Auto Finance Summit | Auto Finance News | Page 3 | Auto Finance News - Part 3

Lenders Scout ‘Dealer-Centric’ Fintech Partners

Lenders will continue to seek fintech partners to increase production and facilitate new product opportunities in 2018, several executives told Auto Finance News, however, banks and credit unions in particular are scouting for “dealer-centric” or “hybrid” platforms. “If you look at technology, we are always looking for internal partners that can bring us better, faster, […]

Partnerships ‘More Productive’ Than Equity Investments, Getaround CFO Says

LAS VEGAS — While equity investments are beneficial for startups, “arms-length” transactions or strategic partnerships that rely on factors other than equity return are often “more productive,” Getaround’s Chief Financial Officer Adam Kosmicki said at the 2017 Auto Finance Summit. “The expected value of [that equity investment] can often be a lot lower than investing […]

Regions Shrinks Dealer Network in Effort to Reduce Losses

LAS VEGAS — Regions Dealer Financial Services deactivated one third of its dealers over the course of three years in an effort to bolster operational efficiency, Tom Lazenby, the bank’s senior vice president and head of dealer financial services and direct auto lending, said at the 2017 Auto Finance Summit. “We spent a lot of […]

Lenders to Boost Investment in Direct Lending, Mobile Apps in 2018

LAS VEGAS — Many auto lenders plan to increase their investment in direct lending and mobile applications in 2018, according to a poll conducted at the 2017 Auto Finance Summit. Out of all attendee respondents, 35% said direct lending is where they will increase their digital technology investment/spending the most next year. Bank of America Dealer […]

Honcker Hones Credit Matrix With Eye on Dealertrack, RouteOne Integration

Honcker, a startup car leasing app, continues to “perfect” its in-house automated credit application platform and plans to sign up with RouteOne and Dealertrack but has no timeline yet, Founder and Chief Executive Nathan Hecht said at the 2017 Auto Finance Summit. This “custom credit matrix” is currently live, and about 80% “perfect,” Hecht said. While […]

GM Financial Explores Options for Push Notifications Through OnStar

LAS VEGAS — General Motors Financial Co. is “in a discussion phase” to explore ways to utilize OnStar navigation and security systems to push notifications about payment information to borrowers, President and Chief Executive Dan Berce said. OnStar is a subsidiary of General Motors Co. and services 11 million customers globally. “With vehicles increasingly becoming […]

Bank of America Mulls Fintech Partners, Despite Competition Concerns

LAS VEGAS — Bank of America Dealer Financial Services is considering partnerships with multi-lender fintech platforms to drive more volume, but there’s concern that doing so might help its competitors in the online lending space, said David Hollodick, the bank’s product and pricing executive for consumer vehicle lending. “I look at it both as an […]

Loan Approval Rates Remain Unchanged, Poll Reveals

LAS VEGAS — Many lenders agreed that loan approval rates over the past 12 months “remained basically unchanged,” according to a poll conducted at the 2017 Auto Finance Summit late last month. Out of all attendee respondents, 53% said approval rates remain unchanged, trailed by 25% of respondents who said loan approval rates “improved somewhat” this year. Additionally, […]
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