RouteOne said on Thursday that one of its longest-tenured executives — chief operating officer Brad Rogers — announced his resignation to take leadership of an organization in an adjacent industry.
And it appears it’s going to take five other RouteOne executives to handle the chores overseen by Rogers, who had been with the company since its inception back in 2002.
As a result of Rogers’ departure, the company indicated his work portfolio will be assumed by expanding the responsibilities of RouteOne’s current leadership team as follows:
— Chris Irving, chief technology officer, will add oversight of the business intelligence team, and continue to lead IT operations, application delivery, architecture, and internal IT systems.
— Jeff Belanger, senior vice president of business development, will add the OEM and strategic alliance teams to his current responsibilities of dealer and finance source relationships, giving him responsibility over all of RouteOne’s business development activities.
— Amanda George will assume responsibility for RouteOne’s marketing team and be elevated to senior vice president, product, customer solutions, integrations, and marketing.
— Jason Bolduc will add the business operations team to his current portfolio of customer success and strategic planning teams and assume the title of vice president, strategy and operations.
— Anthony Goulbourne will be elevated to president of Canadian operations.
All of those five executives will report directly to chief executive officer Justin Oesterle, according to a news release sent by the company.
“Brad Rogers has done a remarkable job with and for RouteOne since its inception in 2002. His leadership has helped form and enable our strategy. We thank him for his contributions and wish him the very best as he pursues his new venture,” Oesterle said.
“We are equally enthusiastic for the growth opportunity this change presents for our leadership team,” Oesterle continued. “RouteOne is fortunate to have an incredibly talented team and we are excited for this next chapter in our journey.”
Separately, RouteOne noted the IT team will be making the following moves:
Rotating their assignments, Maureen Foley will now be director of IT operations and Suren Edara will now be director of application development in an effort to benefit the overall continuity at RouteOne.
3 platform enhancements
Ahead of Thursday's executive announcement, RouteOne highlighted improvements to its eContracting platform that’s supported by more than 7,900 dealers and 60 finance sources.
Coming this year, RouteOne indicated dealers will have access to an expanded digital library of universal deal forms, including odometer statements and title application, along with the ability to create custom forms that are unique to a dealer’s business.
The company explained that deal forms can streamline the vehicle finance transaction by dynamically returning forms that are available for the state in which a dealership conducts business. Form validation can ensure all required fields are complete prior to contract generation and then packages the forms within the electronic signing ceremony.
Meanwhile, RouteOne’s Aftermarket Rating and Contracting Service is a complimentary feature that can allow aftermarket forms to be included within the eContract and the eSigning ceremony.
Currently utilized by 1,700 dealers, RouteOne indicated electronic access to aftermarket providers will greatly expand with the upcoming integration to Open Dealer Exchange’s Provider Exchange Network (PEN) scheduled for 2019. The rating workflow was recently enhanced to enable dealers to electronically begin the aftermarket product registration process on the contract worksheet. This new functionality allows aftermarket products to be rated and specific product(s) selected prior to the finalization and generation the eContract.
RouteOne also mentioned improvements to help vehicle buyers digitally sign the contract package.
RouteOne’s in-dealership electronic signing ceremony no longer requires the purchase of any additional equipment. Following acceptance of an ESIGN Consent and the adoption of a typed or drawn signature, customers can now apply their signature, within the context of the contract, by simply clicking to apply their signature.
The company noted that not only does this new signing experience offer ease of use for the customer, it also can provide the transparency they desire by allowing them to see exactly where they are applying their signature on the contract.
Additionally, RouteOne’s Remote eSigning experience can provide an optimal consumer and dealer experience and robust process flexibility by enabling remote delivery to the consumer of a secure and compliant “signable” financing or lease eContract package, including ancillary documents.
RouteOne’s Remote eSigning is now supported by seven major finance sources.
Furthermore, RouteOne now offers a complimentary, flexible feature to dealers in Arizona, California and Nevada that can allow them to change the original finance source on an eContract, commonly known as Spot, with a simple click of a button even after the customer has reviewed and signed the contract.
This feature’s benefits include the ability to submit such “spot buys” to eligible finance sources electronically and more efficiently with no need for customer re-contracting or papering out.
Artificial intelligence appears to be generating some real revenue in the automotive space.
Coinciding with a major update to its flagship platform, AI-driven marketing automation platform Outsell also announced strong 2018 financial results, with direct revenue up 45 percent over 2017 and direct bookings up 28 percent.
