BBVA, NMAC, TD Bank, Wells Fargo See Tech as Top Priority for 2019

LAS VEGAS — Digital transformation and changing consumer communication trends will be top priorities for four of the nation’s largest lenders in 2019, according to an exclusive Auto Finance News survey of the resource-allocation plans among the companies’ senior executives. Results from the survey of BBVA Compass, Nissan Motor Acceptance Corp., TD Bank, and Wells […]

General Motors to Shut Down Cadillac Subscription Service by Yearend

General Motors Co. is reportedly hitting the pause button on its vehicle-subscription service, Book by Cadillac after launching nearly two years ago in Los Angeles, Dallas, and New York. A GM spokesman confirmed the OEM plans to shut down the service by yearend, the Wall Street Journal reported. However, there is still a chance that […]

Wells Fargo Focuses on Customer Experience as Rate Hikes Squeeze Growth [VIDEO]

LAS VEGAS — Wells Fargo Auto is confident in the current health of the economy and auto industry, but the Federal Reserve’s rate hikes are slowing down portfolio growth, Jerry Bowen, executive vice president, told Auto Finance News during the 2018 Auto Finance Summit last week. “There’s always a risk of unexpected events that could […]

SunTrust Boosts Tech Investment in Customer Experience

SunTrust Dealer Finance is enhancing its customer experience strategy as it looks to build more efficiency into the auto lending process. To start, SunTrust is “expanding” its client experience when it comes to online versus in-person channels, said Chuck Jones, head of national indirect lending. Already, the bank has increased automation to reduce turnaround time. […]

Toyota Seeks Personalization, Transparency With New Lexus Bundled Lease

LAS VEGAS — Personalization and transparency are top priorities in Toyota Finance Services‘ Lexus Complete Lease program, slated to launch in the first quarter of 2019. The program is one of nearly half a dozen pilot programs the OEM has launched, including Flexible Lease through Uber, Car Sharing pilot in partnership with Get Around, and short-term lease pilot […]

How Dealerships Can Increase Revenue With Mobility as a Service Model

LAS VEGAS — Dealerships can increase customer loyalty and profitability by tapping into the mobility-as-a-service model, according to Mike Furnari, chief business development officer at HyreCar, which provides a platform that matches ridesharing-service drivers with car owners who want to rent out their vehicles. MaaS is the integration of various forms of transportation into an […]

At the Big 4, Incentive Spending Drops, Even as Sales Dip

Old truisms apparently do not apply to auto finance. At least for now. When car sales fall, generally captives counter with greater subvention. But after years of incentives marching higher, incentives are dipping. At the Big Four — Ford, General Motors, Fiat Chrysler Automobiles, and Toyota — the aggregate incentive per unit fell 1.9% to $4,150, […]

Hyundai and Kia Expand Use of Dealertrack Electronic Contracting Tool

Dealertrack said Monday that it is expanding its partnership with Hyundai Motor Finance and Kia Motors Finance that will make Dealertrack Contracting available to the brands’ dealers in all 50 states by the end of October. The contracting tool, currently available in 39 states, allows Hyundai and Kia dealerships to submit contracts electronically, which mitigates manual […]
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