Auto finance does not get enough recognition, especially since those financial institutions are the ones who “truly take care of the customer,” Georg Bauer, co-founder and president of startup Fair, said at the recent Auto Finance Innovation 2017 event.
Manufacturers and dealers have their own — and sometimes conflicting — interests in the space, Bauer told attendees. “For the manufacturer, the car is the star — it’s all about next model and new design. Where is the customer? … For the dealer, the next deal is [the focus].” In between all of that is auto finance, and “we truly take care of the customer,” he said.
The auto finance sector should now be recognized for “our amazing contribution,” he said. “We can then be proud of what we have accomplished.” The auto industry is in a revolutionary phase, he added. “This is no longer about evolution or transformation, this is about revolution.”
In the U.S. alone there were 18 million new retail sales last year, up from 10 million in 2010. “That’s 8 million more in just seven years,” Bauer said. “This is an amazing performance by this entire sector.”
Auto finance has become “better and better” over the years through technology and innovation, he said. “That disruptive element — I think that opportunity is now. That’s where we get more recognition for what we, as an industry, are capable of doing.”
To hear more about innovation in auto finance, full-servicing leasing, and Bauer’s experience at Tesla and more, check out the full video of the Fireside Chat at Auto Finance Innovation 2017 — sponsored by Netsol — below:
