Digital disruptors have shaken up traditional auto finance, compelling lenders to adapt to the new paradigm or risk losing business. One critical decision for finance company executives involves determining which elements of the car-buying and -financing process are most effectively linked — and which should be kept separate.
That’s the upshot from the latest webinar hosted by Auto Finance Excellence. A complete recording of the webinar can be found below.
“What we’ve seen in banking is an unprecedented amount of disruption created by new startups who are all trying to grab that marketshare that, previously, banks had broad control of,” said Daniel Chu, founder and chief executive at Tricolor Auto Group.
Companies like Fair, Carvana, Vroom, Honcker, Shift, AutoFi, and Tred are leveraging consumers’ desire for digital options when car shopping. “That convenience factor that [startups] bring to the table is impacting car buying,” Chu said. “Similar to the banking space, the car-buying space is being disrupted, it’s being unbundled, and ultimately will cause pressure on lenders to pivot their strategies.”
Auto Finance Excellence is pleased to present this webinar offering best practices for auto lenders on how to advance digital capabilities by leveraging key technologies. Chu guides participants through the steps required to evaluate the startups cluttering the space to enhance product offerings and speed time to market. He hashes out how Tricolor is refocusing its digital strategy to scale mobility offerings.
These are just some of the topics Chu tackles during this exclusive event, the first in a series of quarterly webinars presented by AFE this year.