7 Auto Finance Innovation Ideas for 2018

For the auto finance industry, the challenge is clear: a deluge of technology change is coming, and lenders need to take action to in order not to be shut out of the competition. Lenders, dealers and manufacturers need to think about mobile payment technology and how they plan to integrate their systems, what shoppers want […]

China Ripe for Auto Finance Boom as Consumer Penetration Rate Rises

Since 2009, China has surpassed the United States as the largest market for new-vehicle sales, according to Deloitte Consulting LLC. And now, auto finance is starting to catch up. For many years, the Chinese automotive market has been propped up by government incentives like tax breaks, which encouraged customers to purchase cars. So far, this […]

Bank of America Strives to ‘Keep Pulse’ With Tech Trends, New Execs Say

Bank of America Dealer Financial Services aims to “redouble” its efforts to improve the customer experience, which includes investing in technology like direct lending and virtual reality, Jim Cockey, the bank’s new central region and national market executive, told Auto Finance News. “By keeping a pulse on industry trends, we are able to address client […]

6 Issues Lenders Are Tackling in Collections and Repossessions

Delinquencies and losses continue to climb across the industry, and while many lenders are pulling back their volume of originations, others turn to refining their collections and repossession practices to stymie increasing losses. The percentage of borrowers 30 days or more past due grew 4 basis points year over year in the third quarter to […]

AutoGravity EVP Keeps Focus on Lender Partners, Following Hyundai Capital America Alliance

Hyundai Capital America is the latest captive to announce it has joined the AutoGravity platform, and AutoGravity’s new Executive Vice President of Business Development Stuart Holmes has his “head down and focused” to ensure the company’s current and potential lender partners’ needs are met. Hyundai Capital America — which does business as Hyundai Motor Finance, […]

8 Tips for Marketing to Millennials as Sales Slip

As baby boomers continue to age out of the industry — replaced with millennial buyers — manufacturers like Harley-Davidson Inc. and Polaris Industries Inc. are brainstorming ways to target these consumers. But as this age demographic shifts, lenders will also need to be innovative in their underwriting and marketing efforts to cater to this “up […]

Why Machine Learning for Credit Approvals Sparks Interest From Lenders

When Ford Motor Credit Co. announced it would start to use machine learning for underwriting practices in August, the automotive industry took notice. It is estimated that 30 to 40 auto lenders are looking at alternative credit data for underwriting, either in active usage or in viability testing, according to Brian Landau, senior vice president […]
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