Auto Finance Accelerate 2019 | Auto Finance News

Carvana’s 7-Day Return Policy Boosts Retention Rate

Carvana’s seven-day return policy has resulted in a single-digit return rate, Christina Keiser, vice president of strategy, said at the Auto Finance Sales & Marketing Summit last month. "Carvana return rates are in the mid- to high-single digits, and about half of those are swaps — meaning, a customer exchanges the original vehicle for a […]

2 Critical Strategies to Cultivate Innovation

As the auto finance industry continues to migrate into the digital landscape, lenders are feeling the pressure to create a culture of innovation to stay ahead of the curve. How can lenders implement that mandate? Tricolor Auto President and Chief Operating Officer Don Goin and CarFinance Chief Technology Officer Doug Nottage tackled this conundrum at […]

CarFinance to Launch Online Tool to Streamline Lending Process

SAN DIEGO — CarFinance is building a “customer acquisition” platform for dealer and lender partners slated to debut in July, Chief Executive Craig Hewitt said at the Auto Finance Sales & Marketing Summit last month. “[The platform] is facilitated by a customer-acquisition tool that allows dealers to do direct mail campaigns and drive consumers to […]

CFPB Innovation ‘Sandbox’ Likely to Fuel State AG Enforcement

SAN DIEGO — Companies that participate in the Consumer Financial Protection Bureau’s proposed innovation-focused “sandbox” rules to spur innovation may be penalized by state attorneys general, lawyers said at the Auto Finance Innovation Summit last week. The CFPB released proposals earlier this year meant to encourage innovation in the consumer financial services space by allowing […]

3 Strategies for Effective Customer Communication

SAN DIEGO — Technology is changing the way lenders engage with their customers, prompting lenders to hone their value propositions, Westlake Financial Service’s Senior Vice President of Marketing Mark Vazquez said at the Auto Finance Sales & Marketing Summit this month. Vazquez’s delved into tips on effective communication with consumers through both traditional and non-traditional […]

CPS Bumps Up Dealer Contract Prices to Protect Cost of Funds, CFO Says

SAN DIEGO — Consumer Portfolio Services is increasing contract prices to dealer partners “a couple of bucks” to preserve cost of funds in advance of a looming downturn, Executive Vice President and Chief Financial Officer Jeffrey Fritz said at the Auto Finance Risk Summit this month. “If my margins are getting squeezed because the cost […]

Startup Bloom Pilots Blockchain Tech With Several Captives

SAN DIEGO — Bloom, a blockchain-enabled platform that allows customers to choose what personal data to share with lenders, is piloting its technology with several captives, Founder and Chief Executive Jesse Leimgruber told Auto Finance News at the Auto Finance Innovation Summit last week. Bloom was the winner of the event’s annual “DEMOvation Challenge.” At the heart of Bloom’s design is BloomID, […]
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