Articles

Online Identification: Do Your Consumers Need a VIN?

Online Identification: Do Your Consumers Need a VIN?

Few would dispute the auto-buying decision journey is switching into high gear digitally, with research from IHS suggesting consumers spend roughly 60% of their time researching makes and models online, versus 35% at the dealership. Using the VIN to uniquely identify a car, consumers use various online tools to checkRead More

New Webinar Explores How to Boost Dealer Relations

New Webinar Explores How to Boost Dealer Relations

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Auto lender Flagship Credit Acceptance, and loan portfolio buyer Innovate Auto Finance detailed the kinds of technologies they use to connect with dealers for a webinar entitled: Deepening Dealer Relationships: How lenders can win business in a time of increased competition? The webinar is the the first of a four-part seriesRead More

Fintech Continues to Transform Auto Finance, but Will it Take Over?

Fintech Continues to Transform Auto Finance, but Will it Take Over?

Fintech companies that advertise efficient financing solutions are becoming more prevalent in the auto industry. Technology is advancing in a way where traditional players have no choice but to partner with new entrants, but the tide hasn’t completely turned from competition to collaboration. That’s according to Chris Chestnut, president of Payix.Read More

Best Practices For a More Profitable Lender and Dealer Relationship

Best Practices For a More Profitable Lender and Dealer Relationship

In DataScan’s ongoing effort to provide useful information regarding the automobile floor plan industry, we occasionally call upon our clients to help bring perspective to a subject.  As such, we came across this great article written by NextGear Capital.  It is an informative piece on floorplan lending best practices forRead More

Credit Unions Look to Improve, Post 2016 Origination Growth

Credit Unions Look to Improve, Post 2016 Origination Growth

Credit unions, as a collective group, grew auto loan origination volume by about 7% in 2016, while all other loan providers — captives, banks, finance companies, and buy here pay here locations — saw volumes decline year over year, according to Michael Cochrum, vice president of analytics and advisory servicesRead More

Zest is Using Math to Comply with CFPB Disparate Impact

Zest is Using Math to Comply with CFPB Disparate Impact

When you think about the greatest invention of the 20th century, a few key technologies might come to mind: the personal computer, internet, antibiotics, or the electric guitar. But, for Douglas Merrill, founder and chief executive of Zest Finance, nothing compares to the Fico score. “The Fico score is theRead More

Negative Equity Trade-Ins Spike to Record High, Where Do Lenders Draw the Line?

Negative Equity Trade-Ins Spike to Record High, Where Do Lenders Draw the Line?

Spurred by extending loan terms, a record-number of consumers — 31% — turned in cars with negative equity in 2016, in order to get their next vehicle, according to data from Edmunds.com. This trend, and longer-term loans, are not expected to reverse anytime soon, Greg McBride, chief analyst at Bankrate.com,Read More