This week, NextGear Capital, Westlake Financial Services and Spireon all bolstered their executive teams to enhance their respective finance-oriented operations. To support future growth in the inventory-financing sector, NextGear Capital announced Lisa Mackie will fill its newly created vice president of sales position, effective immediately. Mackie is responsible for strategic leadership, vision and execution of […] [Read More]

MUSA Auto Finance recently entered into a $125 million warehouse facility with Goldman Sachs and, additionally, secured a capital investment of up to $50 million from Crestline Investors. Company management highlighted the capital investment, along with the warehouse facility, will provide MUSA Auto Finance with the funding needed to launch its vehicle leasing program nationwide […] [Read More]

  Carvana is once again moving northward, announcing Wednesday it has launched in Philadelphia. This is the company’s 23rd market nationwide and its second in Pennsylvania. It launched in Pittsburgh in late 2016. Earlier this month, the online retailer opened its fourth “Car Vending Machine,” the latest being in San Antonio. Last week, Carvana teamed up […] [Read More]

In a new report released on Monday, Moody’s Investors Service explained what likely might be happening in the war rooms at auto finance companies nowadays. Financing providers are increasingly faced with the choice of taking on greater risk by rolling negative equity at trade-in into the next vehicle loan. The credit rating agency believes finance […] [Read More]

Ally and TIME held a celebration event in Kentucky on Monday to honor the 2017 TIME Dealer of the Year winner — Carl Swope — a second-generation dealer who currently oversees six dealerships representing nine brands in Elizabethtown, Ky., and Radcliff, Ky. Swope was selected from a group of 49 nominees from across the country […] [Read More]

Roadster launched a new solution on Tuesday that, among other perks, will allow car-shoppers to start the trade-in process on their smartphones before they arrive at the dealership. Through Express Trade, dealers can also have more control over the pricing on trade-ins, the company said. In a phone interview last week, Roadster chief executive officer […] [Read More]

The National Safety Council teamed up with the University of Iowa to develop a virtual reality app that gives drivers a 360-degree tour of some of the latest driver assistance systems, so they have an understanding how the technologies work before going out on the road. CarTech VR360, the virtual reality mobile phone app, is part […] [Read More]

Here’s a statistic that might startle auctions and dealerships in the Golden State and beyond. Southern California leads the nation in fatalities caused by defective airbags, according to Airbag Recall: Southern California, a group that comprises community organizations, public interest groups, private companies, elected officials, faith communities and other concerned parties unified in the effort […] [Read More]

SGS’s Automotive Services group announced it recently brought on a national sales executive to join its sales team to lead the company’s off-lease, rental-return and non-traditional inspection services sales efforts. Chosen for the position is Scott Fornwalt, who most recently managed auctions in both the St. Louis and the Detroit areas, overseeing operations, sales, and […] [Read More]

Shared exclusively for SubPrime Auto Finance News, Experian Automotive determined the top 20 market holders of what analysts classify as finance companies — operations that do not hold consumer deposits and often specialize in originating subprime paper. Experian Automotive compiled this listing based on both used- and new-vehicle originations compiled during the fourth quarter. The […] [Read More]