CarMax Auto Finance is one year out from being able to onboard new technologies faster, Chief Operating Officer Mike Farris told AFN. The used-car retailer is working with London-based Alfa Systems to overhaul its core systems to make it more agile for innovation.
“It’s really an evolution concept,” Farris said. “On the finance side, we’re going through a whole new core system migration. That new system will allow us to be able to innovate and look at things at a much faster pace.”
Once the core system is upgraded, CarMaxAuto Finance plans to add customer-relationship management technology. Consumer-facing initiatives include messaging strategies, web capabilities, and CarMax Auto Finance’s online portal. These capabilities will enable CAF to manage customer relations from a single platform.
“Today, because our systems are old, some of that new technology doesn’t fit well,” Farris said. “This allows us to be able to bring it on without spending a lot of time integrating it into our systems on a go-forward basis.”
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