SCOTTSDALE, Ariz. — With a new parent in place, Plantation, Fla.-based AFS Acceptance LLC will increase its technology investment in 2016, President Scot Seagrave told Auto Finance News. “We are fortunate enough to have a very large parent company now, and we can rely on their resources,” he said.
“We are still learning what we can rely on, but technology will be part of it.” Last month, Mexico City-based finance company Credito Real acquired a 65% stake in AFS for $18 million, in order to boost its “growth and diversification in the USA by serving the Hispanic market,” the lender said in a statement.
“We’ve had a very small infrastructure with technology,” Seagrave said. “We need to expand that, because technology is the one area in this industry that is not a dinosaur anymore.” Tech investments would include automating origination processes, and developing mobile apps to allow consumers to service their own accounts. The acquisition will also allow for AFS to attract more talent. “Invest in people, above all,” Seagrave said.