“AI-based marketing solutions are in high demand as dealers seek to individualize their customer communications to enhance the overall customer experience,” said Mike Wethington, founder and chief executive officer of Outsell.
“Outsell was the first to bring AI to auto marketers, and we are well established as the technology leader in the space,” continued Wethington, who insisted that Outsell offers the best platform for definitively measuring the impact of every marketing dollar invested.
Other company highlights from the year included:
• Launching Outsell 5.0, enhanced with even more artificial intelligence capabilities, providing dealers with insight into buying behavior and the ability to take targeted content to the next level, with automated, multi-channel campaigns that are individualized to each person’s exact preferences
• Launching Outsell 5.1, an upgrade that makes Outsell the first to auto-generate individualized customer incentives proven to drive store visits and sales
• Winning 10 awards for its products and its work with customers and partners, including the 2018 WebAward Automobile Standard of Excellence Award, a Gold Stevie Award and a Gold 2018 Summit Creative Awards
“In 2018, we made major improvements to the Outsell platform, laying the groundwork for all kinds of enhancements in 2019,” Wethington said. “At NADA, we announced Outsell 5.2, with new features that make it not only the best solution for managing and optimizing cross-channel marketing campaigns, but also greatly enhance auto marketers’ ability to create and share engaging content especially in social media channels.
“We are also working on some exciting enhancements around what we call private incentive offers that will help dealers provide the right incentives to motivate each individual customer without over-incentivizing — critical in an industry where dealers often spent four to five times as much on incentives as they do on advertising,” he went on to say.
As Wethington mentioned, at the NADA Show 2019 in San Francisco, the company shared details about Outsell 5.2, which he said includes new features for managing and optimizing cross-channel marketing campaigns, but also can enhance auto marketers’ ability to create and share engaging content especially in social media channels.
“Dealers struggle to measure ROI on marketing investments,” Wethington said. “In a competitive environment — and most dealers agree the economy has become more challenging over the past year – Outsell is an essential tool for helping auto marketers optimize results and the effectiveness of each marketing dollar.”
Specific enhancements in Outsell 5.2 include:
• The ability to create and execute on-demand campaigns for specific audiences
• Private offers that dynamically include personalized test-drive, sales and service incentives in email campaigns
• Direct mail integration, for true integration between online and offline campaigns
• Inclusion of new channels — display ads and direct mail on existing Conquest product — to drive increased reach and conversion
• New social ads features including Facebook Marketplace tools and the ability to promote specific inventory in social ads
• New content management capabilities that really separate Outsell from the pack – including new templates, brand compliance tools and the ability to measure/optimize content performance.
Outsell also gathered its Customer Advisory Board during the NADA Show 2019, bringing together dealer marketing leaders to discuss 2019 trends, long-term objectives, and how Outsell can improve its value to dealers.
“Outsell’s CAB meetings are the most valuable meetings we have all year long,” Wethington said. “We get to hear directly from customers about their objectives and challenges. The learnings from these events have a big impact on Outsell’s roadmap every year.”
With the vehicle-financing process in constant evolution, the demand for dealerships and finance companies to handle consumer concerns is growing, too.
A new commissioned study conducted by Jabian Consulting on behalf of Equifax confirmed that dealers and finance companies alike believe more consumer education, access to data and faster processes will help enhance the vehicle-buying journey.
The study’s goal was to evaluate what dealers and finance companies want to stay and/or remain competitive amid changing consumer buying behaviors.
The study found that universally both franchise and independent dealers want to predict and understand consumer behavior by enabling early engagement online, and leveraging consumer information (trade/buying habits) to help power the consumer purchase. Both dealers and finance companies across the credit spectrum want to engage ahead of the showroom through more guided marketing to better match customers with vehicles during the research process, and ensure the right inventory when the customer arrives at the dealership.
Finance companies cited more insights to engage with consumers before they enter the sell phase at the dealership to inform them on financing to provide a more confident shopping experience.
Additionally, desire for a more educated consumer also came out of the research, for dealers, which highlighted that a customer educated with the right information was better for the dealership and sales process than a customer that was entering the process with negative perceptions or inaccurate information.
Ultimately, the study showed both dealers and finance companies recognize the need to create a more personalized shopping experience.
As an example, a recent Cars.com study revealed that seven out of 10 consumers are undecided about make and model when they shop for a new vehicle, yet nearly all online car search experiences force people to select make or model as the initial step in their research rather than first understanding their unique needs to offer suggestions specific to their desires.
