Technology | Auto Finance News - Part 4

Volvo Financial Taps 7 Startups With iLabX Program

Volvo Financial Services is hosting seven startups for its iLabX program, which gives the companies an opportunity to develop ideas and utilize the captive’s resources over 10 weeks at VFS U.S. headquarters in Greensboro, N.C. The seven companies, announced today, were selected from 183 applicants and will have an opportunity to partner with the captive following […]

Santander Uses AI to Triage Cybersecurity Threats

Difficulty pinpointing the source of a data breach is often to blame for the lag between perpetration and detection of fraud, said Santander Consumer USA Chief Information Security Officer Harold Gonzales at AFSA’s Vehicle Finance Conference. “It’s not like we have a dashboard and one big red light goes off and we all chase after […]

AFN Calls for Startups to Apply for Innovation Demos

Auto Finance News is holding a DEMOvation Challenge in advance of Auto Finance Innovation Summit 2019 — which is slated for May 14-15 at the Omni San Diego — to determine which startups will secure one of a limited number of complimentary demo slots. For the third year, Auto Finance Innovation Summit 2019 will feature DEMOvation sessions, offering a unique presentation experience […]

CPS Eyes Dealer-Based Tech to Bolster Origination Volume, Customer Experience

Subprime lender Consumer Portfolio Services Inc. is allocating funds toward its dealership portal and artificial intelligence as it looks to boost origination volume without sacrificing credit quality, Senior Vice President of Originations Teri Robinsontold Auto Finance News. “We don’t compete as aggressively, we focus a lot on customer service and try to be the lender the dealers want to […]

Ford Credit Eyes ‘Self-Adapting’ Underwriting Model

As Ford Motor Credit Co. refines the first phase of its machine-learning model for credit decisioning, the captive is already working on version 2.0. “In the fourth quarter of 2018, we launched machine learning into production," Director of Credit Analytics Yi Lu said during a panel discussion at the American Financial Services Association’s Vehicle Finance […]

BB&T-SunTrust Merger to Establish $23B Auto Finance Operation

BB&T Bank’s acquisition of SunTrust Banks is likely to combine auto lending operations in a move that will improve efficiency but take time to configure, analysts told Auto Finance News. A SunTrust-BB&T merger would create a $22.8 billion auto finance operation, propelling the business into the top 20 among auto financiers, according to Big Wheels […]

Biometrics, Behavior Trends Shield Lenders From Online Fraud, Experian Says

As financing moves increasingly onto the digital stage, one fraud expert urged auto lenders to leverage more data and analytics beyond the common credit data and ID verification tactics used today. Experian’s Senior Fraud Solutions Consultant Chris Ryan said auto lenders are particularly vulnerable to the use of synthetic identities, which he noted is on […]

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]
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