Rifco National Auto Finance will add digital functionality to its direct-to-consumer lending model, such as automated systems and electronic capabilities, by year end, said Doug Decksheimer, the company’s vice president and chief marketing officer.
“Many consumers are asking for an easier process,” so Rifco is investing “heavily” in technology to enhance the customer experience. Some of the “building blocks” include the ability to automate loan application submissions in a secure manner, and to communicate approval conditions electronically to the customer and dealer, he said.
“Rifco has some of these blocks already,” he added, but declined to provide specifics. “We are working with a small set of dealers in beta testing to work through the processes.”
The direct-to-consumer process allows the lender to communicate with the applicant earlier in the process and helps both the lender and consumer take more control of the ultimate outcome, he said. “However, the dealer is still able to complete the sale and provide the needed aftermarket products to the consumer,” he added.
As of September, Red Deer, Alberta-based Rifco National Auto Finance was doing business with 500 Canadian dealers, a 20% increase year over year.
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