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SoftBank-backed car subscription service Fair is concentrating on profitability, according to Fair’s new Chief Executive Bradley Stewart. Instead of focusing on exponential growth, the emphasis will be on “building a sustainable business that can be self-funding sooner than later,” he told Auto Finance News.
“I tend to try to principally focus on how to meet the market where it’s at and to win — not through gimmicks — but through service and through elegant customer experience,” Stewart continued.
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 © Can Stock Photo / AndreyPopov The number of consumers considered to be in “financial hardship,” or 30 days past due on their auto loans, spiked in April, rising to 3.54% of total outstanding auto loans, up from 0.64% in March, according to a new study from TransUnion. The credit reporting agency defines financial hardship as “factors such as a deferred payment, frozen account or frozen past due payment.
By comparison, that figure stood at 0.51% in April 2019. TransUnion reported 83.8 million auto loans outstanding during the first-quarter of 2020, but did not provide an updated figure for Q2. |
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