Sedan Sales Marketshare Falls to Record Low in November

Sedan popularity has dropped to an all-time low, as evidenced by November’s new-vehicle sales figures. As a percentage of new-vehicle sales, sedan — or “car” — segment marketshare dropped to 28.8%, the lowest monthly share on record, according to Cox Automotive unit Manheim. By comparison, the segment that comprises light-duty pickups, vans, SUVs, and crossovers […]

Reinventing Loyalty: 4 Companies Transforming the Customer Experience

From the December issue: Customer experience is seen as the key to attracting and retaining consumers in an increasingly digital world. Unfortunately, providing quick and easy interaction has not been auto financing’s strong point. Historically, car buyers have been left feeling overwhelmed with paperwork, confused by ancillary products, and exhausted from negotiating price options. However, […]

How NMAC Uses Technology to Improve the Customer Experience

Technology is playing a more important role in auto financing as car buyers increasingly look for lenders to provide digital options for communication and payment. Finance organizations, including Nissan Motor Acceptance Corp., are meeting their customers’ expectations with online portals, text communications, and mobile computing applications. Brian Massey, NMAC’s director of collections and loss recovery, was […]

BMO Harris Auto Chief Outlines Growth for AutoGravity Partnership

BMO Harris Bank is accepting online auto loan applications in California thanks to a newly inked partnership with AutoGravity, with plans to expand its online business eastward in 2019. “Primarily [the loan applications are] just from the West Coast now, and we anticipate that as the relationship [with AutoGravity] grows, we’ll see a movement more […]

2019 Crystal Ball: Competition, Direct Lending, and Customer Experience

According to the Credit Union National Association (CUNA), “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is challenging for the lender to extend the customer relationship. Any future engagement is with […]

Auto Finance News Launches Week-Long Event for Spring 2019

Auto Finance News today introduced a new event, called Auto Finance Accelerate. The week-long event series focuses on all facets of auto finance operations including sales, marketing, innovation, and risk. The inaugural Auto Finance Accelerate week will take place May 13-16, 2019, at the Omni San Diego.   Produced by Auto Finance News and Royal […]

Canadian OEM Electra Meccanica Seeks Financing Partner Amid Launch of First Model

Electra Meccanica is seeking lending partners for its new model slated to debut in January 2019, CEO Jerry Kroll told Auto Finance News.  “We control financing ourselves and have it in-house, but if we can get some of the big banks and financial institutions supporting this [car], that’s what we’re all about,” Kroll said. Kroll is confident […]
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