Articles

Jim Elliott, assistant regional director for the Federal Trade Commission’s Southwest region

FTC’s Top 10 Tips for Stronger Data Security Practices

Compliance, Risk May 23, 2018 at 1:25 pm

Establishing a reliable online presence for businesses is critical in today’s digital-savvy world, and when it comes to lenders building trust in the online marketplace — it remains a challenging yet crucial component. Data breaches do not necessarily show that a company failed to have reasonable security measures, as thereRead More

The 8-Second Challenge for Social Media Marketing

The 8-Second Challenge for Social Media Marketing

Sales & Marketing May 18, 2018 at 9:00 am

When it comes to developing a social media strategy, lenders must determine how to get their message across in the right channel – in less time than it takes to read this paragraph. The stakes are high because 3 billion people worldwide are active on social media, and consumers areRead More

Industry Awaits Clarification on Military Lending Act

Industry Awaits Clarification on Military Lending Act

Compliance May 16, 2018 at 1:59 pm

As Memorial Day approaches and the nation remembers those who have died in active service, lenders continue to grapple with how to finance ancillary products for active-duty servicemembers. Earlier this year, the Department of Defense issued a bulletin announcing that the Military Lending Act now applies to the financing of ancillaryRead More

Marketing Add-on Warranty Products Draw FTC Scrutiny

Marketing Add-on Warranty Products Draw FTC Scrutiny

Best Practices, Compliance May 16, 2018 at 1:21 pm

In April, the Federal Trade Commission (FTC) sent warning letters to six major companies – including ASUS, HTC, Hyundai, Microsoft, Nintendo, and Sony – that market and sell motor vehicles, cellular devices, and video game systems.  According to the FTC, the six companies have potentially violated the FTC Act andRead More

© Can Stock Photo / devon

3 Important Considerations for a Successful Car Subscription Program

Guides, Opinion May 10, 2018 at 10:21 am

Vehicle subscriptions have continued to capture the imagination of consumers, the auto industry, and the media over the past few months. With all the activity and announcements of the last year, it feels like we are on the cusp of the next evolution in mobility services. If we look backRead More

© Can Stock Photo / liveslow

How Westlake Financial Reduced Operating Expenses 15% in One Year

IT, Operations May 9, 2018 at 1:58 pm

Executives at Westlake Financial Services realized last year that the company’s operating costs were too high and that key performance indicators were “out of whack,” Ian Anderson, group president of Westlake Financial Services, told the Center for Auto Finance Excellence. That’s when the lender decided to create VisorBot, an automatedRead More

How Chase Auto Finance Is Pitching Young Consumers [VIDEO]

How Chase Auto Finance Is Pitching Young Consumers [VIDEO]

Sales & Marketing May 8, 2018 at 5:23 pm

How does Chase Auto Finance pitch to consumers? By teaching them. In a new promotional video released last Friday, Chase Auto unveiled its new approach to consumer marketing, and it has Jim Manelis, Chase Auto’s head of direct lending, answering questions on car-buying from a couple, who are new parents. TheRead More

© Can Stock Photo /Goodluz

Why The Industry Should Think Twice About Benefits of Dealer Consolidation

Opinion May 3, 2018 at 11:47 am

I recently read the second article within the past few weeks that talked about the rapid, unstoppable, and significant consolidation among auto dealerships. Both articles impress upon the inevitable need to consolidate to survive or face failure, even if you are successful two-or three-generation owned auto dealership. The reasons forRead More

© Can Stock Photo / ponsulak

Why Lenders Should Consider Offering an Auto Lending App

IT, Payments May 2, 2018 at 1:45 pm

This summer will mark the 10th anniversary of the debut of the app store which has grown to more than 2.2 million apps, which have come to occupy five hours of a consumer’s day. But, are lenders doing enough to capture that valuable screen time? Billions of smartphone owners useRead More