As consumer comfort with online car buying accelerates and retailers drive for more efficient operations, digital retailing solutions are being embraced. Innovation within financing and titling, critical enablers of the digital car buying experience, began more than 20 years ago. Predictive models evolved that help lenders set parameters that facilitate improved loan decisioning. The creation of lender networks allowed online credit applications to displace the trusted fax improving response times and processing accuracy. And now, automation of financing and titling is allowing retailers to shift resources to high value profitable activities.
There is an adage that the past predicts the future. Financing advancements and automation we have seen from other industries are here to stay in automotive. Let’s explore how that automation works and what’s next on the horizon.