Rifco National Auto Finance launched a direct lending portal in August, geared toward a younger popu lation, Vice President and Chief Marketing Officer Doug Decksheimer told Auto Finance News.
“We have been testing this portal for more than a year before we finally launched it,” he said. The portal, dubbed Splash Auto Finance, enables individuals to apply for a loan and get pre-approved directly online. “I know millennials nowadays don’t feel like going to dealerships; they prefer to do everything through the internet and through mobile apps.”
After gathering the necessary consumer information in the portal — such as name, job, and work history — Rifco pairs the individual with its finance specialists, he said.
Additionally, Rifco is strengthening its social media efforts to attract more millennial customers, Decksheimer said. The lender recently set up an Instagram profile for Splash Auto Finance to promote the new portal. Previously, the company only had a Twitter handle and a Facebook page for its traditional dealer portal.
“I find it helpful to connect with millennials via social media,” Decksheimer said. “They are a demographic who enjoys the online and mobile app experience.”
Alberta, Canada-based Rifco makes loans for more than 500 dealers in Canada, 70% of which are franchise dealers. Since its founding in 2002, Rifco has provided near-prime and nonprime financing for more than 40,000 customers in Canada.
Decksheimer will give a presentation entitled “Strategies for Enhanced Dealer Relationships” at the 17th annual Auto Finance Summit, which will take place Oct. 25-27 at the Wynn Las Vegas.
The session will cover best practices for dealer enrollment, how to set yourself apart in a crowded lending space, strengthening dealer relationships by building a loyalty program, and more. To learn more about this year’s event — or to register — click here.
