Despite a competitive subprime auto finance environment, GM Financial continued gravitating toward a more prime-like credit profile during the second quarter.
Wells Fargo reported second quarter auto originations of $8.3 billion, a 7% gain from the first quarter of the year and a 2% gain from the year prior. Bank officials, however, reported higher delinquencies and net charge-offs.
The total dollar amount of automotive loan balances outstanding hit $839.1 billion in the second quarter of 2014, up 11.7% from the previous year. Officials said the industry should watch this trend closely, as it may dictate the availability of credit in the future.
The auto finance source also recorded record used-vehicle originations and grew its dealer network by more than 900 dealers in the second quarter.
AutoNation reported during its second-quarter investor call that it has installed the NADA’s Fair Credit Compliance Program in nine stores. Officials also provided an update on the company’s digital push.
Dealertrack updated its 2013 guidance to reflect strong second quarter performance and 26 percent year-over-year revenue growth.
Used-car sales are down for the first half of the year, but not within the franchise and CPO segments, Edmunds.com reveals.
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