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Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.
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Car buyers are putting down $504 more on a new-vehicle purchase than they did five years ago. But with buyers purchasing pricier cars and interest rates on the rise, something has to give, Edmunds.com analysis said.
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Despite slowing auto sales and a slight dip in blue sky values, dealership buy/sell activity remained robust in the first quarter, according to the buy/sell advisory firm’s The Blue Sky Report.
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AutoNation named Lance Iserman executive vice president of sales and COO. The more than 15-year company veteran replaces William “Bill” Berman, who resigned last month.
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AutoGravity’s mobile financing app is now available in New Jersey. According to company officials, the app has been downloaded more than 400,000 times since its introduction last summer.
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Transaction prices continued to climb at a steady rate in May, driven by the weakening sales mix of cars, according to the vehicle information side.
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Not even record incentive spending for the month is expected to keep May retail sales on pace with a year ago, according to the two firms.
Read More →CNAN earned first-place Diamond honors in the Service Contract and Reinsurance categories. The company has been voted a top provider by readers of Auto Dealer Today every year since the awards program was created in 2005.
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Bank of America is piloting new enhancements to its mobile banking technology that will allow clients to complete the auto financing process directly with the bank on a mobile device.
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The award is designed to recognize an individual who has made the most noteworthy contribution to the auto finance industry in the last two years. Judges described White Clark CEO Brendan Gleeson as a “visionary for the motor finance industry.”
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