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Credit Approvals Dip to 65% in Secondary Lease Market

Black Book Offers Vehicle Verification to Lenders

Black Book will begin offering vehicle verification information to automotive lenders to help reduce misrepresentation about a vehicle's trim and equipped options, the valuation firm announced.

June 19, 2019

Subprime Up 13% as Total Auto Originations Decline

Subprime Up 13% as Total Auto Originations Decline

Originations for car buyers and lessees with sub-620 credit scores grew 13% to $27.9 billion, accounting for 21.8% of total outstanding auto balances in the Fed's latest Household Debt and Credit report.

May 28, 2019

Auto Loan Interest Rates Hit 10-Year High

The annual percentage rate on new financed vehicles is expected to average 6.36% in March, compared to 5.66% last year and 4.44% five years ago, according to the latest report from Edmunds.

April 9, 2019

In Memoriam: NextGear Capital's Founder Fuller

John Fuller, founder of NextGear Capital, died Wednesday at age 75, the company announced. Fuller is known throughout the auto retail industry as an innovator in the floorplanning segment, having founded and sold Automotive Finance Corp. and Dealer Services Corp., the latter to Manheim.

April 1, 2019

Embattled Wells Fargo Chief Steps Down

Embattled Wells Fargo Chief Steps Down

Tim Sloan, president and CEO of Wells Fargo & Co., will retire June 30, the bank announced. General Counsel Allen Parker will serve as interim chief executive while the search for a new leader is conducted.

March 29, 2019

What the Fed's Flat Interest Rates Will Mean for Used Cars
Auto Loans Reach $1.14 Trillion

Auto Loans Reach $1.14 Trillion

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.

February 22, 2019

Bank of America Integrates Carvana into Digital Car Shopping Platform
KAR Hires VP for Recovery Database Network

KAR Hires VP for Recovery Database Network

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.

January 11, 2019

Lease Approvals Fall Slightly in November
KAR Auction Services Adds Asset Recovery Platform

KAR Auction Services Adds Asset Recovery Platform

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.

November 13, 2018

Leasing Preferences Shifting Toward Trucks: Swapalease