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Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.
Non-prime lending firm United Auto Credit named Missouri Auto Auction its 2018 Auction of the Year.
The Bank of America digital car shopping and financing platform will now add more than 15,000 Carvana vehicles to its existing inventory of both new and used vehicles.
KAR Auction Services has hired John Sibbitt as vice president of business development for its Recovery Database Network, which provides banks and credit unions with software and data solutions to manage repossession and the disposition value chain, KAR has announced.
Swapalease.com reports car lease credit applicants registered a 68.9% approval rate in November, a slight drop from the October rate of 70.9%.
KAR Auction Services has acquired Reno, Nev.-based Clearplan, a digital platform for recover agents, drivers, forwarders, and lenders that provides a centralized hub for repo workflow and logistics management.
Retail customers may be moving away from luxury vehicles and toward trucks and SUVs for their leases, according an analysis from Swapalease.com.
Leasing activity was up in the second quarter of 2018, due in part to a growing use of lease incentives.
Brian Sharples and Trynka Shineman — two executives who have experience with global digital companies and technology — joined the board on Aug. 3.
Lease credit approvals on Swapalease’s marketplace took a small dip in June, falling to 68.4%, the company noted in an announcement.
CU Direct has partnered with CU Direct Connect in order to better meet the growing indirect lending needs of credit unions and to strengthen the position of the credit union industry with auto dealers across the country.
With the labor market continuing to strengthen and economic activity rising at a solid rate, the Federal Reserve raised the Federal Funds Rate a quarter percentage point for the second time this year — putting the target for short-term rates in the 1.75 to 2% range.
The loan amount for a new vehicle in the first quarter of 2018 was $31,445, $921 higher than the same period in 2017. In the used segment, the average loan amount for a vehicle was $19,536, $410 higher compared to the year-ago period.
Retail leasing applicants registered a 70% approval rate on Swapalease during April, a 10% increase from the same time last year, the company announced.
U.S. Bank has awarded ADESA Dallas with its Lease Return Segment Auction of the Year award, the bank has announced.