Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO] | Auto Finance News Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO] | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Wednesday, March 3, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Monica Melton by Monica Melton
November 20, 2018
in Auto Finance Excellence, Innovation & Technology, Management, Operations
Reading Time: 2min read

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit.

“For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t much competition, there was also no funding,”

Kerwin gave an example that auto financers could charge 19% interest on a loan, and dealers would turn around and charge consumers 24%, yet delinquencies were low. But in the years since the financial crisis, the lending landscape has changed.

“The companies that have survived up to this point are going to do a lot better,” Kerwin said. “Recently, we’ve seen signs that the larger banks, even smaller players are continuing to grow their business after a couple years of tightening up.”

For one thing, technology will fundamentally influence lender strategy. “There is a new normal in auto finance, particularly because of technology and automation,” Kerwin said. “Westlake spends a ton on technology. When I started in 2002, everyone would complain [about the technology investment], but now we look back, and it was the right thing. That’s a big reason for our success, but every company that exists in auto finance that’s successful is focused on technology.”

Data-driven decisions will also continue to shape the auto finance segment. “We have a lot of resources specific to data,” he said. “Even though we’ve been using data for a long time, over the last one to two years we’ve made a lot of changes on the data side.”

Strong data analytics will help lenders mitigate fraud. “The best way to prevent fraud, for instance, is to cut off your worst dealers, but you’ve got to be tracking data closely to be able to do that,” he said.

Check out the exclusive video below, which is part of a special video series sponsored by White Clarke Group.

Tags: Auto Finance SummitcycledataeconomyfraudfundingVideoWestlake Financial ServicesWhite Clarke Group
Previous Post

Avid Acceptance to Double Securitization Volume on Heels of JPMorgan Chase Funding Facility

Next Post

Future of Renault-Nissan-Mitsubishi Alliance Uncertain Amid CEO Arrest

Related Posts

Volvo to go electric-only and shift sales online from 2030
Innovation & Technology

Volvo to go electric-only and shift sales online from 2030

March 2, 2021
Five questions with … Chase Auto Chief Executive Peter Muriungi
Auto Finance Excellence

Five questions with … Chase Auto Chief Executive Peter Muriungi

February 26, 2021
TrueCar forecasts 16M SAAR in 2021 
Management

Work-from-home, e-commerce trends to continue through ’22, executives say

February 26, 2021
Next Post
Future of Renault-Nissan-Mitsubishi Alliance Uncertain Amid CEO Arrest

Future of Renault-Nissan-Mitsubishi Alliance Uncertain Amid CEO Arrest

Leave a Reply Cancel reply

Your email address will not be published.

By subscribing you agree to our Terms of Use and Privacy Policy

Latest Magazine Issue

INNOVATION & TECHNOLOGY

Volvo to go electric-only and shift sales online from 2030

Volvo to go electric-only and shift sales online from 2030

March 2, 2021
Digital lending lags despite consumer expectations

Digital lending lags despite consumer expectations

February 22, 2021

CORONAVIRUS

Q4 brings positive delinquencies, mixed originations for auto finance

Q4 brings positive delinquencies, mixed originations for auto finance

March 2, 2021
Carvana enjoys Q4 hike in finance GPU, origination volume

Carvana enjoys Q4 hike in finance GPU, origination volume

March 1, 2021

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020
When tough times hit, proactive strategies pay

When tough times hit, proactive strategies pay

November 2, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

Follow Us

twitter twitter linkedin podcast

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Market Share Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version