Online marketplaces are widely viewed as a new frontier for auto finance, and 2016 saw a slew of new and long-time players entering the direct and indirect digital lending space.
JPMorgan Chase announced it is offering a new online portal for its direct auto lending practices that will streamline the process via the dealer. The program — called Chase Auto Direct — sets up financing online and redirects consumers to one of the bank’s 14,000 dealer partners.
Hyundai Capital is another established finance player that’s dabbling in direct lending, at least in its UK market. However, Toyota Financial Services and General Motors Financial have chosen to beef up their indirect products while offering new options in mobility services, such as car and ride sharing technology.
Still, it’s the fledgling startups that garnered some of the biggest headlines in 2016. Whether it’s the startup Fair filling the void left by Beepi, AutoGravity launching new digital components, or Honcker launching online leasing, 2017 is poised to be another busy year in auto finance tech.
- Chase Debuts Digital Car-Buying Service
- Beepi Shuts Down, Fate of Financing Partnerships Unclear
- AutoGravity Debuts New Website, Announces Digital Updates
- Hyundai Launches End-to-End Digital Car Buying Portal
- Startup Honcker Pilots End-to-End Lease App
- Forget Omni-Channel, It’s ‘Mobile First, Mobile Only,’ Head of Citi Fintech Says
- ‘Fin’ Should Come First in Fintech, BofA SVP Says
- Direct Lending Startups Grab Investor Interest
- TFS Opts for RouteOne’s Booking Platform
- GMF, Maven Expected to Drive 20% of Total Company Revenue by 2019
