Innovation & Technology | Auto Finance News - Part 4

AFS 2019: Carvana, TFS, Tricolor, fraud coalition and US Bank’s Hyatt win 2019 Excellence Awards

LAS VEGAS – The Auto Finance Coalition, Carvana, Toyota Financial Services, Tricolor and U.S. Bank‘s John Hyatt are this year’s recipients of Auto Finance Excellence Awards, a mark of distinction within the industry for achievement in leadership, community service, and technology among other categories. For achievement in leadership: The Auto Finance Coalition, a subchapter of […]

AFS 2019: Market Scan inks partnership with Experian

LAS VEGAS — Market Scan Information Systems has partnered with Experian to offer auto lenders its mGauge product, which consolidates data and analytical insights into competitors’ rates and programs, Rusty West, Market Scan’s co-founder and president, told Auto Finance News. “We aggregate all the data electronically — consumers’ preferences, OEMs incentives, lenders’ rates, trends by municipality […]

AFS 2019: Digital lending fintech enters auto

LAS VEGAS — Bank of Oklahoma has adopted Blend’s digital lending platform, the fintech announced at the 2019 Auto Finance Summit. Blend’s platform is designed to simplify user experience for the consumer to drive increases in completed online applications and funding rates. “Blend’s technology uses verified data to eliminate steps and the passing around of […]

SoftBank said to be behind Fair’s downsizing decision

SoftBank, the lead investor in the subscription app Fair, is likely driving Fair to downsize as investors question current mobility business models, sources told Auto Finance News.  Yesterday, it was determined that Fair, which provides an automotive subscription service, would cut more than 40% of its workforce, including its chief financial officer. SoftBank -- a […]

Fair, the high-flying industry startup, initiates substantial staff cuts

Fair, which offers an automotive subscription app, will reduce its staff by 40% in an effort to increase profitability, according to an internal company memo sourced by TechCrunch.  TechCrunch estimated that 215 employees would lose their jobs at Fair. Among the employees let go is Chief Financial Officer Tyler Painter, brother of Chief Executive Scott […]

High-tech to high-touch: How AI empowers lenders to humanize customer experiences

From filtering email spam to analyzing checks for mobile deposit, artificial intelligence is becoming ingrained into daily life in ways both seen and unseen. For financial institutions, the arrival of AI-driven tools has raised the bar for the customer experience. Digital tools are replacing traditionally human touchpoints with a faster, more satisfying experience — and […]

Renault, Volvo, Hyundai invest in cybersecurity startup

Upstream Security, a cybersecurity startup specializing in connected vehicles, closed a $30 million Series B funding round, the company announced today. The funding round was led by Renault Venture Capital and includes Volvo Group Venture Capital, Hyundai Motors, Hyundai AutoEver and Nationwide Ventures. Charles River Ventures, Glilot Capital and Maniv Mobility also returned for the second […]
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