Financial institutions now have better access to Carfax data through a new partnership between Carfax and Origence, a leading provider of lending technology and solutions to the financial services industry.

The expanding network of financial institutions using the Origence consumer loan origination system (LOS) for indirect auto loans now has access to Carfax Vehicle History Reports in just one mouse click. The Origence consumer LOS is a comprehensive loan origination system designed to improve the lending experience for both consumers and lenders for a variety of loan products, including indirect auto loans largely driven by its connection to the CUDL network.

“The landscape of auto finance is changing, and we recognize the value and need for delivering a simplified, streamlined lending process for credit unions and their members,” said Aleks Bogoeski, Vice President of Strategic Alliances for Origence.  “As a result, we’ve joined forces with Carfax to provide auto lenders with the ability to easily access vehicle history information, paving the way for an improved lending experience.”

VINData Products LLC announced it has added Manheim Market Report (MMR) and Black Book wholesale and retail vehicle values to its vehicle history reports. The move should help used-car dealers more effectively source the right vehicles for their markets while maximizing profits.

Now, each VINData History Report contains Black Book wholesale, retail and trade-in values, with refinements for vehicle condition and location. MMR values, on the other hand, are based on millions of Manheim transactions from the previous 13 months and are adjustable for mileage, region, color and AutoGrade condition. 

“The more information dealers have access to, the better decisions they can make,” said Zach Hallowell, SVP, Manheim Digital Solutions. “By having access to MMR in VINData History Reports, independent dealers can more effectively compete in the marketplace.”

Reports without wholesale values can be printed for consumers. Dealer prices are as low as $2.49 each or dealers can opt into a new unlimited plan for $.99 per report with a $30 monthly fee.

“We strive to provide our customers with the best, most trusted data at the best price possible.” said Adam Siner, president, VINData Products. “Adding valuations just makes sense.”

The valuation data enhances the NMVTIS title, junk/salvage/insurance loss, open lien/theft, active/unrepaired recall information already in VINData History Reports.

“This ground-breaking integration of Black Book data in VINData History Reports aids dealers by providing the industry’s most precise VIN-specific valuation,” said Jared Kalfus, SVP, revenue, Black Book. “We look forward to benefiting both VINData and their dealership clients.”

Economic activity expanded modestly from January to mid-February for most Federal Reserve districts. Most businesses remain optimistic regarding the next 6-12 months as COVID-19 vaccines become more widely distributed. Reports on consumer spending and auto sales were mixed. Although a few districts reported slight improvements in travel and tourism activity, overall conditions in the leisure and hospitality sector continued to be restrained by ongoing COVID-19 restrictions.

Optimistism among business owners is on the rise as covid-19 restrictions loosen

Despite challenges from supply chain disruptions, overall manufacturing activity for most districts increased moderately from the previous report. Among districts reporting on nonfinancial services, activity was mixed, though most reported modest growth over the reporting period. Some districts noted that financial institutions experienced declines in loan volumes, but most cited lower delinquency rates and elevated deposit levels. Historically low mortgage interest rates continued to spur robust demand for both new and existing homes in most districts, and home prices continued to rise in many areas of the U.S. On balance, commercial real estate conditions in the hotel, retail, and office sectors deteriorated somewhat, while activity in the multifamily sector remained steady and the industrial segment continued to strengthen. Districts reporting on energy observed a slight uptick in activity related to oil and gas production and energy consumption. Overall, reports on agricultural conditions were somewhat improved since the previous report. Transportation activity grew modestly for many districts.

Most districts reported that employment levels rose over the reporting period, albeit slowly. Constraints on labor supply included those related to COVID-19, childcare, and unemployment benefits. Overall, contacts expect modest improvements in employment levels in the near term.

Black Book released its Used Vehicle Retention Index for February 2021  and the 132.3 mark Is a  2.6 percent increase fro m January ’s 128.9.

“We continue to see tremendous strength of used car prices across all segments,” said Alex Yurchenko, SVP, data science and analytics. “Fueled by the shortage of inventory at the wholesale market and issues with new vehicle production, prices continued to climb in February. The Full-size  Pickup Truck segment remained strong with its Index increasing by 3.4 points and is currently 23 percent above its February 2020 level. The Sporty Car segment increased by 4.3 points and stands at 21 percent above 2020 levels.”   

The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-year-old used vehicles, as a percent of original  typically equipped  MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition. The Index offers an accurate, representative, and unbiased view of the strength of today’s used vehicle market values.  
   

Private sector employment increased by 117,000 jobs from January to February, according to the February ADP National Employment Report.

 

Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute in collaboration with Moody’s Analytics.

 

The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.

 

The report also showed private sector small business employment increased by 32,000 jobs from January to February according to the February ADP Small Business Report. Due to the important contribution that small businesses make to economic growth, employment data that are specific to businesses with 49 or fewer employees is reported each month and broadly distributed to the public, free of charge.

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