Large auto lenders need to maintain a start-up mindset in order to remain customer-centric, Ernie Garcia, founder and chief executive of online used-car marketplace Carvana, told Auto Finance News.
“Oftentimes, there are processes that get cemented in this industry, and oftentimes it’s because they [lenders] have been doing a very good job utilizing those processes,” he said. “It’s important for all the companies to always go back to square one: how you can serve the customer today, with the tools that are available today.”
As a company grows, Garcia said, it becomes harder to keep the customer in mind first. “You tend to get very financial-centric,” he added. “With all the conversations you have with bosses and investors, about quarters and competitors.” At the Auto Finance Summit 2015 last month, Garcia discussed the future of the auto finance industry, and the areas open to disruption. “The market is huge, and like in any other industry, there is always room to offer customers different experiences,” he said. “We should keep that in mind.”
