More auto lenders announced year-over-year origination growth last week in their third-quarter earnings reports.
Carvana posted
a 35.5% YoY increase in originations in Q3 as retail sales jumped 34.2% YoY and 7.1% quarter over quarter to 108,651 units. The increase in originations comes as the financier and retailer saw “record performance in virtually every key financial measure,” Carvana Chief Executive
Ernie Garcia said during the company’s Oct. 30 earnings call.
Subprime lender
Credit Acceptance Corp.’s (CACC) consumer loan assignments
increased 17.7% YoY but fell 4.4% sequentially on a unit basis to 95,670, according to its Oct. 31 earnings release. CACC’s consumer loan assignments rose 12.2% YoY on a dollar basis.
Similarly,
AutoNation Finance’s year-to-date originations
grew to more than $700 million in the third quarter amid efforts to reach $1 billion in total originations this year.
In powersports, boat manufacturer
Brunswick’s boat sales
sank 19.4% YoY and 20.5% sequentially to $345.3 million in the third quarter. The manufacturer’s full-year retail expectations, which were adjusted in Q2, are estimated to drop by about 10% YoY, according to the earnings release.
In this episode of the “Weekly Wrap,” Auto Finance News Associate Editors Ashley Savage and James Van Bramer discuss key takeaways from third-quarter lender and retailer earnings and the latest news on auto lease ABS issuance volume.
What is The Auto Finance Roadmap?
Auto Finance News is pleased to present The Roadmap, the podcast on best practices and trending topics in automotive lending and leasing. If you are in auto finance, this is your podcast.
Auto Finance News, published by Royal Media, is the flagship publication for the auto finance industry. Published since 1996, Auto Finance News is the nation’s leading source for news, insights and analysis on automotive lending and leasing.
Auto Finance News offers a Premium subscription service, which includes a monthly newsletter, a weekly email Update, exclusive event discounts, and much more. The Auto Finance News Premium subscription provides its subscribers with valuable data and exclusive market knowledge. Subscribe now to the News That Drives The Industry at https://www.autofinancenews.net/subscribe/.
Auto Finance News produces the following leading industry events: the Auto Finance Innovation Summit, the Auto Finance Risk Summit, and the Auto Finance Summit, the industry’s premier event.