Dealers and finance companies were looking to more analytic and predictive insights to help get them ahead earlier in the process, and proactively offer up the vehicles a consumer was most likely to select.
“The end goal is helping auto dealers and lenders connect the dots with technology for faster adoption and implementation of solutions that ultimately make the consumer buying experience more personalized, efficient and successful,” said Chad McCloud, executive director at Jabian Consulting.
“Solutions like analytic insights and consumer verification accelerate that experience in a positive way,” McCloud continued. “The good news is that many of these customer-centric solutions already exist, and it’s simply a matter of creating and implementing a strategy to maximize their effectiveness.”
Jennifer Reid, vice president of automotive strategy and marketing at Equifax Automotive Services, offered her reaction to the study. Before joining Equifax, Reid spent part of her career working at both dealerships and finance companies, helping consumers secure their transportation.
“When you saw game changers launched last year like Fortellis Automotive Commerce Exchange, and the innovation highlighted at NADA to solve for digital retailing, it provides an opportunity to connect data and leverage analytics much earlier in the process to help fuel tailored, consumer-centric experiences,” Reid said.
“The industry is ripe with intelligence for auto dealers, lenders and the ever-evolving consumer; the key is it needs to be in the right place and connected to deliver the full value,” she continued.
“Equifax has the solutions powered by our investments in technology, analytics and industry expertise to help lead auto dealers and lenders to the next generation of connectedness for an end-to-end relationship with consumers throughout their shopping and ownership journey,” Reid went on to say.
Adopting consumer-centric personalization strategies leveraging predictive insights in the shopping experience has surfaced as a key strategy for successful digital retailing and is top of mind for the dealers and finance comapnies interviewed in the study.
As highlighted in research by CDK Global, 80 percent of car buyers are likely to begin the vehicle-buying process online. Still, 78 percent said they value the in-store dealership experience.
“It’s not just about being earlier, but being connected online and in the showroom,” said Reid.
Reid recently participated in an episode of the Auto Remarketing Podcast discussing the topic further. The episode is available below.
The finance industry is responding to the need for consumer protection for owners of vehicles fueled by battery power.
AmTrust Financial Services, a leading specialty commercial property and casualty insurer, together with Endurance Dealer Services, a provider of extended vehicle protection, recently announced APEX EV, a vehicle service contract (VSC) exclusively for electric vehicles that covers propulsion batteries.
The new offering is expected to launch during the first half of this year.
The companies highlighted the VSC is designed specifically for the unique attributes of electric vehicles. This extended warranty includes parts and labor as well as propulsion battery coverage — which is often not included in traditional VSCs — but a key component for electric vehicles as the battery is critical to the functionality of the vehicle.
The contract covers virtually all U.S. electric car models such as Honda Fit EV, Chevrolet Bolt, Nissan Leaf, BMW i3, Ford Focus Electric, Volkswagen e-Golf and others, with the exception of Tesla models and hybrid vehicles.
“As electric vehicles continue to gain popularity, we saw an opportunity to develop a specialized extended warranty that is a first for the automotive industry,” said Bruce Saulnier, president of AmTrust Specialty Risk.
“AmTrust is committed to innovation and offering niche products where we can add significant value,” Saulnier continued. “This new contract is a great example of how we are working with exceptional partners like Endurance to pioneer new offerings, and we’re excited to be the first insurer to underwrite an electric car VSC that covers batteries.”
APEX EV will be available for purchase from dealers who are part of the Endurance network.
Aaron Segal, managing director of Endurance Dealer Services said, “Through our relationships with 3,500 new- and used-car dealers, we have seen firsthand the clear and growing need for an extended warranty for electric cars.
“Dealers within our network will now be able to offer this comprehensive coverage and purchasers will be afforded protection they can count on,” Segal added.
Agents and dealers interested can find out more information about Endurance at www.enduranceds.com.
Alignment with PCMI
In other company news, AmTrust Financial Services also signed an agreement with Policy Claim Management International (PCMI), a leading provider of integrated software solutions for the administration of F&I products, service contracts, and extended warranties. Through the agreement, AmTrust will implement PCMI’s Policy Claim and Reporting Solutions (PCRS) – Reinsurance Module in an effort to provide AmTrust clients with an easy to use, robust reporting solution for their reinsurance businesses.
