Technology | Auto Finance News - Part 2

Volvo Financial President Pegs AI, Vehicle Connectivity as Tech Winners

GREENSBORO, N.C. — Volvo Financial Services is betting on artificial intelligence and autonomous vehicles as customers increasingly opt out of vehicle ownership, President Scott Rafkin told Auto Finance News at a Demo Day that closed out the captive's 10-week iLabX accelerator program. "I could see absolute applicability for the artificial intelligence technologies that we took […]

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, […]

Rewriting the Golden Rule: A Fresh Approach to Tailored Marketing Strategies

From the May issue: Prominent technology companies hailing from the heart of Silicon Valley are changing the way consumers shop — and the ease and efficiency with which these companies sell their products is prompting the auto finance sector to up its game. Amazon pushes related products to consumers when they purchase a product on […]

Capital One Introduces Financing on CarGurus Platform

Capital One Auto Finance has inked a deal to offer financing preapprovals for vehicles on CarGurus' buying platform. The bank is the first lender to sign up with CarGurus, which has 5 million vehicles in its inventory. The companies are “ready to roll out nationwide this week,” CarGurus’ Chief Product Officer Tom Caputo told Auto […]

Toyota Financial Boosts Ride-Sharing Investments With Startup Faxi

Toyota Financial Services is encouraging carpooling with its latest investment. The captive bought a majority stake this week in London-based ride-sharing startup Faxi to engage in new mobility solutions and “introduce technology that will help reduce single-occupancy vehicles and the congestion and emissions that they cause,” Doug Gillies, managing director of Toyota Financial Services in […]

Insurance Tech Startup Wins Volvo Financial’s Demo Day

GREENSBORO, N.C. – Rein, a technology platform that creates digital insurance products, was voted the audience's favorite startup during Volvo Financial Services’ inaugural iLabX accelerator program Demo Day hosted at the captive’s headquarters on May 2.  “Rein is integrated insurance at scale,” Gagan Dhillon, vice president of partners and strategy at Rein, said during the […]

First Investors Integrates Defi LOS, Reporting Tool

First Investors Financial Services has implemented Defi Solutions' loan-origination system and reporting tools. Rollout of the two cloud-based products took four months, according to a press release. First Investors will use Defi LOS, as the system is called, to support its underwriting processes, including scorecard development, auto decisioning, and deal structuring. It will use Defi Analytics […]
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