Sales & Marketing | Auto Finance News

PenFed curbs canceled apps by increasing call volume

Pentagon Federal Credit Union is decreasing the number of canceled and withdrawn auto loan application thanks to a redirected focus on post-approval communication. The number of canceled and withdrawn applications is 40% less than what it’d typically be in any given month since jumpstarting the new initiative in the first quarter, Ivan McBride, vice president […]

Tricolor adds human touch to innovation

Tricolor Auto Acceptance adds a personal touch to its innovation initiatives when working on new products, President and Chief Operating Officer Don Goin told Auto Finance News. “When we’re working on new products, we use a customer-centric design thinking concept, which includes feedback from customers,” Goin said. Specifically, Tricolor employs a focus group approach when […]

GM Financial eyes AI for remarketing

GM Financial is leveraging artificial learning and advanced analytics to price off-lease inventory and optimize dealers' ability to sell those vehicles, Executive Vice President of Customer Experience Bob Beatty told Auto Finance News. Some of the questions GM Financial is tackling are: “What inventory should they buy and how much should they sell it for? […]

PenFed scales back balloon financing rollout

A residual based financing program that was anticipated to boost Pentagon Federal Credit Union’s balloon financing volume tenfold is ramping up slower than originally planned. “Maybe we overestimated a little bit what market acceptance would look like right away,” said Ivan McBride, PenFed's vice president of automotive lending products and sales. “It hasn’t ramped up […]

AutoGravity increases lead generation, turns to AI

AutoGravity has expanded the number of avenues it uses to generate customer leads for auto dealers, Chuck Schofield, vice president of sales and dealer services, told Auto Finance News. AutoGravity’s platform allows consumers to perform inventory and financing research online before going to a dealership. With these new enhancements, dealer partners receive CRM notifications when […]

Indiana CU rolls out e-contracting to increase marketshare

As credit unions are feeling the pressure of competition in auto finance, Forum Credit Union will adopt e-contracting for its 150 dealership partners by yearend to regain marketshare, Ben Wire, dealer division manager, told Auto Finance News.  The Fishers, Ind.-based credit union first piloted e-contracting with “a few” of its dealer partners last quarter, Wire said, […]

Oregon CU customizes loan rates with new digital platform

Oregon Community Credit Union has launched phase one of its digital platform, a move meant to “set the foundation” for the credit union’s new focus toward automation, Chris Whittaker, vice president of consumer lending, told Auto Finance News.  The Eugene, Ore.-based credit union, which originated $350 million in auto and RV loans last year, launched […]

Ally sets record with used-car volume

Used-car loan originations hit $5.24 billion at Ally Financial in the second quarter, the highest level ever for the lender. Ally initially surpassed the $5-billion mark for used-car volume in the first quarter, notching $5.15 billion in originations. Used volume has been on an upward trajectory at Ally since the third quarter of 2017. “We […]
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