Auto Lending Articles

A Word on Meal Prep and Data Warehousing

A Word on Meal Prep and Data Warehousing

If you are a fan of social media networking, as I am, there is no doubt that you have at least a handful of individuals in your network who like to share pictures of their healthy “meal prep” every week. Meal prepping is the process of preparing one’s meals for the coming week and organizing…

New White Paper Explores The Dealer Value Proposition, Reveals Opportunities to Increase Relevance in Credit Union Indirect Auto Lending

New White Paper Explores The Dealer Value Proposition, Reveals Opportunities to Increase Relevance in Credit Union Indirect Auto Lending

Published in Auto Lending

The next few years will bring notable changes to the auto finance industry. First, shrinking new car sales will make the auto retail market even more competitive, resulting in front-end grosses decreasing further. Dealers will intially react by implementing cost controls and reducing expenses.  Then, they’ll reexamine other parts of their business to find new…

High Dealer Satisfaction Means Good Business for Automotive Lenders

High Dealer Satisfaction Means Good Business for Automotive Lenders

As automobile dealers increasingly expect faster and more efficient vehicle financing, they have begun to pivot away from placing the highest value on transaction speed and focus instead on their relationship with their lenders. This change in expectations is causing lenders to ask how they can increase their business. To answer this, credit unions and…

Changes are Coming to Automotive Retail…Credits Unions Must Prepare

Changes are Coming to Automotive Retail…Credits Unions Must Prepare

The past few years have been quite remarkable for both dealers and lenders. But the past is not prologue…new car sales have already plateaued, and most forecasters now see 2017 flat with last year – at best – for new car sales. It’s more likely that we will see declines in new car sales, exactly…

The Time Is Now to Prioritize Technology for the Future

The Time Is Now to Prioritize Technology for the Future

With the economy improving, the unemployment rate being the lowest it has been in nine years, and consumer confidence building momentum, credit unions continue to experience steady member and loan growth, low delinquencies and charge offs. These are all very positive signs, but can foster a false sense of security if not careful.  History has…

Drive ’17 Conference Delivers the Speakers and Strategies to Help CUs Win

Drive ’17 Conference Delivers the Speakers and Strategies to Help CUs Win

The lending marketplace continues to see competition ramp up. And now, more than ever, to remain not only competitive, but to gain market share, credit unions that embrace cutting-edge technology and strategies to capture more loans, improve loan portfolio performance, better engage members, and improve member loyalty, have a distinct advantage. Leading experts and innovators…

Strengthening Portfolio Performance is Critical in Today’s Auto Lending Marketplace

Strengthening Portfolio Performance is Critical in Today’s Auto Lending Marketplace

Since the beginning of time, lenders have sought a way to accurately measure and predict risk in their loan portfolios. Understanding risk allows lenders to make sound credit decisions and properly price loans.  Ideally, lenders need to make, at the very least, a high enough return on loans to cover the principle and any costs,…

The Future of Autonomous Lending is Now

The Future of Autonomous Lending is Now

I recently had the opportunity to research some of the emerging transportation technologies that will affect our lives over the next ten to fifteen years. Alternative fuels, autonomous vehicles and the ride sharing economy have been discussed in media for several years, and today we are beginning to experience how some of these technologies are…

Millennials and Auto Buying: What Really Matters to CUs

Millennials and Auto Buying: What Really Matters to CUs

Published in Auto Lending

There has been a lot of discussion of late on the subject of millennials, especially when it comes to attitudes regarding transportation choices, and specifically vehicle ownership. At the recent CUNA Lending Council Conference, there was an entire session devoted to millennials, with a panel of appropriately aged individuals providing anecdotal testimony to the findings…

Matters of Speed and Automation

Matters of Speed and Automation

CU Direct’s maxim “Getting to Yes Faster,” referencing quick yes decisions on loan applications, has a nice ring to it. But I’d argue this isn’t just about getting to a “yes” decision quickly.  It’s also about making fast loan decisions in general, regardless of whether the answer is yes or no.  Fast decisions overall are…