Podcast: ‘Weekly Wrap’ on Vroom, Sonic Automotive closures
Rising costs and limited supply have created challenges for used-car retailers, evidenced by Vroom’s planned shutdown of its used-car sales…
CFPB eyes autopay practices for auto loans
The Consumer Financial Protection Bureau is taking a close look at automatic payments for auto loans as well as servicing…
Credit tightens across CPO loans
Credit access across certified pre-owned loans tightened the most among all sales channels in July as used-vehicle prices came down…
U.S. RV retail registrations drop 8%
Registrations of RVs across North America dropped in April as consumers came to dealerships with weaker credit profiles. Pikes Peak…
3 questions to ask when implementing new tech
PNC Bank’s strategy to successfully add new technology involves small-scale, measured pilots and rigorous testing. The Pittsburgh-based lender employs regular…
Nissan clinches $4.5 billion bond deal after orders soar
Nissan Motor Co. has raised $4.5 billion from a junk-bond sale in US dollar and euros, with the embattled automaker…
Texas hailstorm triggers $1.6M in dealer insurance claims
Sales volume is mixed at Texas dealerships despite a wave of incentives following a hailstorm in May that damaged hundreds…
Huntington auto originations climb 71% year over year
Auto performance was mixed for regional banks in the third quarter, with Huntington Bank posting a double-digit increase in auto…
Synchrony expands BRP financing relationship
Synchrony Financial is providing promotional financing for Canadian powersports manufacturer Bombardier Recreational Products. The lender on Monday added BRP to…
Uptick in auto refinance could hurt dealers’ F&I profits
As interest rates ease from record highs, increased auto refinancing could cut into finance and insurance profits for dealers. Dealers…
EV maker Workhorse seeks funding, cuts 20% of staff
Commercial electric truck manufacturer Workhorse has cut 20% of its staff and is working to shore up funding to maintain…
Tricolor bankruptcy contributes to $170M in Q3 charge-offs at JPMorgan Chase
The collapse of subprime auto lender Tricolor contributed to $170 million in charge-offs in the third quarter for JPMorgan Chase,…
Manheim Used Vehicle Value Index down 3.2% year over year
Wholesale used-vehicle values fell year over year in October as the market felt the effects of hurricanes Helene and Milton….
Higher demand, sales lead to 27% improvement in industry performance (Big Wheels)
Auto finance industry performance improved in July amid increased auto loan demand, higher securitization issuance and an uptick in new…
Octane anticipates $1.5B in originations in 2024
Powersports lender Octane Lending is projecting a 25% year-over-year increase in originations in 2024 after originations were flat YoY at…