Strategy | Auto Finance News - Part 2

Fidelity Bank Exits Indirect Auto

Fidelity Bank is shuttering its indirect auto business after nearly 30 years, Auto Finance News has learned. "Effective May 15, 2019, Fidelity Bank will cease indirect auto originations," according to a fax distributed to dealers in Florida and Georgia, the two remaining states in the bank's dwindling auto finance footprint. "Contracts dated May 15, 2019, […]

Tricolor’s Machine Learning Tech Is Reducing Its Reconditioning Costs

SAN DIEGO — The machine-learning technology deployed by Tricolor Auto Acceptance has cut its vehicle reconditioning costs, Chief Executive Daniel Chu said during the Auto Finance Innovation Summit here on Wednesday. Tricolor provides the reconditioning centers that service its chain of retail dealerships with technology that determines the most cost-effective source of car parts. The […]

Westlake Tests Social Media Marketing for Direct Lending

Westlake Financial Services is turning to social media to market its direct lending business. Westlake’s direct lending business is “still trying to figure out" social media marketing, but the lender hopes to have more insights soon as it nears the end of a 90-day trial, said Senior Vice President of Marketing Mark Vazquez. So far, […]
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