Origence and credit unions are on quite a roll with auto financing. For the third consecutive quarter in 2022 and for the fourth straight quarter overall, Origence said it has delivered a record amount in credit union auto finance contracts through its platforms. According to a news release, credit unions funded 2 million contracts through […] [Read More]

Auto Financial Group (AFG), announced on Tuesday that it has signed an integration agreement with MeridianLink, which provides software platforms for financial institutions and consumer reporting agencies. AFG said this partnership further reinforces its mission to pursue innovative solutions that help clients streamline their workflows. With this integration, AFG said its Balloon Lending Program will […] [Read More]

Lendbuzz began November by announcing that it closed a $150 million credit facility with J.P. Morgan. The growing fintech company making headway in the auto financing market using artificial intelligence and machine learning algorithms said this is the second credit facility with the investment bank. In January, J.P. Morgan extended a line of credit to […] [Read More]

LendingTree recently reported that millennials owe a median of $15,281 in auto debt across the 100 largest metros in the U.S. Researchers used an anonymized sample of credit reports from the first and second quarters of this from more than 200,000 millennial LendingTree users to calculate their total auto debt obligations. LendingTree auto finance expert […] [Read More]

A “turning point.” That’s how AutoIMS described the third quarter for the wholesale auto industry, which hit a few “firsts” in certain consignment metrics included in the company’s Industry View report. The report, released quarterly, is a “compendium of metrics featured in the AutoIMS Sales Scorecard that reflects the AutoIMS database (with a few needed […] [Read More]

Two of the latest moves by TrueCar have dealers at the focal point. Along with piloting a new online credit application feature, TrueCar announced the election of a new member to board of directors who happens to be the general manager of a franchised dealership. In board changes effective on Oct. 27, TrueCar welcomed Capistrano […] [Read More]

Geopolitical turbulence and the fragile and volatile nature of the critical raw-material supply chain could curtail planned expansion in battery production—slowing mainstream electric-vehicle (EV) adoption and the transition to an electrified future. Soaring prices of critical battery metals, as observed by S&P Global Commodity Insights, are threatening supplier and OEM profit margins. This situation has […] [Read More]

Perhaps 2022 is just the year of the acquisition — from auctions to artificial intelligence software providers to dealerships. The latest move arrived on Tuesday, as Impel, a provider of digital automotive engagement software and data, announced that it is acquiring CarLabs.ai, a U.S.-based provider of conversational AI products for the automotive industry. Impel highlighted […] [Read More]

According to the newest installment of Black Book’s Market Insights, wholesale prices softened another 1.19% last week, prompting analysts to wonder when buyers and sellers will find “middle ground” in the market. Black Book explained its reasoning, as its estimated average weekly sales rate remained at … [Read More]

Just before Halloween night, Credit Acceptance announced an addition to its senior leadership team. Ravi Mohan joined the subprime auto finance company as chief technology officer as of Oct. 24. In his role, Credit Acceptance said Mohan will be responsible for the technologies that support the company's team members, dealers, and consumers, implementing those technologies […] [Read More]