November 2022
CarMax Auto Finance incorporates prequal on dealership lots
CarMax Auto Finance (CAF) has expanded its omnichannel finance-based shopping offering to give prequalified customers real-time updates to their monthly payment estimates as they shop the dealership lot online or in person.
For consumers who prefer to visit a dealership, CAF’s technology allows car buyers to scan the sticker on a car’s window to receive updated payment estimates, said Denise Brown, chief credit officer at CarMax.
READ MORE
Santander Consumer USA to launch lead generation website
Santander Consumer USA (SCUSA) is gearing up to launch a lead-generation website that highlights the lender’s financing offering while also connecting customers with a dealership in its network.
The functionality will allow SCUSA customers to shop an inventory of vehicles that dealers post on the site and receive finance offerings from the lender through a soft credit pull, President and Chief Executive Mahesh Aditya told Auto Finance News.
READ MORE
Capital One makes cuts in auto division
Capital One has initiated layoffs for a small portion of the 3,300 associates in its auto division, a company spokesperson confirmed with AFN.
“Rising interest rates, used-vehicle prices, and moves by competitors have created unique headwinds and compressed margins in the auto lending industry," the spokesperson said. The spokesperson declined to say how many team members were affected.
READ MORE
Auto Finance Summit East agenda is live
The Auto Finance Summit East is Auto Finance News’ new spring event, bringing together the top auto lending and leasing executives from across the nation to a new geographic location.
The event will take place at the JW Marriot Nashville, May 10-12, 2023. The 2023 event will feature an enhanced agenda including timely educational content, new session formats featuring visionary speakers with wide-ranging viewpoints — and endless networking opportunities.
All images courtesy of Canstock.