Innovation & Technology | Auto Finance News - Part 2

How to speed funding processes

A hyper-connected society has come to expect near-instantaneous business transactions. Whether it’s an Amazon purchase, concert tickets or a flight to London, consumers expect a quick, efficient experience. Although auto lending is more complicated than those purchases, lenders can leverage the latest technologies to deliver similar efficiency. Many lenders have optimized loan application and underwriting processes. However, […]

Auto Finance Accelerate 2020 agenda is live

The agenda for Auto Finance News’ two-part event, Auto Finance Accelerate, is now available on AutoFinanceAccelerate.com. The event will take place on March 9-11, 2020, at the Omni San Diego. Auto Finance Accelerate is providing back-to-back events with the fifth annual Auto Finance Innovation Summit and the second annual Auto Finance Sales & Marketing Summit. […]

Innovative uses for AI in auto finance

The term artificial intelligence has been around for decades, and recently the technology has become a part of the auto finance industry — infiltrating lenders’ underwriting processes, loan payments, and customer experience strategies. In this episode of The Roadmap, Tricolor Auto Acceptance’s President and Chief Operating Officer Don Goin chats about how most innovations in […]

Member satisfaction climbs after WSECU brings website design in-house

Since overhauling its online platform in April, Washington State Employees Credit Union (WSECU) members have reported a boost in user satisfaction. “We do surveys of our members that have taken out loans and of members that have applied online, and we’re seeing that 90% of them are rating it as a low-effort experience,” said Ryan […]

Daimler’s new CEO warns electric-car shift will be painful

Daimler AG’s new chief executive officer warned there will be no quick fix for the automaker’s struggle to revive squeezed profit margins during a costly shift to electric and self-driving cars. After two rapid-fire profit warnings earlier this year, Ola Kallenius said on Thursday that the German icon’s earnings would remain under pressure for the […]

Platinum Auto Finance cuts funding time in half

Platinum Auto Finance has cut turnaround time in half since introducing messaging capabilities into its funding and servicing operations, said Director of Servicing Armando Hidalgo. “We needed a solution instead of doing email, faxes and scans,” Hidalgo said. Since implementing Lightico’s technology in April, the subprime lender has used text messaging and mobile capabilities to […]

Chase Auto pilots subscription model, questions scalability

LAS VEGAS — Chase Auto is experimenting in the subscription service space by funding a “cross-product or cross-model” offering, Chief Executive Mark O’Donovan said at the Auto Finance Summit. Chase is providing a wholesale credit line, with the dealership groups running the subscription models, he said. “We’re dabbling in it to try to support our dealer […]
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