The landscape of data privacy is changing on the heels of the Federal Trade Commission’s (FTC) amendments to the Gramm-Leach Bliley Act (GLBA) and as states enact their own data privacy laws in an effort to fill gaps not covered by federal laws. 

Last week the auto finance industry entered the tail end of second-quarter earnings season as used-vehicle values depreciated for the second straight month and the unemployment rate remained strong. Credit Acceptance, Carvana and Solera Auto Finance posted increased origination volume in Q2 even as credit demand weakened.

Ally Financial, Bank of America, Capital One, Huntington Bank and Truist posted auto loan growth, while U.S. Bank, Citizens and Fifth Third Bank logged sequential declines in outstandings. Capital One, Citizens, Fifth Third and U.S. Bank intentionally backed off auto lending in Q2 due to rising interest rates, tightened inventory and elevated vehicle prices.

Last week, used-vehicle values continued to shift amid improving inventory and slowing used-car sales. Meanwhile, CarMax Auto Finance, Hyundai Capital America, Santander Consumer USA and Vroom all announced plans to close $4 billion in prime and subprime asset-backed securities (ABS) deals on July 20.  

Also last week, Consumer Portfolio Services (CPS) looked to revamp its operational strategy and focus on growth by doubling its credit facility with Ares Agent Services.