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SEARCHHANOVER, Md. -- The nonprime auto finance industry has grown to $260 billion and shows no signs of slowing down, executives said at the National Automotive Finance (NAF) Association's 10th annual meeting, according to BankNet 360.
HANOVER, Md. -- The nonprime auto finance industry has grown to $260 billion and shows no signs of slowing down, executives said at the National Automotive Finance (NAF) Association’s 10th annual meeting, according to BankNet 360.
NAF Chairman John Scordo states that the nonprime market is growing twice as fast as the prime market. The NAF held its Nonprime Auto Finance Conference in Fort Worth, Texas, focusing on changes and challenges currently faced by nonprime auto dealers and creditors.
NAF also shared preliminary results of its annual auto finance survey, conducted by BenchMark Consulting International. The survey showed both total portfolio dollars and the number of loans increased over the past year, with final results of the study to be released later this summer.
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