFCO’s new CFO. Person succeeds Gary Stein, who is retiring after 22 years at SAFCO. According to … [Read More]
Jasensky pinpoints 4 key attributes your next job candidate should possess
Automotive Personnel CEO Don Jasensky asked this question when compiling his latest strategy recommendations for dealerships and finance companies. In a message to the industry and also with SubPrime Auto Finance News, Jasensky said, “What do NASA, Elon Musk and … [Read More]
Aftermarket product chargebacks cut into dealer F&I profit
Chargebacks related to early cancellations of aftermarket products are squeezing already tight finance and insurance profits for dealers. Back-end profits…
China probes Qualcomm for antitrust violation
US semiconductor manufacturer Qualcomm is under investigation in China for allegedly breaching antitrust laws for its acquisition of Autotalks.
Fitch: Subprime ABS performance suffers from soft tax-refund bounce back
Fitch Ratings offered some sullen — and perhaps not surprising to some executives — metrics and observations about U.S. subprime auto ABS performance. Analysts reported on Thursday that performance continues to weaken, with delinquencies and losses trending higher and recovery … [Read More]
Update: Silicon Valley Bank taken over by regulator
The California Department of Financial Protection and Innovation says it has taken possession of Silicon Valley Bank and appointed the FDIC as receiver, citing “inadequate liquidity and insolvency”.
FinCEN warns banks about deepfake threat
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an alert to help banks to spot GenAI-generated deepfake scams.
Ant unit debuts agentic AI payments tech
Ant International’s Antom unit has launched an agentic AI payments offering that supports both card-based and alternative methods.
New-car prices could jump by up to 8% as tariffs hit
Auto tariff-related price increases are expected to hit dealer inventory this summer after OEMs delayed the hikes to drive sales. …