Tagged: auto financing

CarGurus, the Digital Auto Platform, Announces Addition of Chase to Multi-Lender Financing Solution

CarGurus (Nasdaq: CARG), the digital auto platform for shopping, buying, and selling new and used vehicles1, announced the addition of Chase to its multi-lender financing platform, expanding options for consumers looking “to pre-qualify for auto financing from the comfort of home.’ Available nationwide, Chase joins… Read More

December Concludes Profitable Period for Auto Industry as Consumers Spend Record $578B on New Vehicles in 2023 – Report

Total new-vehicle sales for December 2023, including retail and non-retail transactions, are projected to reach 1,396,700 units, a 13.2% increase from December 2022, according to a joint forecast from J.D. Power and GlobalData. As noted in the research report, December 2023 has 26 selling days,… Read More

Auto Lenders Lagging When it Comes to Digital Transformation Efforts, Report Reveals

Against a backdrop of shrinking margins and strained profitability, auto lenders need to do everything they can “to deliver stand-out customer experiences while reducing administrative costs,” according to a research report. While similar businesses, such as retirement plan administrators, property and casualty (P&C) insurers and… Read More

Registrations for EVs Surge and Credit Makeup of Buyers Continued to Remain Strong – TransUnion Report

Despite electric vehicle (EV) sales moderating from a torrid pace, the share of new EV car registrations increased markedly through “the first half of 2023 to 8.3%, up from 5.6% one year earlier.” A TransUnion (NYSE: TRU) study conducted in collaboration with S&P Global Mobility… Read More

Automobile Financing Experience Streamlined by Bank of America with Digital Tools, Resources

Bank of America (NYSE: BAC) is introducing new digital capabilities to support consumers in their car shopping and financing journey. Bank of America clients can now “get prequalified for auto financing to learn how much they may be able to borrow and estimate their terms,… Read More

Maybank Introduces Malaysia’s Integrated Auto Financing Solution

Maybank introduced Malaysia’s integrated automobile financing solution for Electric Vehicle (EV) and Hybrid customers “covering various aspects of owning an EV or Hybrid vehicle including holistic financing solutions, insurance and takaful coverage as well as EV charging privileges.” This is in line “with the Group’s… Read More

Brazil’s C6 Bank Introduces Financial Protection Insurance for Vehicle Financing

Just over a year after the start of the vehicle financing operation, C6 Bank launches the C6 Auto Financial Protection Insurance. Offered in partnership with Fairfax Seguros (FF Seguros) and also known as credit life, the product “guarantees that the financing assumed by the vehicle… Read More

CarNow and Cion Digital to Offer Clients the Option to Buy, Finance Cars with Cryptocurrencies

CarNow, the automotive industry’s digital retailing firm, recently announced a partnership with Cion Digital, offering clients a way to purchase and finance vehicles using cryptocurrency via “an integration with CarNow’s Real-Time Retail™ platform.” Cion Digital’s “ready-to-deploy” modular payments and lending platform offers firms with access… Read More

Auto-financing platform Lendbuzz raises $360 mn, to double headcount at 100

AI-based auto finance platform Lendbuzz has raised a total $360 million investment in part debt and equity. The US-based fintech started by two Israeli entrepreneurs –Amitay Kalmar and Dan Raviv, has raised $60 million in Series C equity financing led by Wellington Management, Goldman Sachs… Read More

U.S. Auto Financing Fintech MotoRefi Scores $45 Million Through Series B Investment Round Led By Goldman Sachs Asset Management

  MotoRefi, an auto refinancing startup on a mission to help consumers save on their car loans, announced on Friday it scored $45 million through its Series B investment round, which was led by Goldman Sachs Asset Management. The latest investment round comes less than… Read More

U.S. Auto Financing Fintech MotoRefi Announces $10 Million Through Series A-1 Round Led By Moderne Ventures

MotoRefi, an auto refinancing startup on a mission to help consumers save on their car loans, recently announced it secured $10 million through its Series A-1 funding round, which was led by Moderne Ventures. According to MotoRefi, the Series A-1 round follows its Series A round,… Read More

GM Financial Announces Partnership With Spring Labs to Prevent Auto Financing Fraud

GM Financial, GM’s credit subsidiary, announced on Monday it has formed a new partnership with fintech Spring Labs as part of the Spring Founding Industry Partners (SFIP) Program, which is looking to improve data management standards in order to help the auto finance industry prevent… Read More

LendingTree Forms Partnership With Autotrader & Kelley Blue Book to Offer Shoppers Auto Lending Options

Autotrader and Kelley Blue Book announced earlier this week it is working with LendingTree to offer more auto lending options. While sharing details about the new collaboration, Jai Macker, Senior Vice President of Product at Cox Automotive, the mother company of Autotrader and Kelley Blue… Read More

Nissan Partners with AutoGravity on Auto Financing

Nissan Motor Acceptance Corporation (NMAC) has formed a partnership with Fintech AutoGravity. Consumers looking to purchase a Nissan may access retail and lease pre-approval offers through their smartphones using the AutoGravity App. NMAC said with this collaboration, consumers will be able to select any Nissan vehicle… Read More

Anthony Fratiani Joins DriverUp Team as CTO

DriverUp, an online marketplace for automotive financing, today announced that tech industry veteran Anthony Fratiani has joined its executive team as Chief Technology Officer.  In this newly created position, Fratiani will oversee the continued build out of DriverUp’s consumer-facing side of the business. “We are thrilled about Tony… Read More

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