Auto Finance News
  • Home
  • News
  • Features
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Webinar
    • Harnessing AI & Machine Learning to Address Vehicle Affordability Issues
    • Webinar Library
  • Podcast
  • Powersports
  • Big Wheels Data

No products in the cart.

Subscribe
  • Capital & Funding
  • Compliance
  • Risk
  • Technology
  • Best Practices
  • Compliance Monitor
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
  • Features
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Webinar
    • Harnessing AI & Machine Learning to Address Vehicle Affordability Issues
    • Webinar Library
  • Podcast
  • Powersports
  • Big Wheels Data
BIG Wheels
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

4 ways SaaS technology futureproofs auto finance lending success

Shim MannanbyShim Mannan
February 1, 2022
in Technology
Reading Time: 4 mins read

Although supply chain issues — specifically the lack of semiconductor chips — continue to impact auto production in the U.S. and worldwide, forecasters optimistically predict an upward trajectory in the global automotive industry in the coming months. This is encouraging news for auto finance lenders and auto dealers as they prepare for a post-pandemic recovery.

A November 2021 report from Statistica projects that electric and connected vehicles, autonomous driving, and mobility services will lead to economic recovery on the heels of 2020 economic contraction. In fact, experts expect the auto industry to reach pre-pandemic production volumes beginning in 2023. This can be seen in some important predictions for 2023:

  • ~$9 trillion (USD) projected global automotive industry growth with 38% in new vehicle sales;
  • 88 million light vehicles to be produced;
  • 4% growth in light vehicle sales;
  • 4% projected market share of electric vehicles sold; and
  • Advancements in real-time connectivity and predictive analytics for fully autonomous vehicles.

What can auto finance lenders and auto dealers do in 2022 in anticipation of these opportunities? They can leverage software-as-a-service (SaaS) technology now to close more deals today and prepare for that post-pandemic economic surge.

SaaS technology allows the industry to capitalize on the evolving auto finance market, close more deals and enhance the customer experience. Here are the top four ways SaaS can transform the auto financing process.

1.   Automate and accelerate credit decisioning

Today’s connected consumers expect speed, simplicity and easy access in all their transactions, including the auto finance process. When the pandemic physically shut down dealerships, many turned to digital solutions. This digital-first shift evolved into an omnichannel business model, a hybrid of online and in-person car-shopping experiences.

This digital maturity is expected to grow. Choosing the right technology, such as SaaS-based automotive finance software, will help automate existing manual processes, accelerate decision-making capabilities, and make it possible to close more deals faster.

For example, many auto dealer point-of-sale systems cannot display more than one offer from a lender. For alternatives, a dealer may not have time to reach out and negotiate a more suitable offer. A dealer portal enabled by SaaS technology shows multiple offers at the same time, for example, one offer with a lower monthly payment and another with a different up-front payment. Multiple offers can give dealer partners an advantage over competitors on a tactical level.

2.   Empower auto dealers to negotiate loan variables

Often, customers are ready to buy until the money terms come up, or there’s a delay in reaching agreeable terms.

For example, the end buyer may balk at closing the deal if they are unable or unwilling to agree to $1,000 as a down payment. When this happens, the dealer typically contacts the auto finance lender to discuss other options, which adds time to the buying decision and creates the risk that the customer goes to another auto dealership for a quote or abandons the idea of buying a car altogether.

Further delays arise when auto finance negotiations occur during an evening or weekend. The lender may not respond right away to offer other lending options during off hours. Asking the customer to check back later for an updated loan offer doesn’t work with today’s connected customer. They can easily go online, shop around and finance their vehicle elsewhere.

With the right technology, lenders can offer a dealer self-service portal that allows the adjustment of loan variables. This enables the dealer to change the monthly payment, down payment or terms without needing the lender’s involvement every time.

3.  Reduce documentation burden

Auto dealers want to spend their time with customers, not managing records and files, or hunting down and waiting for documentation to close a deal. And customers expect a digital and paperless experience, especially when it occurs in other aspects of their connected lives.

Fortunately, SaaS technology ensures a seamless end-to-end digital experience that automates the document management process. For example, SaaS connects systems with third-party providers like DocuSign to manage workflows online and send and sign documents with electronic signatures fast and securely, without paperwork or delays.

SaaS technology helps transform the lease and loan origination and portfolio management process to reduce the documentation burden, save time and enhance the customer experience.

4.  Expedite the contract package to close the deal faster

Receiving the contract package is the final crucial step auto dealers need to close deals.

The process is slow and drawn out for everybody involved. Dealers often ask for employment verification at the start of the process and then ask for identification a few days later, resulting in several delays to compile the complete contract package.

To expedite the auto finance process, you want to automate as many manual steps as possible. APIs powered by SaaS leverage third-party services, such as Experian, to receive credit, income and employment information, providing a consumer self-service option when more information is required. A self-service process that leverages text messages and websites to finalize the package conveniently and securely could be one way to combat this hurdle.

Additionally, open-banking technology — popular in the U.K. and gaining acceptance in the U.S. — digitizes the identity-verification process and eliminates manual data entry and paperwork. Rather than asking borrowers to fill out paper or online forms with their personal information, borrowers can easily transfer this information digitally using their banking app via an open banking technology provider.

