Technology | Auto Finance News - Part 2

What Uber Really Gets From Selling a $1 Billion Stake

There’s more going on under the hood of a consortium’s planned $1 billion investment in Uber Technologies Inc.’s self-driving car unit than immediately meets the eye. Softbank Group Corp.’s Vision Fund and other investors are set to pump that amount into the division at a valuation of between $5 billion and $10 billion. It’s almost […]

Executives to Discuss IT Challenges at Auto Finance Innovation Summit

Three distinguished executives from U.S. Bank, CarFinance.com, and Tricolor Auto Group are set to discuss the challenges of information technology at the 4th annual Auto Finance Innovation Summit during a session entitled “Solving Your Biggest Information Technology Challenges.” The discussion will take place on Tuesday, May 14, at 9:45 a.m. PT at the Omni San […]

5 Features of Lending Technology to Measure Compliance

“We expect that the next five years will bring more change to auto finance than the past 50 years combined.” That statement from PricewaterhouseCoopers, made in the consultancy’s Auto Finance Risk and Compliance Highlights 2017 report, was based on research into the numerous factors affecting auto lending. With urbanization, evolving models of vehicle ownership, changing consumer […]

HyreCar Speeds Driver Onboarding With New Mobile App

Carshare company HyreCar rolled out its mobile app last week, speeding verification time for new drivers and aiming to reduce fraud, Chief Operating Officer Henry Park told Auto Finance News.  Like HyreCar's website, the app enables users to rent cars or list their cars for rent. HyreCar’s decision to launch a mobile app is based […]

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

JPMorgan Chase & Co. expects its newly created cryptocurrency to speed payment processes between institutions and, potentially, auto dealerships. The currency, called JPM Coin, is a 1:1 fiat currency and will be issued over the bank’s proprietary blockchain technology. “It’s still early, but [blockchain and JPM Coin] could be great for our dealers and common […]

Will Ride-Hailing Replace Personally-Owned Cars? Execs Weigh In

LAS VEGAS —  The disruptive impact that ride-hailing companies are having on auto finance is evident with the success of Uber and Lyft. While both companies are not profitable, Uber 's revenue surged 43% to $11.3 billion in 2018 and Lyft's revenue doubled to $2.2 billion. However, the question confronting auto finance is whether ride-hailing […]

AI-Supplemented Underwriting Likely to Bump Up Tricolor Originations

Tricolor Auto Acceptance has seen a lift in origination capabilities since integrating an artificial intelligence algorithm into its underwriting model last month. Chief Executive Daniel Chu expects the algorithm, which hones the company’s customer segmentation abilities, will contribute about 3% of the anticipated 25% origination volume increase expected for 2019. That 3% growth translates to […]

Wells Fargo Invests in Automated Underwriting, Dealer Relationships to Boost Growth

After 18 months of tightening the reins, Wells Fargo Auto is on a growth trajectory, with a focus on investments to automate credit decisioning, Jerry Bowen, executive vice president and head of dealer relationships and product, told Auto Finance News. “We got a lot of the work that needed to be done in the rearview […]
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