Bank of America Enters Car Subscription Space With Volvo

  • William Hoffman
  • January 24, 2018
Bank of America is the finance provider for Volvo Cars’ new subscription service launched late last year, David Hollodick, the bank’s senior vice president of consumer vehicle lending, told Auto Finance News. All of Volvo Car Financial Services’ loan and lease originations end up on Bank of America’s balance sheet, Hollodick explained, including subscriptions to […]

Mobility to Change Secondary Market, Goldman Economist Says

  • William Hoffman
  • November 7, 2017
LAS VEGAS — Goldman Sachs & Co. is mulling how to structure new ownership and investment models as lenders eye a mobility-focused future in which financial institutions are lending more for fleets of vehicles rather than for individual service contracts. “You’ll see more transition to institutions becoming fleet managers,” Robert McDonald, vice president of structured […]

GM Captive to Finance OEM’s 2018 Self-Driving Manhattan Fleet

  • William Hoffman
  • October 31, 2017
LAS VEGAS — General Motors Financial Co. will be the commercial lender for General Motors Co.’s new fleet of autonomous Chevrolet Bolts, which will be introduced onto the streets of Manhattan in early 2018, Auto Finance Newshas learned. The exclusive news came from the captive’s President and Chief Executive Dan Berce during a fireside chat at […]

Daimler Invests in Mobility for Boon in Financial Services Division

  • William Hoffman
  • July 31, 2017
Daimler Financial Services is looking to grow its portfolio by more than 5.5% through 2020, largely driven by its investments in mobility, according to the company’s second-quarter earnings report. The OEM intends to spend 15.2 billion Euros on the development of mobility in 2017 and today the company serves 14.5 million people worldwide through a […]

Daimler Performs Test of Blockchain in $114MM Transaction

  • William Hoffman
  • June 30, 2017
Daimler AG issued a €100 million ($114.2 million) promissory note using blockchain technology, which the Mercedes-Benz manufacturer says is a first step to testing faster and more secure financial transactions across the company. Normally, a transaction like this would take roughly 10 weeks for a bank to work as the administrative intermediary between Daimler and […]
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