Subprime lender Consumer Portfolio Services is boosting dealer self-service options, with a revamped portal slated to debut early next year.
“We’re rebuilding the dealer portal, so the dealer can go in and play around with the [loan] structure until he gets one that he likes, and we accept, without having to call a buyer and negotiate a structure over the phone,” Teri Robinson, CPS senior vice president of originations, told Auto Finance News.
The changes to the dealer portal are expected to go live in the first quarter of 2019. The company’s goal is to offer more self-service and digital channels.
“There are a lot of dealers who like the touchy-feely, who want to call and talk to us, but there are probably even more who feel like, ‘Let’s get this going, I need an answer now’ and they’ll sacrifice a human voice for the opportunity to do it themselves,” said Robinson.
Despite the economic downturn on the horizon in late 2019 and into 2020, CPS expects originations to rise next year. “In 2019, we’re poised to have steady growth,” Robinson said. “We will continue to use our updated scorecard to grow the business in ways that won’t affect credit quality.”
Also, CPS plans to introduce a preferred dealer program next year. “We’re recognizing good dealerships by giving them the ability to talk to a special buyer, special funder, and fast-track their funding packages,” she said.
Preferred dealers will be able to send funding packages electronically to expedite the funding process. “We’re trying to give them the best customer service because they give us good paper and we want more of it,” she added
In addition to exploring more ways to use alternative data, Robinson said the company is planning more mobile functionality for dealers and consumers. Currently, mobile features include the ability to download applications, apply for loans, submit paystubs, request payoff quotes, and make payments.