When crafting a post-pandemic business plan, consider these top four ways SaaS auto finance technology can make dealer partners more profitable — and car buyers happier. SaaS technology will prepare you and your auto dealers to present multiple offers quickly, without delay and red tape, deliver a contract offer painlessly, create a better financing experience for your customers, and grow your business.

Shim Mannan is the global head of services sales enablement at Solifi, a global fintech software partner for auto finance (formerly known as IDS, White Clarke Group, and William Stucky & Associates).

Auto Finance Innovation Summit, the premier event for technology in auto finance, returns April 25-26 in San Diego. The event will showcase today’s technology and tomorrow’s innovation-driven opportunities to position your company for success in this fast-paced digital era. To learn more about the 2022 event and register, visit www.AutoFinanceInnovation.com.

Tags: saassoftware as a serviceTechnology Insider

Related Posts

Image by Upstart
Earnings

Upstart auto originations surge 369%

May 8, 2025
(Courtesy/Canva)
Technology

9 companies compete for Best in Show at Auto Finance Summit East

April 29, 2025

TECHNOLOGY

Image by Upstart

Upstart auto originations surge 369%

May 8, 2025
(Courtesy/Canva)

9 companies compete for Best in Show at Auto Finance Summit East

April 29, 2025

sponsored by InformedIQ

RISK MANAGEMENT

Cars in a tourist jam

House bill introduces $2,500 car loan interest tax deduction 

May 8, 2025
Used cars for sale

Tricolor’s Eduardo Perez joins Auto Finance Summit East 2025 

May 8, 2025

COMPLIANCE

A seal at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C.

CFPB priority shift won’t absolve lenders 

May 1, 2025
A Wells Fargo bank branch in New York

Wells Fargo says CFPB ends consent order dating back to 2018

April 28, 2025

SPONSORED

The Hidden Bottlenecks in Dealership Financing—And How to Fix Them Fast

April 28, 2025

Tax Refund Season is Here—Is Your Dealership Ready to Handle the Surge?

March 13, 2025

The Future of Dealer Commercial Lending: Mastering Inventory Risk Management

March 3, 2025

Subscribe to Our Newsletters

PowerSports Finance

Next Post
Photo by Mike Mozart via Creative Commons

5 questions with … Santander Consumer USA President and CEO Mahesh Aditya

Resources

ABOUT US

HELP CENTER

ADVERTISE

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Manage Cookie Consent

Special Content

EXECUTIVES OF THE YEAR

AUTO FINANCE EXCELLENCE AWARDS

MAGAZINE ARCHIVE

INDUSTRY GLOSSARY

Follow Us

facebook linkedin twitter podcast podcast
© 2025 Royal Media
No Result
View All Result
  • Home
  • News
    • All News
    • Capital & Funding
    • EVs
    • Technology
    • Management
    • Powersports Finance News
    • Risk Management
    • Sales & Marketing
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Features
    • Latest Issue
    • Features
    • New Tracks
    • Car Culture
    • Staffing Shuffles
    • Under The Hood
    • Spotlight
    • Issue Archive
  • Webinar
  • Podcast
  • Big Wheels Data
  • SUBSCRIBE
  • Log In / Account

No Result
View All Result
  • Home
  • News
    • All News
    • Capital & Funding
    • EVs
    • Technology
    • Management
    • Powersports Finance News
    • Risk Management
    • Sales & Marketing
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Features
    • Latest Issue
    • Features
    • New Tracks
    • Car Culture
    • Staffing Shuffles
    • Under The Hood
    • Spotlight
    • Issue Archive
  • Webinar
  • Podcast
  • Big Wheels Data
  • SUBSCRIBE
  • Log In / Account

THIS WEBSITE USES COOKIES

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I CONSENT”, you consent to the use of ALL the cookies.

Cookie settingsI CONSENT

Review our Cookie Policies
.
Manage Cookie Consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
34f6831605sessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
a64cedc0bfsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
crmcsrsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
JSESSIONIDsessionThe JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application.
LS_CSRF_TOKENsessionCloudflare sets this cookie to track users’ activities across multiple websites. It expires once the browser is closed.
LSKey-c$CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
CookieDurationDescription
__cf_bm30 minutesThis cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
_zcsr_tmpsessionZoho sets this cookie for the login function on the website.
663a60c55dsessionThis cookie is related to Zoho (Customer Service) Chatbox
e188bc05fesessionThis cookie is set in relation to Zoho Campaigns
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT2 yearsYouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid2 yearsVimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
__Host-GAPS2 yearsThis cookie allows the website to identify a user and provide enhanced functionality and personalisation.
_dc_gtm_UA-1038974-31 minuteUsed to help identify the visitors by either age, gender, or interests by DoubleClick - Google Tag Manager.
_fbp3 monthsThis cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr3 monthsFacebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
test_cookie15 minutesThe test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysA cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSCsessionYSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devicesneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-idneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextIdneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requestsneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
caf_ipaddrsessionNo description available.
citysessionNo description available.
countrysessionNo description available.
gnt_eidsessionNo description available.
gnt_eu6 hoursNo description
iamcsrsessionZoho (Customer Support) sets this cookie and is used for tracking visitors (for performance purposes)
systemsessionNo description available.
traffic_targetsessionNo description available.
Save & Accept
Powered by CookieYes Logo