Financial

A new TransUnion study found that the lease market was down almost half from 31% in January 2020 to 17% in July 2022, more than twice the decrease in auto financing over the same period.  The study also examined the behavior of 3.8 million consumers who terminated a lease between July 2021 and June 2022. […] [Read More]

Credit Union Leasing of America (CULA) president Ken Sopp and vice president of business development Mark Chandler not only reviewed the company’s record-breaking year, the executives tackled questions that’s perplexed experts for some time during this episode of the Auto Remarketing Podcast recorded during NADA Show 2023 in Dallas. Is now the time used-vehicle leasing […] [Read More]

Continuing an active end of the year within the commercial financing area, First Business Bank’s floorplan financing team this week announced the promotion of Spencer Brink to portfolio manager of floorplan financing. Brink joined First Business Bank in 2016 as a credit analyst intern, moving into a full-time credit analyst role after graduation from the […] [Read More]

More changes in connection with America’s Group came to light this week. A few days after the company announced Chuck Tapp would become CEO, another news release indicated XL Funding and Auction Credit Enterprises — two floorplan financing companies affiliated with America’s — have joined forces to operate as Axle Funding. The updated name follows the strategic combination of […] [Read More]

From the Golden State to the Sunshine State. Autonomy has added its first markets outside of California, announcing Tuesday that the electric vehicle subscription platform is now available in Southeast Florida. That includes Miami, Fort Lauderdale and West Palm Beach. Florida is second only to California in terms of EV population, the company said. “Expanding […] [Read More]

The numbers around new-car affordability (or lack thereof) are quite staggering. According to data from Cox Automotive and Moody’s, to buy a new car in September would have taken 42.2 weeks of median income. That’s up 9% year-over-year, Cox said in a Data Point report, also noting that auto finance interest rates were at their […] [Read More]

Automotive Finance Corp. is celebrating its 35th anniversary this year by encouraging its branches to complete 35 acts of kindness before the end of 2022. AFC president Jim Money and chief operating officer Will Mitchell join the show to talk about how the AFC team is getting involved in these acts of kindness, how the business […] [Read More]

In another episode originating from this year’s NAAA annual convention, Cherokee Media Group senior editor Joe Overby caught up with Sandy Moon and Danny McNelis of NextGear Capital. They delved into more detail about the auction services group that NextGear Capital launched earlier this year as well as other subjects connected with dealerships and their […] [Read More]

Polly, an insurance marketplace for the auto retail market, said Wednesday it has acquired Brinckerhoff & Neuville Insurance Group, a New York-based independent agency. The agency is now operating under the Polly name, and all of its employees have transitioned to the Polly team. The purchase continues Polly’s strategy of building a network of local […] [Read More]

Jeremy Beck is vice president of sales operations for APCO Holdings and brings more than 20 years of experience in the automotive industry to the EasyCare and GWC Warranty training teams. Previously, Beck was a national training manager with F&I expertise and spent more than 14 years in various retail positions, from sales to managing […] [Read More]