Used Vehicles Accounting for Larger Share of Auto Finance Market
Used financing increased 2.4% year-over-year and reached 55.15% in the third quarter of 2019.
Used financing increased 2.4% year-over-year and reached 55.15% in the third quarter of 2019.
Several manufacturers offered attractive discounts and competitive pricing on compact cars and SUVs, while most luxury and full-size vehicle brands maintained their lease prices.
The Federal Reserve announced a quarter-point interest rate reduction yesterday, its third such move this year. The target federal funds rate now stand at 1.5% after starting the year at 2.25%.
Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 69.1% approval rate in July, a rise from the June rate of 65%.
Federal Reserve Chairman Jerome Powell officially announced a widely expected cut to the federal funds rate yesterday, dropping the central bank's target by a quarter-point to 2%.
Swapalease credit approvals registered 65% entering July, a drop from the 72.4% approval rate registered in May, the company announced.
As a new member of the International Automotive Remarketers Alliance (IARA) board of directors, Steve Solomon, VP of asset remarketing for Santander Consumer USA, is not only excited to engage with like-minded individuals, he is also looking to further grow in an industry that he has been a part of for nearly two decades.
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