Top 5 innovation and technology stories of 2022

Technological innovation has taken the auto industry by storm since the start of the COVID-19 pandemic by automating lending operations and addressing consumer pain points in the car-buying process to improve the end-to-end purchasing experience. In 2022, lenders continued to launch new programs, form new partnerships and leverage automation to expand capabilities and efficiency. Here are the top five innovation and technology stories of 2022. 1. Chase Auto launches integrated car-buying and financing platform Chase Auto launched digital car-buying and financing platform <a href="https://autopreferred.chase.com/?offercode=PS1BTXX06&jp_cmp=af%2FAuto%20Financing_Brand_Exact_Auto_SEM_CAP%20DMAs_NA_Standard_NA%2Fsea%2Fp64718744029%2Fchase%20auto%20finance%20-%20Auto%20Financing_Brand_Exact_Auto_SEM_CAP%20DMAs_NA_Standard_NA&gclid=Cj0KCQiAxoiQBhCRARIsAPsvo-yNpXN6WAuWhKiZs8TJZyGK-i3LU1LZDcnQqtpHGlj88QF4zb5zy1gaAgnvEALw_wcB&gclsrc=aw.ds" target="_blank" rel="nofollow noopener">Chase Auto Finance and Drive , which allows customers to search inventory from enrolled dealers and get prequalified for a loan. The platform was launched to serve Chase’s more than 70 million customers and to help speed the lending process by getting consumers approved for a loan ahead of their car purchase. 2. Santander Consumer USA expands digital capabilities with AutoFi Santander Consumer USA (SCUSA) added new functionalities to its car-buying and financing process by building on its partnership with e-commerce fintech AutoFi . SCUSA aimed to develop mobile, desktop and in-dealership tools to streamline the purchasing process through the partnership expansion. The new functionality allows consumers to preview dealerships’ inventory online to identify which vehicle they want to purchase and can afford before stepping foot in the dealership. SCUSA’s end-to-end car-buying platform creates efficiencies in the financing process by giving consumers loan options on multiple vehicles and allows buyers to complete the purchase online in states that allow e-contracting. 3. Solera launches captive finance program Solera Holdings launched Solera Auto Finance , a full spectrum, captive-like financing solution for dealers on the company’s dealer management systems — Auto/Mate for franchise dealers and iDMS for independent dealers. Solera Auto Finance originates auto loans and uses an unnamed third-party provider to service the loans. The financier initially served nonprime and subprime consumers in Georgia, Indiana, Kentucky, North Carolina, Oklahoma, Virginia and Washington with the plan to expand to full-spectrum lending across more states. 4. Hyundai Capital to increase automation in financing process Hyundai Capital America is planning to automate more of its funding process within the next couple years after seeing success in e-contracting. Hyundai Capital’s automatic decisioning rate has improved to around 80%, up from 50% three years ago, and the lender sees 86% of contracts completed digitally after launching the e-contracting offering three years ago. 5. Consumer Portfolio Services revamps to think more like a fintech Consumer Portfolio Services (CPS) leverages artificial intelligence, machine learning and data to revamp its operational strategy , creating scorecards for nearly every aspect of its lending operations. CPS created scorecards for its credit model, dealer model, early payment default model, extension model and collections and is also creating a scorecard for repossessions. Each scorecard serves a different function allowing CPS to streamline processes. For example, the lender’s collections scorecard tells call center agents who to call, when to call and how to call consumers. Auto Finance Summit East, Auto Finance News’ new spring event, kicks off May 10-12 at the JW Marriott Nashville. To learn more about the 2023 spring event and register, visit autofinance.live/afs-east .

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