Technology | Auto Finance News - Part 5

SunTrust’s LightStream Originations Top $2B

SunTrust Banks’ fintech investment LightStream delivered $2 billion in originations in 2018, Allison Dukes, the bank's chief financial officer, said during a fourth-quarter earnings call. “LightStream originations as a percent of consumer originations excluding mortgage was about 25% in 2018,” Dukes said, noting that the fintech helps improve overall growth and returns within the bank’s […]

AutoGravity to Streamline Applications With Experian Data

AutoGravity has set the wheels in motion to integrate consumer behavior data from Experian Automotive into its digital car-buying platform. “There’s an idea of what the perfect digital auto retailing is, and then there’s where we are today — and there’s this massive gap in between,” Mark Humphrey, AutoGravity’s vice president of lender network, told […]

Consumer Intent Paves Way for Customized Incentives

A data-as-a-service company new to the automotive space is hoping to refine the way incentives are designed by financiers and manufacturers. Called Jornaya, the data provider specializes in tracking consumer behavior and, thus, consumer intent, Vice President of Automotive Brian Epro told Auto Finance News. “It’s 2019, the days of treating every single lead you […]

Drive Motors to Launch E-Signature Tool Amid Dealership Growth

Car shopping and financing platform Drive Motors debuted a new e-signature tool at the NADA Expo last week. The e-sign product is currently in a pilot stage with about a dozen dealers and is slated to be rolled out across all stores this quarter, Chief Executive Aaron Krane told Auto Finance News. Drive Motors is […]

Chase Auto Looks to Boost AI Initiatives, CEO Says   

SAN FRANCISCO — Implementing artificial intelligence into servicing operations is top of mind for Chase Auto Finance in 2019, Chief Executive Mark O’Donovan said during a panel discussion at the American Financial Services Association’s Vehicle Finance Conference this week. “We’re definitely looking to robotics and artificial intelligence for repossessions and the servicing space to improve […]

60% of Consumers Initiate Car Buying Online, TransUnion Says

TransUnion is making efforts to support the “paradigm shift” in auto finance that has consumers looking at financing as the first step to the car buying process instead of the last, Brian Landau, senior vice president and automotive business leader, told Auto Finance News. The credit bureau launched an online tool, Auto Payment Shopper, that […]

CarMax Updates Systems to Onboard New Tech Faster

CarMax Auto Finance is one year out from being able to onboard new technologies faster, Chief Operating Officer Mike Farris told AFN. The used-car retailer is working with London-based Alfa Systems to overhaul its core systems to make it more agile for innovation. “It’s really an evolution concept,” Farris said. “On the finance side, we’re […]

HyreCar Exec Eyes Rideshare Opportunities Beyond ‘Just Moving People’

HyreCar’s new director of strategic partnerships is thinking about moving products, not just people, with its peer-to-peer carsharing service. HyreCar connects car owners with idle vehicles to rideshare drivers in need of cars. “There’s going to be a lot more growth in food delivery, in medical pharmaceutical delivery, recreational drug delivery, and packages that is […]
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