Rewriting the Golden Rule: A Fresh Approach to Tailored Marketing Strategies

From the May issue: Prominent technology companies hailing from the heart of Silicon Valley are changing the way consumers shop — and the ease and efficiency with which these companies sell their products is prompting the auto finance sector to up its game. Amazon pushes related products to consumers when they purchase a product on […]

• Bianca Chan and Joey Pizzolato
• May 9, 2019
• Features, Operations, Sales & Marketing, Strategy, Technology

Cracking the Code: How to Manage Dealer Relations in the Digital Age

From the April issue: In auto finance, the lender-dealer relationship is one of symbiosis. Yet, in an age where technology is continually advancing, and financing is becoming faster, lenders and dealers agree that being mindful of and maintaining the human relationship is paramount to cultivating a prosperous partnership. Advances in technology — machine learning, artificial […]

• Nicole Casperson and Joey Pizzolato
• April 23, 2019
• Features, Operations, Strategy, Technology

1Q19 Originations Hit 2-Year High at Wells Fargo, Slip at Chase Auto

Wells Fargo Auto’s origination volume hit its highest level in two years despite a shrinking portfolio, while JPMorgan Chase & Co.’s portfolio remained flat as originations slowed. First-quarter originations at Wells Fargo Auto increased 24% year-over-year to $5.4 billion, though outstandings fell 9% to $44.9 billion. The last time the bank's auto originations topped $5 […]

• Nicole Casperson
• April 12, 2019
• Earnings, Sales & Marketing

Wells Fargo Exec to Explore ‘Amazon Effect’ at Inaugural Sales & Marketing Summit

Eric Halvorson, head of consumer and team member experience at Wells Fargo Auto, will join a panel discussion at the Auto Finance Sales & Marketing Summit about how the “Amazon effect” is changing lenders’ customer service strategies. The session will take place May 13 at 2 p.m. The panel will explore various strategies for satisfying […]

• Joey Pizzolato
• April 8, 2019
• Operations, Sales & Marketing

Wells Fargo Turns to Machine Learning for Collection Insights

Wells Fargo Auto is looking beyond credit decisioning models for machine learning applications. Specifically, the company employed “sentiment analysis” — an automated process of understanding opinions from written or spoken language — for collections. “One thing I was surprised to see is that through natural language recognition and sentiment analysis, it was very easy to […]

• Marcie Belles
• February 21, 2019
• Innovation & Mobility, Technology, Update

Competition, Credit Quality Shape 4Q18 Originations at Chase, Wells Fargo

While JPMorgan Chase & Co.’s portfolio grew amid shrinking originations in the fourth quarter of 2018, Wells Fargo Auto’s portfolio declined despite a bump in loan volume. JPMorgan Chase Chief Financial Officer Marianne Lake attributed the origination slowdown to an “extremely” competitive auto market. “We’re seeing competition from people who have different economic drivers in […]

• Nicole Casperson
• January 23, 2019
• Earnings, Sales & Marketing, Strategy, Update

Coming Unhooked: The Growing Disconnect Between Lenders and Repo Agents

With auto loan delinquency rates rising, it would seem to be a good time to be a repossessor. But that’s not the case. Tow truck and vehicle insurance prices are climbing; license, bond, and other compliance-related costs are increasing; technology spending— to boost internal efficiencies and maintain a competitive edge — is growing. Meanwhile, lenders […]

• Marcie Belles
• December 31, 2018
• Operations, Strategy

Reinventing Loyalty: 4 Companies Transforming the Customer Experience

From the December issue: Customer experience is seen as the key to attracting and retaining consumers in an increasingly digital world. Unfortunately, providing quick and easy interaction has not been auto financing’s strong point. Historically, car buyers have been left feeling overwhelmed with paperwork, confused by ancillary products, and exhausted from negotiating price options. However, […]

• Nicole Casperson and Monica Melton
• December 11, 2018
• Features, Innovation & Mobility, Operations, Sales & Marketing, Technology