As mobility services continue to grow, transforming the auto finance landscape, lenders are advised to take action to keep up with the evolving auto space, several executives said during a panel discussion at the 2017 Auto Finance Summit last October.
“The people we are in business with are not watching, but a lot of people are pretty heavily engaged in how to do a lot of things that may seem obvious, but are not so obvious in execution,” Adam Kosmicki, chief financial officer of Getaround Inc., told attendees. “It’s less sitting back and waiting, and more trying to figure out how do we get this started with respect to our own institution and with respect to our partners, who have different systems integrated and different processes.”
However, companies can also work to better understand mobility trends without rushing in and investing right away, added Magdalena Yesil, founder of DriveInformed Inc. One thing auto lenders can do is better understand consumers and their behaviors regarding mobility, which will allow for wiser business decisions.
“What I really do caution is throwing money, and time, and resources against technologies just for technology’s sake,” she said. “That’s the best and surest way to lose time and money. The best way to do it is to actually watch what the consumers want — to actually get closer to consumers and see what kind of behavior [and] interests they have.”
Hear more panelists talking about mobility in the video below — the second in a special video series from the Auto Finance Summit held in Las Vegas last October.
For more content like this, attend the third annual Auto Finance Innovation event, slated for March 7-8, at the Parc 55 in San Francisco. For information, or to register, visit autofinanceinnovation.com.
