Technology | Auto Finance News - Part 3

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 […]

CarLabs’ CEO Joins Auto Finance Innovation Summit for a Fireside Chat

Martin Schmitt, chief executive and co-founder of CarLabs Inc., will join Auto Finance News for a fireside chat at the Auto Finance Innovation Summit on Wednesday, May 15, at 9 a.m. to share insights and perspectives on artificial intelligence and other key innovation trends happening in the auto finance industry. The fourth annual Auto Finance […]

Hyundai Capital Launches AI-Powered Chatbot

Hyundai Capital America has adopted artificial intelligence into its Kia Motor Finance brand with the launch of “Kian,” an AI-powered chatbot that assists consumers with finance-specific questions, Martin Schmitt, chief executive at CarLabs, told AFN. The bot started “living” on Kia Motor Finance's website last month, Schmitt said, replacing the search bar and serving as […]

Banking Hurtles Toward Ethically Dubious Credit Decisioning

The paramount technology objective today in banking is the implementation of artificial intelligence to enhance customer experience, products and, in turn, financial results, for both consumers and financial institutions. As artificial intelligence and its compatriot technology, machine-learning algorithms, take a more prominent role in financial services, the ethical challenges posed by these technologies advance. The […]

Ford’s $500M Backing of Electric OEM Opens Door for Captive Financing

Ford Motor Co.'s plan to invest $500 million in electric vehicle manufacturer Rivian could create an opportunity for Ford Motor Credit, said Cox Automotive Senior Economist Charlie Chesbrough. “It seems possible that Ford Motor Credit could provide financing for either Rivian fleet or Ford fleet services, Chesbrough said. "Given the ever-changing mobility world, there are […]

Carvana to Buy Used Vehicles Through Honcker Leasing App

Leasing startup Honcker added used-car trade-in capabilities to its mobile app via a partnership established with Carvana in November 2018, Honcker Founder and Chief Executive Nathan Hecht told AFN. Technology integration was completed in February, and the companies officially launched the tool to users last week. With the partnership, consumers can sell their used car […]
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