Innovation & Technology | Auto Finance News - Part 3

CPS increases capture rate with dealer grading system

A revamped dealer grading system is increasing Consumer Portfolio Services’ capture rate, Senior Vice President of Sales Curt Powell told Auto Finance News. Launched in July, the system enables Irvine, Calif.-based CPS to review and evaluate each of the 10,000 dealerships it works with by grading them on five performance metrics, said Chris Terry, senior […]

Lease financier embarks on auto loan business

There’s a new auto finance company gearing up to enter the market. Dallas-based Musa Auto Finance, which specializes in new- and used-vehicle leasing, is taking the steps to become a full-spectrum auto lender, Founder and Chief Executive Jeff Morgan told Auto Finance News. Musa Auto Finance was created to fill a hole in the auto […]

Blinker lands $10M investment

Peer-to-peer used-car buying app Blinker scored a $10 million investment yesterday, in a funding round led by Thornapple River Capital, according to a company press release. According to Crunchbase data, this is the company’s first funding round. Blinker, which launched in 2016, uses a proprietary decisioning system to fund loans on its platform. The Denver-based […]

FTC unwanted call website signals heightened scrutiny

The Federal Trade Commission’s recently launched interactive website showing do-not-call (DNC) and robocall data signals a “significantly increased focus” on autodialer and customer phone call consent issues, McGlinchey Stafford attorney Robert Savoie said, noting that the scrutiny is likely to lead to increased investigations. However, there might be a silver lining, Savoie said. “Given that […]

GM Financial strengthens instant messaging with IBM Watson

GM Financial will integrate IBM Watson, an AI-powered chatbot, to its consumer-facing messaging app as soon as the end of the third quarter, Bob Beatty, executive vice president of customer experience, told Auto Finance News. The app, which launched last year, is averaging 62,000 downloads per month so far this year, Beatty said, noting that […]

Regulations hampering AV innovation, analyst says

GM Cruise’s decision to postpone deployment of its autonomous, on-demand ride-sharing fleet signals a larger concern automakers should consider when pushing AV innovation, Grayson Brulte, president of Brulte & Co., told Auto Finance News. Regulations are one of the biggest hurdles for automakers invested in AV, Brulte said. “The rockstars and the biggest assets to […]

Missing the mark: Online portals need a second look

From the July issue: As questions around the digital customer experience dominate industry conversations, lenders are realizing the value — and hurdles — of investing in such advancements. Lenders seek to deliver optimal digital interactions, and as they pour money, time, and resources into developing that online experience, consumers get one step closer to a […]

Global Lending Services revamps decisioning software

Global Lending Services’s Chief Executive Steve Thibodeau is rethinking the way the subprime lender decisions applications as the company ramps up its direct lending business. “The entire decisioning framework must be turned on its head, with the purpose of first solving for the needs of the consumer,” Thibodeau told Auto Finance News. To that end, […]
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