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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.
Westlake Financial Services will now list its vehicles on SmartAuction, as part of an agreement between Westlake and Ally Financial, according to a company announcement.
Lease approval rates registered 67.3% for Swapalease.com in March, which were 2% higher than the month before and signify a possible upswing in approval rates, according to the company.
The average interest rate for a new-vehicle loan in the first quarter of 2018 was 5.7%, according to Edmunds, up from the same time in 2013, when new-vehicle interest rates averaged 4.4%.