Innovation & Mobility | Auto Finance News - Part 4

How Daimler-BMW’s $1.1B Mobility Venture May Affect Finance Operations

Despite Daimler AG and BMW Group’s $1.1 billion investment in a mobility and ride-hailing joint venture, the companies’ captives will continue to operate as competitors. “The core business with vehicles will remain unaffected, and the competition in the premium market will be maintained,” Daimler Financial Services spokesman James Ryan told Auto Finance News. “This also […]

Tricolor Uses AI to Improve Call Center Efficiency

On the heels of launching artificial intelligence algorithms in its underwriting processes, subprime lender Tricolor Auto Acceptance has started testing AI in another area of the business. Chief Executive Daniel Chu said the buy-here, pay-here lender, which focuses on Hispanic car buyers, is using AI in its Guadalajara, Mexico, call center. The niche lender has […]

Volvo Financial Services Tees Up AI, Blockchain at Innovation Lab

Volvo Financial Services is leveraging the start of its iLabX accelerator program to determine “technology disruptors” ripe for investment, Vice President of Global Strategy and Head of Innovation Allen Atchley told Auto Finance News. To start, investments in artificial intelligence and blockchain “are the most interesting to us, especially in the lab context,” he said. […]

Regulation Lags Behind Alt-Data Usage

LAS VEGAS – Lenders that use alternative data for underwriting should tread carefully until regulation has a chance to catch up, said executives at a securitization conference yesterday. “We want to support business and don’t want to stifle innovation, but we have to move in a measured way,” Rostin Behnam, commissioner of the Commodity Futures […]

Daimler Joins BMW in $1.1 Billion Mobility Bet to Rival Uber

Daimler AG and BMW AG are pouring more than 1 billion euros ($1.13 billion) into their joint car-sharing and ride-hailing businesses to take on the likes of Uber Technologies Inc. and Lyft Inc. The German venture, which is estimated to become the world’s largest car-sharing operator, will weigh purchases of startups or established players, along […]

Bank of the West to Launch Dealer Portal by Yearend

San Francisco-based Bank of the West is making investments to strengthen dealer relationships. At the top of the priority list is a dealer portal, slated for release by yearend. “We continue to invest in the dealer interface,” Executive Vice President of Personal Finance Michael Pereira told AFN. “We need to be engaging with our dealers […]

Wells Fargo Turns to Machine Learning for Collection Insights

Wells Fargo Auto is looking beyond credit decisioning models for machine learning applications. Specifically, the company employed “sentiment analysis” — an automated process of understanding opinions from written or spoken language — for collections. “One thing I was surprised to see is that through natural language recognition and sentiment analysis, it was very easy to […]

GM Financial Joins Startup Blockchain Network for Fraud Prevention

General Motors Financial Co. is turning to blockchain technology from Spring Labs to strengthen fraud prevention and detection capabilities. Spring Labs, which counts GM Financial as its “cornerstone partner” in the auto finance space, is building a blockchain-based network of finance and technology companies, company Founder and Chief Executive Adam Jiwan told Auto Finance News. […]
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