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Q3 earnings season kicks off, Octane enters marine market
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Chase Auto and Wells Fargo kicked off the Q3 earnings season last week, with both lenders reporting flat or lower origination volume on a year-over-year basis.
Wells Fargo’s auto originations hit $4.1 billion in Q3, up 11% sequentially and unchanged compared with Q3 2023, according to the bank’s earnings supplement published Oct. 11. The bank's auto loans 30-plus days delinquent remained flat sequentially at 2.3%, down from 2.6% during the same period last year.
Chase Auto, however, saw origination volume inch down quarter over quarter and YoY in the third quarter while delinquencies inched up. Chase’s auto originations fell 7.7% sequentially and 2% YoY to $10 billion in Q3, though the lender maintained “strong margins and high-quality credit,” Chief Financial Officer Jeremy Barnum said on Chase’s Oct. 11 earnings call.
Meanwhile, Octane Lending announced last week that the company has entered the marine market, driven in part by Octane’s desire to bring new technology and efficient financial solutions to the market, Mark Davidson, co-founder and chief growth officer at Octane, said on Oct. 11 at PowerSports Finance Summit 2024 in Las Vegas.
In this episode of the “Weekly Wrap” Auto Finance News Associate Editors James Van Bramer and Ashley Savage discuss growth and performance trends for the week ending Oct. 11.
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