TD Auto Finance is keeping a close eye on fintech startups as it evaluates “opportunities that might exist” for auto refinance and private-party transactions, President and Chief Executive Andrew Stuart told Auto Finance News.
TD Auto is already “in discussions” with several fintech players to evaluate “where that might go,” Stuart said. However, the lender intends to keep the dealer’s needs “front and center,” while responding to what customers are asking for, he added.
“We are an indirect lender, and what’s important to us is that we don’t get in the way of our dealers,” he said. “We have a robust business within indirect on a national basis, and we take the dealer relationship very seriously — as evidenced by our ratings in the J.D. Power survey.”
The company does not offer any direct financing currently — through its branch networks or online — in part to strengthen the relationships with its dealer partners. “We don’t want to get into a situation where we are competing with our dealers,” Stuart added.
“With that said, we are evaluating what’s happening in the fintech space and watching startups that might be able to work with our dealers to drive business — by dealing with finance before the customer walks in, or setting up opportunities to manage financing for consumers in a different way,” he said. “I think that’s what is happening across the industry as we see new fintech players.”
For more on industry trends and growth opportunities, attend the 17th annual Auto Finance Summit, Oct. 25-27 at the Wynn Las Vegas. To learn more about this year’s event, visit the Summit’s homepage here, or to register click here.