PNC reduces allowance coverage as delinquencies improve
PNC Financial cut automotive allowance for credit loss coverage for the second straight quarter even as it maintained a recessionary…
Podcast: Q3 bank earnings offer mixed results
Bank earnings last week highlighted mixed results as some institutions saw an uptick in auto originations while others’ portfolios shrank. …
CFPB pause prompts concern of ‘regulatory vacuum’
Lenders must be mindful of existing consumer law and state-level enforcement despite the current pause in enforcement activity by the…
Upstart auto originations plunge 68% year over year
AI-focused lending platform Upstart’s auto originations declined on a year-over-year basis in the second quarter, but the company is looking…
EV Maker Lucid reports worse-than-expected loss in first quarter
Lucid Group Inc. revealed a wider-than-expected loss to start the year as the company contends with production challenges and uneven…
Discounts on 2023 vehicles rise 116% YoY
Incentives are on the rise ahead of Memorial Day weekend as dealers work to combat rising inventory levels. The nationwide…
RV retail registrations fall 12%, shipments rise
Retail recreational vehicle sales slowed in February while shipments increased, which could prompt manufacturers to raise incentives for new RVs….
Auto Finance Composite Index down 12% YoY (Big Wheels)
Auto asset-backed securitization volume was a major driver of auto finance industry performance in May, while vehicle sales were steady…
Wells Fargo Auto originations fall 34% amid tightened credit
Wells Fargo Auto tightened credit in the fourth quarter, contributing to a decline in auto originations and outstandings. Auto originations…
Credit unions gain share in auto finance
Credit unions gained auto finance market share in the second quarter in tandem with growth in their auto portfolios during…
Bank of America consumer net charge-offs dip in Q2
Bank of America’s indirect consumer net charge-offs declined year over year in the second quarter as auto originations and the…
CPS originations up 36% year over year
Consumer Portfolio Services’ originations grew in the second quarter while credit performance weakened. The Irvine, Calif.-based lender’s originations rose 24.7%…
The big miss on electric cars is remaking Europe’s auto industry
Volkswagen, Renault and Stellantis are thinking the unthinkable, exploring tie-ups with sworn competitors to make cheaper electric vehicles and fend off existential threats….
Octane appoints CFO as first president
Powersports lender Octane today appointed Chief Financial Officer Steven Fernald to serve as the company’s first president. Fernald will lead…
Tesla’s annual EV sales drop for first time in over a decade
Tesla Inc.’s annual vehicle sales dropped for the first time in more than a decade despite a year-end push that…