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Wells Fargo Explores Switch to Flat-Fee Pricing Model

Wells Fargo & Co. is mulling the switch to a flat-fee dealer compensation model to provide consumers “pricing clarity,” Senior Executive Vice President of Community Banking Mary Mack said at Deutsche Bank’s Global Financial Services Conference last month. “Normally, the response in our industry around pricing clarity is more disclosures,” she said. “What we said […]

Global Lending Services Doubles Originations for Second Straight Year

Global Lending Services doubled its origination volume — for the second straight year — to $1.1 billion in 2018, Chief Executive Steve Thibodeau told Auto Finance News. The subprime lender's origination volume had doubled to $558 million in 2017. Thibodeau attributed the portfolio growth to the company's expanding dealership network, which increased 30%, to 8,000 […]

How Lenders’ Response Time Influences Dealer Relationships

Automotive OEMs rate vehicle performance by the time it takes to go from zero to 60 in seconds. This is a measure of energy conversion – fuel, spark, movement. While this is a mechanical situation, a comparison can be made to business response times. While fuel is a potential auto loan customer, the spark is […]

DriveItAway Acquires Whip Assets, Cuts Ties With HyreCar

DriveItAway, which provide dealers with the tools they need to offer subscription car services for Lyft and Uber drivers, today acquired the technology and assets of Whip. Whip offers subscription-service infrastructure management to car dealerships and fleet owners. Terms of the deal were not disclosed. DriveItAway also said that it is cutting ties with HyreCar, […]

5 Characteristics That Sway Dealers to Send Business to One Lender Over Another

There are some important traits that will sway dealers to send business to one lender rep over to another, according to the Auto Finance Performance: Dealer Insights Report. For instance, dealers prefer reps who are resourceful and able to get funding processed through their connections. They seek reps who are easy to reach and have the ability […]
  • Marcie Belles
  • November 28, 2018

SunTrust Boosts Tech Investment in Customer Experience

SunTrust Dealer Finance is enhancing its customer experience strategy as it looks to build more efficiency into the auto lending process. To start, SunTrust is “expanding” its client experience when it comes to online versus in-person channels, said Chuck Jones, head of national indirect lending. Already, the bank has increased automation to reduce turnaround time. […]

5 Ways Lenders Should Prepare for Transition Into 2019

It’s the beginning of October and auto dealers are doing the old car/new car shuffle. Current models are moved out of the indoor spotlight and pushed to the part of the lot where they are “priced to sell.” Showy 2019 models are off-loaded from haulers and placed under those coveted spotlights. 2018 inventory exposure is […]