January 2021

LAS VEGAS and SOUTHFIELD, Mich. –  Two long-standing subprime auto finance companies each made moves last week to give themselves the financial horsepower they need to continue originations and other business activities. After Consumer Portfolio Services launched its first securitization of 2021, Credit Acceptance announced the completion of a $100 million asset-backed non-recourse secured financing. Pursuant to this transaction, Credit Acceptance said it contributed approximately $125.1 million of installment contracts to a wholly-owned special purpose entity that will pledge the contracts to an institutional lender under a loan and security agreement.… Read More »Subprime notes: CPS securitization & Credit Acceptance financing, credit facility

WASHINGTON, D.C. –  While he might be serving as director of the Consumer Financial Protection Bureau only in an interim capacity, Dave Uejio doesn’t appear to be just sitting idle as lawmakers eventually consider President Joe Biden’s nominee to be the permanent fixture in the post. Through a blog post on the CFPB’s website, Uejio articulated his priorities, beginning with reversing policies of the last administration that he said “weakened enforcement and supervision.” As of Thursday, Uejio said it now is the official policy of the CFPB to supervise lenders with… Read More »Interim CFPB director spells out immediate priorities

CARY, N.C. –  On Thursday, which was Data Privacy Day,  Privacy4Cars founder Andrea Amico joined the Auto Remarketing Podcast to discuss the top data privacy concerns in automotive, including how dealers and auto auctions may be impacted. Amico shared his advice for the industry and how his company is helping auto auctions scrub personal data from vehicles set to be remarketed.  To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.  Source Article

Friday, Jan. 29, 2021, 03:02 PM IRVINE, Calif. –  Kia has produced Super Bowl advertisements for 10 years. But rather than advertise in Super Bowl LV on Feb. 7, Kia will “Accelerate the Good.” The automaker will continue that program, which it started in 2019 with the Great Unknowns Scholarship to help young people in need participate in higher education. The start of the pandemic last year did not stop Kia’s charitable work. The company made two separate $1 million donations to organizations that support America’s homeless youth population. Kia said… Read More »Kia to skip Super Bowl ad, will help educate youth instead

ATLANTA and RICHMOND, Va. –  Wall Street news updates recently are filled with discussions about how social media triggered significant spikes in a couple of particular stocks. However, investment in the automotive industry continues to chug along with two developments involving a luxury OEM and a start-up in the vehicle-transport space. On Friday, Porsche Ventures announced that it has completed an investment in Cresta, a real-time intelligence company for customer conversations that specializes in messaging and voice communication. And earlier in the week, Social Auto Transport, Inc., a gig economy platform… Read More »Investment roundup: Porsche for digital platform; seed funding for transport start-up

LOS ANGELES –  Carsharing marketplace HyreCar said its new and expanded strategic partnerships announced Thursday can provide infrastructure and capital that will allow the company to enter the next level of growth and scalability. The formal partnerships are with automotive mobility fleet manager, AmeriDrive Holdings, and Cogent Bank’s specialty lending unit. HyreCar, a carsharing marketplace for ridesharing, food, and package delivery services, said the partnerships will increase car supply on the HyreCar platform in key markets. The companies and their partners represent successful organizations serving the mobility and transportation as a… Read More »HyreCar partnerships to boost vehicle supply, fuel growth

CAMBRIDGE, Mass. –  The next development in the working relationship involving CarGurus, Capital One, Westlake Financial and Global Lending Services (GLS) surfaced on Friday. CarGurus announced a new feature that can enable shoppers to pre-qualify for financing as they search on CarGurus for their next vehicle; a program dubbed Finance in Advance. Pre-qualification offers are provided through CarGurus’ listing dealers that book paper through Capital One, Westlake Financial and Global Lending Services. CarGurus forged a relationship with Capital One in May 2019 and then with Westlake later that year. CarGurus welcomed… Read More »CarGurus unveils pre-qualify program through Capital One, Westlake & GLS

IRVING, Texas –  Exeter Finance is in a celebratory mood and rightfully so. The non-prime auto finance company now has originated contracts with 1 million customers since it was founded in 2006. To commemorate this milestone, Exeter identified its 1-millionth customer as Raul Trevino Jr. of Ennis, Texas, and awarded him a $10,000 cash prize and the vehicle he purchased this month at Toyota of Dallas and financed with Exeter free of charge. “Exeter will celebrate its 15th anniversary later this year, and I am incredibly proud of the work our… Read More »Exeter begins 15th anniversary celebration with gift to 1-millionth customer

WALTHAM, Mass. –  Jamie Oldershaw said providing a customer experience that meets shifting shopper expectations — especially in today’s stay-at-home economy — is extremely important to a dealership’s success. “And we saw overwhelmingly positive consumer reviews on our platform over the past year as dealers transformed into digital-first car sellers,” said Oldershaw, who is general manager of DealerRater, in a news release. DealerRater, a car dealer review and reputation management platform and company of Cars.com, announced the winners of its annual Dealer of the Year Awards. The awards recognize those top… Read More »Award-winning dealers provide safety measures, digital-first services

ATLANTA –  Manheim has named Brad Burns as associate vice president of vehicle information, saying that the move takes place as digital wholesale continues as a primary source for buying and selling vehicles. The move comes amid 81% of Manheim’s 2020 sales going to digital buyers. Burns has been with Manheim for 17 years, and he has extensive client-facing experience, according to the company. Burns will play a key role in leading the transformation of Manheim’s vehicle information. He will help boost client confidence across all Manheim Digital Marketplace platforms. “We… Read More »Manheim names Burns to newly created vehicle information post