Bank of America grows dealer network to more than 12K, eyes digital connections

Bank of America has expanded its dealer network to a record high as it works to connect dealers and consumers through digital tools that aim to speed up transaction times. The bank’s dealer network recently surpassed 12,000, Senior Vice President of Consumer Vehicle Lending Duane Freeman said during a panel discussion at Auto Finance Summit East 2026 in Nashville, Tenn., last week. He did not specify the timeframe. Because 90% of clients that go to Bank of America directly fill out digital applications, the bank is finding ways to “digitally connect our clients with our dealer network,” Freeman said. “When you have that level of digital activity … that allows you to have better data to make better, faster decisions … to meet the needs of clients and dealers,” he said. To enable faster transactions, the bank proactively reaches out to potential borrowers and dealers during the process, Freeman said, noting that the bank balances human involvement with technology. “We’ve been able to reduce cycle times by a full day,” he said. “A lot of times you can use technology to be smarter and make more informed decisions.” Bank of America was the 11th-largest auto lender by outstandings at yearend 2025, according to the latest Big Wheels ranking data . The bank’s indirect and direct consumer outstandings, primarily consisting of auto and specialty loans, fell by 0.4% year over year to $53.9 billion in the first quarter, according to its April 15 earnings supplement. ‘Frictionless’ transactions Lender-dealer relationships have become less adversarial as new technologies push to reduce friction in transactions, Jeffrey Butler , president of AutoNation Finance , said during the session. New technologies push dealers and lenders to offer vehicle financing that can be fully digital or fully in-person, depending on the customer’s preference, prompting both parties to collaborate more, he said. “Dealerships are looking for a different level of partnerships than they used to,” Butler said. “There’s a level of customers that still want to [buy a vehicle] the old-school way, but then there are customers that want to do it in a more omnichannel, frictionless culture. You have got to be able to provide solutions for every generation.” AutoNation Finance’s originations totaled $460 million in Q1, flat YoY , according to the company’s May 1 earnings release. The portfolio totaled $2.5 billion, up 68.5% YoY, in Q1. The captive was the 69th-largest auto lender by outstandings at yearend 2025, according to Big Wheels. More informed digital consumer Consumers are using digital tools such as prequalification and AI to better understand how much the vehicles they purchase or trade in are worth, Butler said. “They know the value of it. They are not looking to be played games with,” he said. More informed consumers also tend to buy vehicles more frequently, Capital One Auto Head of Sales Joseph Portera said during the session. Around 30% to 34% of customers who use Capital One’s car shopping and prequalification tool Auto Navigator buy a vehicle, compared to an industry lead conversion of 6%, he said. “They come out of that process ready to buy a car soon,” Portera said. “They have done a bunch of diligence on their own, the customer is being more intentional, and that leads to a better outcome for them, for us, for the store.” Capital One’s auto originations rose by 20.9% year over year in the first quarter, totaling $11.1 billion, according to the bank’s April 21 earnings supplement. The bank was the fifth-largest auto lender by outstandings at yearend 2025, according to Big Wheels. Find more coverage from Auto Finance Summit East 2026 here .

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Bank of America grows dealer network to more than 12K, eyes digital connections

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