Innovation & Technology | Auto Finance News - Part 5

Mercedes-Benz Financial fosters innovation to drive originations

Mercedes-Benz Financial Services’ focus on ushering a culture of innovation, collaboration, and new mobility fronts has buoyed loan and lease originations this year, Vice President of Credit Operations Chris Kaefer told Auto Finance News.  The captive leapfrogged competitor BMW Financial Services, increasing originations 34.6% to $17.1 billion in 2018, according to Big Wheels Auto Finance data. Comparatively, BMWFS originations declined […]

CPS, GMF, Huntington and Westlake execs join Auto Finance Summit speaker faculty

Senior executives from four of the nation’s largest financiers will participate in an executive dialogue to track the trajectory of the industry and strategies for overcoming looming challenges. The panel will feature Consumer Portfolio Services President and Chief Executive Charles Bradley, GM Financial Chief Operating Officer Kyle Birch, President of Huntington Auto Finance Rich Porrello, […]

Fraud analytics, alt-data reduce risk for nonprime lenders

The ability to identify risk as early as possible in the loan origination process can improve portfolio performance, and lenders focused on nonprime segments have better resources than ever before to reduce loan risk. Early identification of high-risk borrowers can reduce or potentially eliminate defaults. Fraud analytics and alternative credit data — which provides a […]

Bank of America joins AutoFi network

Bank of America recently partnered with AutoFi, a company that connects dealerships with lenders and car buyers online, to tap a new funnel of dealer partners, David Hollodick, the bank’s consumer vehicle lending product executive, told Auto Finance News. “As a leader in auto lending, we’re continually searching for new ways to expand our business […]

Volkswagen Financial introduces electric vehicle comparison tool

Volkswagen Financial Services has launched a digital tool for drivers to assess whether electric vehicles meet their mobility needs.  The idea behind the tool, called EV-4-Me?, is to eliminate confusion around what type of driver is suitable for ultra-low emission vehicles. "Ultimately, facts and evidence should drive the right decisions, and where potential myths overcharging […]

CPS debuts AI-powered deal structuring portal

Consumer Portfolio Services launched an online portal last month that enables dealers to structure loan deals within seconds, said Senior Vice President of Sales Curt Powell. The portal, which took more than a year to develop, is called the Automated Structure Approval Program, or ASAP for short. Dealers can “test and toggle” any vehicle and […]
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