AFS 2019: Carvana, TFS, Tricolor, fraud coalition and US Bank’s Hyatt win 2019 Excellence Awards

LAS VEGAS – The Auto Finance Coalition, Carvana, Toyota Financial Services, Tricolor and U.S. Bank‘s John Hyatt are this year’s recipients of Auto Finance Excellence Awards, a mark of distinction within the industry for achievement in leadership, community service, and technology among other categories.

For achievement in leadership:

The Auto Finance Coalition, a subchapter of the Association of Financial Crimes Investigators, took home this year’s leadership award for its work fighting fraud since 2011. The AFC consists of 165 members from the auto finance industry and law enforcement.

The coalition estimates that it has prevented tens of millions of fraud losses for the auto finance industry, including initiation of two large-scale criminal investigations that resulted in $7 million of losses.

For achievement in technology:

Tricolor Auto Group was awarded this year’s Auto Finance Excellence Award for technology. The award praises the buy-here, pay-here lender’s extensive use of technology to fulfill its commitment to credit-invisible Hispanic borrowers. The company is an acknowledged technology innovator, distancing itself from competitors by leveraging its strength in data and analytics. It is continually applying the power of AI, machine learning, software, digital marketing and other IT innovations.

These technologies are integrated throughout the company’s operations,  demonstrating a mastery of machine learning and artificial intelligence, mobile-first auto buying experiences, and WhatsApp and Facebook Messenger integration to customer service and text platforms.

For achievement in community service:

Toyota Financial Services’ efforts around raising awareness and donations that support HIV/AIDS efforts garnered the captive the Auto Finance Excellence Award for achievement in community service.

The captive has taken a unique approach to promoting corporate social responsibility with its donations to AIDS/LifeCycle — a 545-mile, 7-day charity bike ride from San Francisco to Los Angeles. Designed specifically to leverage its auto finance and remarketing expertise, TFS employed a strategy to raise awareness around HIV/AIDS, champion health and human rights, and grow a community of ambassadors. Thanks to its steady stream of off-lease vehicles, TFS loaned 64 vehicles to transport medical, media, safety and other volunteer and support teams for the AIDS/LifeCycle event.

For achievement in operations:

Carvana won the Auto Finance Excellence Award for operational innovation for its revolutionary work within the auto finance industry. The 5-year-old  company has brought a fresh approach to the industry with its unique business model and customer experience, which include vehicle vending machines, seven-day vehicle return policy and home delivery.

Tempe, Ariz.-based Carvana, in hyper-growth mode, operates in more than 130 markets and has generated nearly $1 billion of revenue last quarter. Carvana continues to grow significantly, doubling originations year over year.

Auto Finance Excellence Award for Leadership:

U.S. Bank’s President of Dealer Services John Hyatt was awarded the 2019 Auto Finance Excellence Award for leadership. When Hyatt joined U.S. Bank’s ranks from Bank of America in 2015, U.S. Bank was originating $9 billion of auto loans and leases annually. It hit more than $14 billion last year, with auto finance outstandings approaching $40 billion. The portfolio growth is one example of Hyatt’s achievements at the bank.

However, Hyatt’s contributions far exceed U.S. Bank’s portfolio, with philanthropic efforts with organizations such as United Way, Habitat for Humanity and the Sulzbacher Center for the Homelessness.

Auto Finance Excellence Awards have annually since 2005 recognized executives and companies that have made great contributions to auto lending and leasing in the past year.