TD Auto Finance is exploring a number of fintech opportunities and a consumer app, President and Chief Executive Andrew Stuart told Auto Finance News.
Specifically, TD Auto plans to build out its digital efforts, on the heels of an AutoGravity partnership that thrust the lender into the online origination space back in March.
“Our challenge is to recognize that we need to continue to support our dealers but also recognize that consumers are looking for a better way to conduct a transaction,” Stuart said.
He declined to specify what opportunities TD Auto is exploring or a timeframe for implementation. He noted, though, that the lender wants to head in the “direction” of a consumer-focused mobile app, following years of addressing dealer concerns.
After increasing its call hours and hiring more reps, TD Auto launched a dealer portal in the fourth quarter of 2017 to better communicate with its dealer network. So far, the response has been “good,” he said, with “well over a third of dealers actively using it, and others signed up for it.” Dealers primarily use the portal to check contract or funding status, dealer reserve statements, and service contract refunds.
