{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Auto Finance Roadmap","title":"Podcast: Carvana, CarMax sales rise, interest rates decline ","html":"","width":"100%","height":180,"duration":619,"description":"Auto retailers are gaining momentum on the heels of increased sales and finance volume even as the industry navigates continued affordability headwinds.  \nCarvana last week opened its first test-drive center in Dallas after acquiring seven Stellantis dealerships to expand into new-car sales.  \nThe Tempe, Ariz.-based retailer sells new and used vehicles online and reported a 40% year-over-year increase in retail sales in the first quarter to 187,393 units.  \nRetailer CarMax also reported a 3.3% YoY uptick in combined retail and wholesale used-vehicle sales in Q1, while CarMax Auto Finance’s originations rose 5.5% YoY to $2.4 billion.  \nFrom an affordability perspective, interest rates on new- and used-vehicle loans declined by mid-June. The national average interest rate on a 60-month loan for a new car decreased 97 basis points YoY to 6.74% as of June 15, according to Curinos.  \nWith lower rates and longer-term loans, consumers are opting to refinance their auto loans for lower monthly payments.  \nLenders also are adding more longer-term loans into asset-backed securitization deals as 72-plus-month terms gain traction. At the same time, auto financiers are keeping a close eye on funding costs and loan performance.  \nMeanwhile, powersports companies have been active with capital funding ventures this month. Octane sold a $340 million portfolio of powersports and outdoor power equipment loans to Bayview Asset Management, while California-based electric RV startup Evotrex raised $30 million in series A financing.  \nIn this episode of “Weekly Wrap,” Auto Finance News Editor Amanda Harris, Senior Associate Editor Aidan Bush and Associate Editor C.J. Moore discuss top trends across sales, affordability, funding and powersports.  ","thumbnail_url":"https://img.transistorcdn.com/bGxHLOFkdbybG6Gmvn9PfxjEHJwxVQSrreBhCWUsXKc/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzM5MTcvMTY4ODY1/ODM4OC1hcnR3b3Jr/LmpwZw.webp","thumbnail_width":300,"thumbnail_height":300}