The layoffs occurred last week in response to the company’s decision to cut back on writing new loans, according to a spokesperson for the lender.
“We continually assess our business to ensure we are well-positioned to offer innovative and competitive products and services to all of our customers,” the spokesperson wrote in an email. “Rising interest rates, used vehicle prices and moves by competitors have created unique headwinds and compressed margins in the auto lending industry. Based on our assessment of the environment and our auto business, we pulled back on originations. To better align teams to match our current originations volume and ensure our organization remains strong and resilient, we announced changes that impacted some associates in our auto business.”
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