From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Chase Auto, USAA, Bank of America on Direct Lending and Improving Dealer Relations [VIDEO]

Direct lenders are coming up with innovative strategies to provide customers with a better experience while maintaining a stronger working relationship with dealers. Lenders from well-established auto financing institutions participated in a panel discussion at the 18th Annual Auto Finance Summit to discuss those issues, as well as how to keep their customers from being “flipped.” “The potential of […]

Tricolor Adds AI to Expand Risk Scoring Capabilities

Used-car retailer Tricolor, working with partner Phenx Machine Learning Technologies, said this week that it is adding artificial intelligence to its underwriting system. The strategic partnership is a move for Tricolor to increase financial inclusion for its buy-here-pay-here consumers, Chief Executive Daniel Chu told Auto Finance News. By leveraging Phenx’s AI-enabled algorithm, Tricolor can automatically identify […]

Why Lenders Should Leverage Alternative Data to Assess Credit Risk

Every lender has been in the situation. A new customer with a limited credit history wants a good rate on a first-time auto loan. The numbers are lacking, but the instinct gnaws. Take the risk? Make the deal? In these situations, consider evaluating alternative data to assess credit risk. According to an Experian study fielded […]

KAR Auction Bolsters Tech Offerings With Acquisition of Clearplan

KAR Auction Services is tapping into technology to better its operations with its acquisition this week of Clearplan. Clearplan, a Reno, Nev.-based company that offers a digital hub for repossession workflow management, logistics, and reporting. The digital platform connects thousands of recovery agents and lenders while enabling real-time communication to more efficiently list, log, and […]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Warehouse Lenders Boost Flagship’s Funding Facility

Flagship Credit Acceptance’s warehouse lenders bumped up and extended its credit line last month, according to a Kroll Bond Rating Agency presale report released last week. The five financial institutions backing the funding facility increased its capacity by 12.5% — to $900 million — through October 2020. Flagship has approximately 90% capacity remaining on the […]

Federal Reserve Urges Regulatory Oversight of AI for Financial Services

As auto lenders increasingly turn to technology to better their businesses, the Federal Reserve is evaluating the regulatory role the agency will play with regard to artificial intelligence, Fed Gov. Lael Brainard said Tuesday during a fintech conference in Philadelphia. “We are working across the Federal Reserve System to take a deliberate approach to understand […]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Hyundai Capital America CEO and President Ross Williams spoke at the 18th annual Auto Finance Summit about the company’s strong growth and the challenges he’s dealing with today. “I remember celebrating reaching $10 billion in assets seven years ago. A couple of years later it was $20 billion. A couple of years later it was $30 billion,” said […]
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