Ford of Britain launches direct online car sales channel

Ford of Britain has launched a direct-to-customer online sales channel. Users of the site can set a budget, obtain a part exchange value, review and choose cars, then arrange finance online and order. Consumers can select delivery either from a local dealership or direct to a location of their choice.

Ford of Britain launches direct online car sales channel

Jul 13, 2018

Ford of Britain has launched a direct-to-customer online sales channel. Users of the site can set a budget, obtain a part exchange value, review and choose cars, then arrange finance online and order. Consumers can select delivery either from a local dealership or direct to a location of their choice.

NYC auto dealership pays $423,000 for deceptive lending

A New York City auto dealership has agreed to pay more than $423,000 to settle charges that it targeted non-English speakers with a range of deceptive sales practices. Attorney General Barbara Underwood said Bay Ridge Honda of Brooklyn was required to reform its business practices and pay restitution and penalties, after the office received dozens of complaints from New Yorkers about unwanted charges and sales tactics that targeted non-English speakers.

NYC auto dealership pays $423,000 for deceptive lending

Jul 13, 2018

A New York City auto dealership has agreed to pay more than $423,000 to settle charges that it targeted non-English speakers with a range of deceptive sales practices. Attorney General Barbara Underwood said Bay Ridge Honda of Brooklyn was required to reform its business practices and pay restitution and penalties, after the office received dozens of complaints from New Yorkers about unwanted charges and sales tactics that targeted non-English speakers.

US auto loan balances reach $1.1 trillion

The total balance of outstanding auto loans in the US reached $1.1 trillion at the end of last year. Data from Experian shows loan balances grew year-on-year just over 5%, or $57 billion, with banks now accounting for 33% of the market, while auto captives have supplied 23% of finance and credit unions 28% following their surge of double-digit growth for the past few years. Most of the outstanding balances remain in the prime or super prime sector, which accounts for 61% of the market and most of the increase in finance, with sub-prime accounting for just under 20% of the market.

US auto loan balances reach $1.1 trillion

May 02, 2018

The total balance of outstanding auto loans in the US reached $1.1 trillion at the end of last year. Data from Experian shows loan balances grew year-on-year just over 5%, or $57 billion, with banks now accounting for 33% of the market, while auto captives have supplied 23% of finance and credit unions 28% following their surge of double-digit growth for the past few years. Most of the outstanding balances remain in the prime or super prime sector, which accounts for 61% of the market and most of the increase in finance, with sub-prime accounting for just under 20% of the market.

Americas

Hyundai pilots car subscription service

Jul 13, 2018

Captive auto finance company Hyundai Capital America (HCA) has launched a pilot car subscription program that includes a special lease price, auto insurance, and service maintenance on selected vehicles. The option, called Hyundai PLUS, is available via its Hyundai Motor Finance brand and is initially being offered in Ohio at select dealerships, on the MY18 Hyundai Elantra, Sonata, Tucson, and Santa Fe Sport models, with future expansion plans to follow.

Asia Pacific

Opportunities for auto finance as China widens market access

May 23, 2018

China’s president Xi Jinping has announced a substantial widening of its market access programme that will create growth opportunities for foreign companies, including the auto finance sector. In response to the announcement, the People's Bank of China said it was “losing no time” in translating the measures into reality.