In this episode of the Weekly Wrap, Editor Riley Wolfbauer discusses last week’s top stories, and what is to come in the week ahead. Last week was marked by records as supply improved, ATP hit a record high for the second month in a row, and dealer sentiment fell to its lowest point since the pandemic.  

Ally Financial Chief Executive Jerry Brown said he sees minimal exposure risk to Carvana’s woes. Still, website traffic for the retailer has been declining for three months, and consumer complaints continue to increase.  

Carvana’s financing volume dropped for the sixth straight month in October as high interest rates and inflation impact affordability, falling 24.3% year over year to 16,604 contracts, according to the latest AutoCount data. In this episode of the Weekly Wrap, Deputy Editor Amanda Harris, Editor Joey Pizzolato and Associate Editor Riley Wolfbauer discuss this week’s top stories, and what is to come in the week ahead.  

Auto credit availability continued to improve in October while regulation scrutiny ramped up. Regulators continue to home in on fees related to auto lending. Florida Attorney General Ashley Moody’s office is investigating several dealerships and lenders following consumer complaints regarding fees associated with lease end buyouts.  

Each of the major automotive retailers recorded year-over-year increases in finance and insurance (F&I) revenue in the third quarter amid strong penetration rates. Asbury Automotive recorded the largest YoY jump at 99% while Sonic Automotive recorded the smallest increase of 1%.

In this episode of the Weekly Wrap, Editor Joey Pizzolato and Associate Editor Riley Wolfbauer discuss the week’s top stories, and what to expect in the week ahead.  

In this episode of the Weekly Wrap, Deputy Editor Amanda Harris and Associate Editor Riley Wolfbauer discuss trends from the Summits. 

Bank of America, Chase Auto, Citizens Bank, Fifth Third Bank, Huntington Bank, PNC Financial, U.S. Bank and Wells Fargo have all reported sequential declines in outstandings for Q3. Citizens Bank recorded the largest quarter-over-quarter decline at 5.1%. Alternatively, Ally Financial and Truist are the only institutions to report sequential increases at 2.2% and 2.9%, respectively. 

Third-quarter earnings season kicked off last week, painting yet again another dismal outlook for the auto finance industry. Chase Auto and Wells Fargo Auto reported origination volume declines of 35% year over year and 41% YoY, respectively, as limited vehicle supply and higher interest rates limit auto loan production.  

Used-vehicle values continue to stabilize amid slowing sales and a dip in consumer demand. At the same time, rising interest rates and a lack of used-vehicle supply are making it challenging for lenders to address affordability problems, driving some subprime consumers out of the market altogether.