5 Questions With… Brian Allan of HyreCar
Those who know Brian Allan, senior vice president of strategic partnerships at HyreCar, know that he is a man of few words — but deliberate words, nonetheless.
Widely regarded in the industry as an expert in the ridesharing space, Allan connects lenders and dealers to rideshare drivers looking for alternative forms of vehicle ownership. The company’s earn-to-own program allows drivers to secure short-term financing — 24 to 36 months — on vehicles they drive while using services such as Uber and Lyft.
“The idea is to put these people in a loan that makes sense for their driving arrangement,” Allan previously said, noting that shorter loan terms have helped lenders protect loan-to-value ratios on vehicles that drive more miles than average.
Auto Finance Excellence asked Allan five questions about what his company goals are, his favorite leadership advice and a surprising fact that his colleagues would never know about him. What follows is an edited transcript of the interview.
Auto Finance Excellence: What are your company goals in 10 words or less?
Brian Allan: Empower opportunity and build connections through mobility.
AFE: What is the favorite piece of leadership advice you’ve ever received?
BA: “The key is not the will to win, it is the will to prepare to win”- Bobby Knight, former NCAA basketball coach (1965 – 2008).
AFE: What do you think is the most underrated trend in lending practices?
BA: Alternative data for credit decisions. The Consumer Financial Protection Bureau is now endorsing non-Fico based approvals for banks to utilize that will help thin- or no-file borrowers get access to loans.
The idea is that your mainstream lenders that provide competitive interest rates traditionally only use Fico-based tools, and it’s been the high interest rate companies — such as buy-here, pay-here lenders — that have been using other things as a factor as to whether or not to lend.
Now, because of access to alternative computer data, such as where they shop, their cash flows, more access to where they’re spending their money, their payment history on utilities, there’s a much deeper picture banks are using when they decide who to lend to.
AFE: What person has had the biggest influence on your career?
BA: Bert Boeckmann, the owner and operator of Galpin Motors, one of the largest privately held automotive retailers in the world. Mr. Boeckmann started his career in 1953 based on a foundation of customer service, long before customer satisfaction was “a thing” in automotive retail. The motto that he lives by and builds every process with is simple but profound: “Our only reason to be in business is to serve the customer.”
Additionally, Bert was an innovator before the word applied to retail. He started making his dealerships a fun and exciting place to visit in 1966. Surfer vans, sunroofs, short-term leasing, custom cars, shows, vehicle launch events, restaurants, and the first to have a full-service Starbucks cafe on-premises.
AFE: What’s something your employees would be surprised to learn about you?
I was instrumental in helping a wrongfully accused person get acquitted for a murder he did not commit.
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