Auto Finance News | The News That Drives the Industry

AFS 2018

Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Digital Customer Experience Takes Center Stage at Auto Finance Sales & Marketing Summit

Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence. In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its call center and branches. […]

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

Digital Customer Experience Takes Center Stage at Auto Finance Sales & Marketing Summit

Distinguished executives from USAA Bank and CarFinance.com are set to discuss best practices for optimizing the digital lending experience at the Auto Finance Sales & Marketing Summit during a session entitled “Delivering the Digital Customer Experience.” The discussion will take place Monday, May 13, at 4:00 p.m. PT at the Omni San Diego. The panel […]

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Innovation & Mobility

Uber’s Self-Driving Arm Gets $1 Billion Investment Ahead of IPO

Uber Technologies Inc. secured a $1 billion investment from three Japanese companies, ahead of an initial public offering expected next month. Denso Corp., Toyota Motor Corp. and SoftBank Group Corp.’s Vision Fund bought stakes in the self-driving unit, valuing the arm at $7.25 billion, according to a statement. The deal will help Uber, which tallied […]

AFN Announces DEMOvation Participants

Digital Customer Experience Takes Center Stage at Auto Finance Sales & Marketing Summit

Auto Finance Accelerate 2019 Unveils Slate of Speakers From Chase Auto, Ally, Hyundai Capital

DriveItAway to Boost Scale, Expand Reach With New Marketing Partnership

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From Auto Finance Excellence

Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Reinforces Customer Service with Tech

Videos

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Hyundai Capital America CEO and President Ross Williams spoke at the 18th annual Auto Finance Summit about the company’s strong growth and the challenges he’s dealing with today. “I remember celebrating reaching $10 billion in assets seven years ago. A couple of years later it was $20 billion. A couple of years later it was $30 billion,” said […]

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BMW Financial to Explore Compliance Strategies at Auto Finance Risk Summit

BMW Financial Services’ compliance manager, Richard Corthell, has joined the speaker faculty at the Auto Finance Risk Summit to discuss the various ways lenders can establish an organizational structure that assigns compliance responsibility. Corthell takes the stage on Thursday, May 16 at 9:05 a.m. PT for a presentation where he’ll guide the audience through strategies […]

Joey Pizzolato
April 19, 2019
Compliance

Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Bianca Chan
April 19, 2019
Auto Finance Excellence, Sales & Marketing, Technology

Uber’s Self-Driving Arm Gets $1 Billion Investment Ahead of IPO

Bloomberg News
April 19, 2019
Innovation & Mobility, Strategy

AFN Announces DEMOvation Participants

Auto Finance News has selected seven startup companies to compete in the third annual DEMOvation Challenge, a showcase of new technology. The event, sponsored by Market Scan, takes place at the Auto Finance Innovation Summit — part of Auto Finance Accelerate — at the Omni Hotel in San Diego, California on Tuesday, May 14. The […]

Joey Pizzolato
April 18, 2019
Innovation & Mobility, Technology

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Nicole Casperson
April 18, 2019
Operations, Sales & Marketing, Technology, Update

JPMorgan Moves Piepszak Into Realm of Dimon’s Possible Heirs

Whenever Wall Street muses on who may someday replace Jamie Dimon atop JPMorgan Chase & Co., Marianne Lake’s name arises. For six years, she’s guided analysts and investors through the firm’s business as its chief financial officer. Now, Jennifer Piepszak is taking that stage, becoming CFO and joining a cadre of senior JPMorgan executives viewed […]

Bloomberg News
April 18, 2019
Operations, Strategy

Navy Federal Reinforces Customer Service with Tech

The intersection of customer service and technology is top of mind for Navy Federal Credit Union this year, with enhancements to electronic signatures, mobile applications, and digital portals, said Vice President of Consumer Lending Joseph Pendergast. With 18,000 employees worldwide and more than 8 million members within all branches of the armed forces — including […]

Bianca Chan
April 17, 2019
Auto Finance Excellence, Features, Operations

Md. Senate Committee Rejects Bill to Preserve Watchdog Agency, Mandate Dealer Rate Disclosures

The Maryland Senate Financial Committee voted down a bill last week to extend the Financial Consumer Protection Commission’s regulatory power for two years, effectively decommissioning the state-run watchdog on June 30 and scrapping a requirement that auto dealers disclose to consumers the “buy rate” on loan contracts. The buy rate refers to the lowest annual […]

Joey Pizzolato
April 17, 2019
Compliance, Operations, Update

Tech Partnerships Help Drive Digital Transformation in Auto Finance

Aclaro, a company that develops tools for companies in the automotive industry, recently announced game-changing news that validates its mission of helping small, scrappy dealerships compete with larger competitors. As part of its efforts to deliver five-star service for its clients, Aclaro joined the Microsoft Partner Network, allowing the company to continue building its business […]

How Lenders Should Leverage the Power and Promise of Artificial Intelligence

Technology does not wait for rules or regulations. Artificial intelligence (AI) is no exception. The potential profit associated with fintech speeds up innovation, but it also increases the risk of implementing machine intelligence without assessing potential hazards. Simply put, we do not understand how some machines solve problems with deep learning algorithms. This risk can […]

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]

The Value of User Experience When Managing Risk

Much has been written about the rise of machine learning and artificial intelligence and how it will impact the auto lending industry. While there has been a significant amount of hype, the promise of artificial intelligence is simply game changing. The most obvious application is that thinking machines will be able to assess risk and […]

The Benefits of Artificial Intelligence in Auto Lending

We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]

How Lenders’ Response Time Influences Dealer Relationships

Automotive OEMs rate vehicle performance by the time it takes to go from zero to 60 in seconds. This is a measure of energy conversion – fuel, spark, movement. While this is a mechanical situation, a comparison can be made to business response times. While fuel is a potential auto loan customer, the spark is […]

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