Musa Auto Finance, a new and used-vehicle leasing company, plans to develop “unique” technology in 2018 that it hopes will bring the leasing process “into the 21st century,” Chief Executive Jeff Morgan told Auto Finance News.
“Leasing today is really still done like how it was in the ’90s,” Morgan said, “… and I’m very excited about early indicators that my team is showing me around simplifying the process.”
Specifically, Musa will be making improvements to its dealer portal and technology around leasing, with the intention of taking it to its dealer partners. Dealerships can then develop a better understanding of how to educate consumers on the leasing process, which can help dealers increase sales and retain consumers long term, Morgan said.
“Leasing is a retention business,” Morgan said. “A dealership that attacks leasing properly can see huge benefits in retaining their customers long term because they know exactly when a customer will be looking for a new vehicle.”
Musa also plans to simplify the lease process and make it into a “customer-facing opportunity,” he said. Musa wants to make it so that customers can be pre-approved before entering a Musa-partnered dealership.
The company has centered many of its 2018 goals around technology, believing that growing technology is key to success. “There’s a fancy word floating around the industry called fintech,” he said. “If you’re a finance company without technology in today’s market, you’re not going to make it as a company.”
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