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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.
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.
The Federal Reserve has voted unanimously that it would not hike interest rates any further for the remainder of 2019.
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 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.