Used cars are drawing consumers with better credit.
Prime and super-prime risk tiers combined for 47.4 percent used market share in the first quarter, according to Experian Automotive.
That is up from 43.99 percent in the first quarter of 2016. At the low end of the credit spectrum, subprime and deep-subprime share fell to 31.27 percent from 34.31 percent in the first quarter of 2016.
Overall, 30-day delinquencies dropped and subprime auto lending reached a 10-year record low for the first quarter.
The new Synchrony Car Care credit card allows motorists to pay for comprehensive auto care at thousands of service and parts locations, as well as fuel at gas stations.
The new card replaces the CarCareONE card, leveraging the existing network that has helped millions of consumers finance automotive aftermarket parts and services for more than three decades. The new program enhances benefits, while building on the same core value proposition of special financing for purchases of $199 or more.
The new card is issued and serviced by Synchrony Bank.
As part of the launch, Synchrony has worked with Discover Global Network to provide greater acceptance within the fuel segment. In addition to acceptance at thousands of merchants in the Synchrony Car Care network, the new card can be used for purchases at gas stations nationwide and everywhere Discover is accepted.
Credit Acceptance Corp. announced consolidated net income of $87.6 million for the three months ended Dec. 31.
This is compared to consolidated net income of $80 million for the same period in 2015. For the year ended Dec. 31, consolidated net income was $332.8 million, compared to consolidated net income of $299.7 million, for the same period in 2015.
Adjusted net income, a non-GAAP financial measure, for the three months ended Dec. 31, was $96.7 million, or $4.79 per diluted share, compared to $83.3 million, or $4.00 per diluted share, for the same period in 2015. For the year ended Dec. 31, adjusted net income was $360.6 million, or $17.67 per diluted share, compared to adjusted net income of $309.8 million, or $14.77 per diluted share, for the same period in 2015.
Credit Bureau Connection, a provider of credit report and compliance solutions, announced it is now integrated with DealerSocket’s core product offerings.
The integration consists of incorporating CBC’s credit report and compliance management system into the DealerSocket family of products, including CRM, iDMS, and DealerFire. This seamless integration allows DealerSocket customers direct access to hard pull and soft pull credit reports from all three credit-reporting agencies, along with a comprehensive “all inclusive” suite of compliance management tools, all without leaving the DealerSocket software interface.
Mike Green, president and CEO of CBC, said he is excited about the partnership.
“This will provide DealerSocket customers with the automotive industry’s most advanced credit report and compliance solution,” he said. “This integration goes beyond just providing credit reports, but delivers the industry’s only complete compliance management system into DealerSocket’s multiple software platforms.”
Jonathan Ord, CEO and co-founder of DealerSocket, added “This secure integration with CBC will provide an easier work-flow for the end user and will result in significant time savings that will benefit both the dealer and their customer.”