Automotive industry management consultant Max Zanan says that because of the COVID-19 pandemic, many would-be car buyers worry that furloughs or illness will prevent them from keeping up with their payments. Tough times call for bold action, the consultant said. To help buyers and dealerships, Zanan is offering the Walkaway Vehicle Return Program. The program […] [Read More]

Typically, the most attractive new-vehicle financing terms and rates from captives only are granted to consumers who reside in the highest credit tiers. With more than 30 million workers now unemployed and trillions of dollars in federal assistance being pushed into a U.S. economy nearly grounded completely because of the coronavirus pandemic, these certainly are […] [Read More]

Westlake Financial continues to find ways to grow its overall portfolio. This week, Westlake rolled out a new commercial vehicle financing program, which will be available in eight markets and will expand nationwide throughout the year. The move comes after Westlake absorbed the accounts of three finance companies that have departed the business in the […] [Read More]

Perhaps another federal government program could eventually help to boost the service drive at dealerships. The U.S. Department of Transportation’s National Highway Traffic Safety Administration on Thursday announced that states can apply for funding to help drivers learn about and repair open safety recalls on their vehicles. “Recalls are serious. Recall repairs are completely free […] [Read More]

NOTE: UPDATED with additional OEM CPO incentive info. The certified pre-owned vehicle segment has an array of consumer- and business-facing benefits, and the latter would certainly include automakers and their captive finance arms. CPO can be a lever for captives to boost dealer demand for off-lease volume, through such perks as APR programs and extended […] [Read More]

With its founder and chief executive officer Ernie Garcia saying consumers are spending more time at home “and balancing that with the need to keep moving,” Carvana is offering as-soon-as-next-day touchless home delivery to 100 additional cities across 24 states. The company said it is doing that to provide those needing to purchase a vehicle […] [Read More]

Byrider is looking to help first responders who are on the frontlines in the fight against COVID-19 have reliable transportation by offering a special discount toward a vehicle purchase through the end of May. The network of buy-here, pay-here dealerships said on Wednesday that active first responders can receive $500 to $750 off the purchase […] [Read More]

Stating it was taking the action because of “greatly restricted business” at many Porsche centers that has taken place recently, the luxury automaker is extending the new-car warranty by three months for all vehicles with a new-car warranty expiring between March 1 and May 31 of this year. The automaker said the measure is free of […] [Read More]

EDITOR'S NOTE: Updated to include the re-opening of ADESA Assurance on Monday. Among other measures to “help protect the business and its liquidity” amid the negative impact of COVID-19 on its operations, KAR Global said in its earnings release Thursday it furloughed roughly 11,000 employees last month. This news comes on the same day it […] [Read More]

A variety of regulatory developments within financial services arrived this week, ranging from a federal judge siding with a national collections organization, the Consumer Financial Protection Bureau offering guidance involving federal assistance for small businesses as well as the Federal Trade Commission delivering a report to Congress about its ongoing efforts associated with credit-report disputes. […] [Read More]