© Can Stock Photo / iLexx

Repossession Services: Price vs. Value

Best Practices July 20, 2018 at 1:33 pm

In today’s environment, repossession and skip tracing services have come to be viewed somewhat as commodities. Compliance requirements aside, many lenders seem far more focused on the price being paid rather than the results being produced. This can be a costly mistake. Given the collateral values involved, the net valueRead More

© Can Stock Photo / ammentorp

Keys to Strengthening Credit Union-Dealership Relationships

Best Practices, Operations July 18, 2018 at 1:46 pm

A deeper focus on consistent service, rather than profit, has made credit unions stand out as premier lenders that dealerships can count on, John Carrington, senior vice president of sales for CU Direct, told the Center for Auto Finance Excellence. Smaller in size, member-based, and under less regulatory scrutiny compared withRead More

© Can Stock Photo / Trimitrius

Breaking Down the 3 Categories of Car Subscription Programs

Operations July 16, 2018 at 11:06 am

Car subscriptions have been one of the most exciting developments in the auto industry in the past year. By offering a good balance between ridesharing (Uber, Lyft, etc.) and full ownership (buying or leasing), subscriptions are getting increasingly popular both with customers and auto retailers. Subscriptions are especially appealing toRead More

© Can Stock Photo / turgaygundogdu

Auto-Lease Swapping: What It Is, Why It’s Growing, and Why It Matters for Lenders

Best Practices, Management, Operations July 13, 2018 at 11:36 am

If your business portfolio includes automotive leases, chances are you have already come across a few customers (or perhaps several thousand!) who are interested in getting out of their contract early. Maybe they’ve lost their job; maybe their yearly mileage is higher than they anticipated; perhaps they no longer needRead More

© Can Stock Photo / tomwang

Using Corporate Social Responsibility to Support Purpose, Profit

Best Practices, Operations July 11, 2018 at 1:20 pm

Identifying practices that are both beneficial for the community and profitable for the company can serve as a challenging endeavor for lenders looking to better their businesses. However, a strong corporate social responsibility (CSR) strategy may be the answer. Revenues can increase through a rise in sales due to improvedRead More

© Can Stock Photo / nito

4 Ways to Ensure Employee Compliance on Ancillary Products  

Best Practices, Management July 9, 2018 at 10:11 am

Ancillary products are stirring a lot of industry talk, specifically, how they are sold at the dealerships and whether they provide a true benefit to the consumer, Rob Tennant, recently appointed chief legal officer at Veros Credit, told Auto Finance Excellence. From extended service contracts to guaranteed asset protections, ancillaryRead More

Can Stock Photo /  MadrugadaVerde

Security Must-Haves: A Guide to Selecting Third-Party Providers

Best Practices, Guides July 2, 2018 at 9:18 am

When a data breach makes the news, high-profile attacks on data centers and hacking incidents get most of the attention. What you may not hear about is the many data breaches that are caused by basic security lapses, like using the wrong size envelope and exposing sensitive customer information. ForRead More

© Can Stock Photo / everythingpossible

3 Tips For Upgrading a Lender’s Customer Experience Tech

Best Practices, Management June 29, 2018 at 12:53 pm

  Financing is at the forefront of today’s digital society, and there is a high expectation for lenders to adapt in a “self-serve capacity,” Steve Taplin, global digital lead of Alfa Systems, told Auto Finance Excellence. There are five main aspects that drive the traditional business model towards digitalization: competition,Read More

5 Payment Technology Trends Shaping Auto Finance

5 Payment Technology Trends Shaping Auto Finance

Payments, Sales & Marketing June 27, 2018 at 1:54 pm

Lenders focus a lot of their attention on making sure the initial sales experience is fast, effortless, and intuitive for consumers, but is the same attention being given to how consumers make those payments once they leave the dealership? Payment technologies have changed a lot even in just the pastRead More