New York uses revenues from ‘Dieselgate’ fines to boost EVs

Andrew Cuomo, the governor of New York, has announced the city is to use some of the $127.7 million received from the 2016 Volkswagen settlement relating to falsified emissions testing to dramatically increase the number of electric vehicles (EVs) and other clean vehicles in the state. The governor’s office said that by investing the funds, the state will also improve infrastructure including roadways. Low emission vehicle investments will include new buses, trucks, locomotives, ferries, tug boats, and cargo handling equipment, as well as improving the availability of EV charging equipment statewide.

New York uses revenues from ‘Dieselgate’ fines to boost EVs

Sep 07, 2018

Andrew Cuomo, the governor of New York, has announced the city is to use some of the $127.7 million received from the 2016 Volkswagen settlement relating to falsified emissions testing to dramatically increase the number of electric vehicles (EVs) and other clean vehicles in the state. The governor’s office said that by investing the funds, the state will also improve infrastructure including roadways. Low emission vehicle investments will include new buses, trucks, locomotives, ferries, tug boats, and cargo handling equipment, as well as improving the availability of EV charging equipment statewide.

Vehicle subscription fintech Fair sees 40% customer growth

Vehicle subscription service Fair.com, a pioneer of short-term leasing options, has reported 40% month-over-month customer growth for the last two quarters. The company also reported having over 2% of the total addressable market in Los Angeles, its initial launch city. Fair said it attributes its growing momentum to consumer behaviours shifting away from long-term commitment and the debt associated with car loans, among other factors.

Vehicle subscription fintech Fair sees 40% customer growth

Sep 07, 2018

Vehicle subscription service Fair.com, a pioneer of short-term leasing options, has reported 40% month-over-month customer growth for the last two quarters. The company also reported having over 2% of the total addressable market in Los Angeles, its initial launch city. Fair said it attributes its growing momentum to consumer behaviours shifting away from long-term commitment and the debt associated with car loans, among other factors.

Auto dealer hit by $1.4m fraud penalty

An auto dealership based in Erie, Pennsylvania, has agreed to pay a $1.4m penalty and more than $730,000 in restitution to various lending institutions, after being found guilty of entering into a bank fraud. Hallman Chevrolet has agreed a deferred prosecution agreement (DPA) with the US attorney’s office, Western District of Pennsylvania.

Auto dealer hit by $1.4m fraud penalty

Sep 07, 2018

An auto dealership based in Erie, Pennsylvania, has agreed to pay a $1.4m penalty and more than $730,000 in restitution to various lending institutions, after being found guilty of entering into a bank fraud. Hallman Chevrolet has agreed a deferred prosecution agreement (DPA) with the US attorney’s office, Western District of Pennsylvania.

EMEA

CEO of FCA Bank to speak at the IAFN Conference and Awards in September

Aug 14, 2018

Giacomo Carelli, CEO of FCA bank is set to reveal his organisation’s plans to implement advanced solutions to soothing a critical pain point for all retail auto finance providers and their customers. He will explain how FCA Bank is planning to manage the transition from online research to the offline experience in the dealership (bridging the O2O divide). Research conducted by AdTaxi in March 2018 shows that at present 86% of car buyers start their buying journey with online research. Yet even in Germany the country with the highest levels of finance deals completed online – the digital channel still only accounts for 20% of finance transactions. Most customers still end up buying their finance offline in the dealership (73% in US; 63% in the UK and 44% in Germany).

Americas

Auto lending delinquencies fall

Sep 07, 2018

Automotive loan amounts and monthly payments continue to reach new highs, while delinquency rates are improving, according to analysis from Experian. Outstanding loan balances hit a record high but experienced slowing growth, reaching $1.149 trillion in Q2 2018, up from $1.027 trillion in Q2 2017. Leases decreased slightly year-over-year, from 30.83% in Q2 2017 to 30.41% in Q2 2018 The consultancy’s State of the Automotive Finance Market report shows the percentage of 30-day delinquencies dropped to 2.11% from 2.2% a year ago, while 60-day delinquencies dropped to 0.64% from 0.67% over the same time period.

Asia Pacific

Renault reveals new Arkana at Moscow Motor Show

Aug 29, 2018

Renault has hosted the world premiere of its new Arkana global crossover model at the Moscow Motor Show. The C-segment SUV will go on sale in Russia in 2019 and will then be rolled out to key markets globally, focusing on Asia. There are currently no plans to bring it to Europe.