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Auto lenders continue to experience ups and downs through the COVID-19 pandemic, and it’s becoming clearer by the week what changes are in store for the industry. For the subprime credit tier, new-vehicle financing has fallen to an eight-year low in the second quarter as a similar trend continues for deep subprime loans. Still, industry players have found creative ways to navigate the pandemic. Platinum Auto Finance was able to quickly transition to a work-from-home structure due to the Florida-based lender’s disaster plan for hurricanes, and Pentagon Federal Credit Union forged a partnership with the fintech CRIF Select to expand its indirect auto lending platform.
This week, the auto finance industry may be reaping the benefits of lenders and dealers adapting to offer digital car buying solutions during the height of the COVID-19 pandemic. In this edition of the Weekly Wrap, Amanda Harris and JJ Hornblass discuss these news developments for the week ending Sept. 11, and what’s to come next week.