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Subprime Fell to Lowest Share Since 2011 in April

An Equifax review of auto finance data from the first four months of 2019 found subprime’s percentage of total originations fell to 22.7% for all purchases and 9.2% of new-vehicle leases.

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Trust Science, Inovatec to Launch Alternative-Credit Platform

Trust Science and Inovatec Systems have partnered to release what is billed as the world’s first end-to-end decisioning platform powered by alternative credit scores, including 64 million unbanked and underbanked U.S. car buyers.

The Topic That Won’t Go Away: Loan Fees

A North Dakota car buyer prevailed in a recent case involving loan (or ‘acquisition’) fees that reached the state supreme court, where the dealer was found to have failed to properly disclose the charge.

CallPass, Xirgo Roll Out LTE-M GPS Device for BHPH Dealers

The two companies have rolled out what they claim to be the first production-ready LTE-M GPS tracking device for the BHPH dealer and vehicle finance industries.

SpringboardAuto to Power Online Financing Experience for Banks

SpringStack is an end-to-end auto finance platform designed to power a direct-to-consumer online experience for banks and other finance sources. It supports multiple financing product options and offers real-time loan configuration, document upload, vehicle valuation and pricing, electronic signature and more.

ProMax Sold to Private Equity Firm

SNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.

Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

Greg Goebel to Address Industry Summit and PALS

Special finance guru Greg Goebel will deliver the evening keynote address to a combined audience of Industry Summit and P&A Leadership Summit attendees.

CUDL: Subprime Pullback Opens Door for Credit Unions

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%.

PassTime Names New CEO, President

PassTime cofounder Jeffrey Frank was named chairman and CEO, while 19-year company veteran Chris Macheca was named president. The latter will retain his title of COO.