The company highlighted the online solution will allow access to information and reports, which will be generated much faster than the methods currently used. A few highlights of the PCRS platform include:
• Improved cession statements with the ability to display detailed valuable information
• Drill down capability to obtain underlying contract and claim detail
• Dashboards and experience/performance reports with analytical data to evaluate profitability and identify key risk factors
• Online access to information available 24/7 with a secure website portal
• Secure access to trust account information and activity
• Storage for reinsurance agreements and other pertinent documents in one location
• Support for all types of reinsurance structures including non-controlled foreign corporations (NCFCs)
“Most automobile dealers have reinsurance programs, which they view as significant profit centers for their businesses. This technology supports these important reinsurance programs by providing dealers with a comprehensive tool that will let them see the results of their reinsurance business, as well as providing relevant information that will help manage and maximize profitability,” said Jackie Banks, vice president of reinsurance for AmTrust’s Specialty Risk Division.
“The compilation and calculation of information can often take time and at AmTrust we are continually looking for ways to use technology to improve processes and ultimately risk management,” Banks continued. “We look forward to leveraging PCMI’s integrated software solution to provide a quicker and improved process for reinsurance.”
PCMI president and chief executive officer Mark Nagelvoort added, “Dealers today expect to have immediate and transparent access to key financial data from their providers. AmTrust’s adoption of our PCRS platform highlights their commitment to supporting dealers. PCRS allows dealers to monitor their portfolios and track key performance information to maximize their profitability.
“We look forward to expanding our relationship with AmTrust,” Nagelvoort went on to say.
To find out more information about AmTrust’s automotive products and programs, visit https://amtrustfinancial.com/warranty/automotive-warranty.
Major consolidation in the fintech space unfolded on Wednesday.
Fiserv and First Data Corp. announced that their boards of directors have unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The companies said the transaction unites two premier firms to create one of the world’s leading payments and financial technology providers and an enhanced value proposition for its clients.
According to a news release, the transaction, which is expected to close during the second half of 2019, is subject to customary closing conditions and regulatory approvals, including the approval of shareholders of both companies. The transaction is not subject to any financing conditions.
Under the terms of the agreement, First Data shareholders will receive a fixed exchange ratio of 0.303 Fiserv shares for each share of First Data common stock they own, for an equity value of $22 billion. This represents $22.74 based on closing prices as of Wednesday and a premium of 29 percent to the five-day volume weighted average price as of that date.
Following the close of the transaction, Fiserv shareholders will own 57.5 percent of the combined company, and First Data shareholders will own 42.5 percent, on a fully diluted basis. The all-stock transaction is intended to be tax-free to First Data shareholders, according to the companies.
Executives highlighted this highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover cloud-based point-of-sale solution. The combined company will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants and billers of all sizes, as well as software developers.
“Through this transformative combination, we expect to redefine the manner in which people and institutions move money and information,” said Jeffery Yabuki, president and chief executive officer of Fiserv.
“We admire First Data for its excellence in merchant acquiring and global issuing services, and the tremendous progress they have made under Frank’s leadership. We expect this combination to catalyze and support an enhanced value proposition for our collective clients and their customers,” Yabuki continued.
First Data chairman and chief executive officer Frank Bisignano added, “I have long admired what Fiserv has achieved over the years, and I look forward to working with the talented associates of both companies as we set a higher standard of innovation and service in the industry.
“Our goal at First Data has always been to provide our clients with the most comprehensive suite of innovative, highly-differentiated solutions and services, and I am excited by the significant value that the combination with Fiserv creates for all stakeholders,” Bisignano went on to say.
Wednesday’s announcement indicated the combined company will be led by an experienced board and leadership team that leverages the strengths and capabilities of both companies. Upon closing, the board of the combined company will consist of 10 members, six of whom will be from the board of Fiserv and four of whom will be from the board of First Data.
Upon closing, Yabuki will serve as chief executive officer and chairman of the board of directors of the combined company. Bisignano will assume the role of president and chief operating officer, and will serve as director of the board of the combined company. The combined entity will be known as Fiserv.
“We expect the combined company to retain our current investment-grade ratings based on our strong financial profile and excellent free cash flow. Together, this should provide the basis for continued disciplined capital allocation, including debt repayment and share repurchase,” Yabuki said.
“We look forward to welcoming First Data’s talented associates to Fiserv as we drive the global digitization of payments and financial technology services,” he went on to say.
A trio of connected global OEMs is pushing more resources into streamlining the vehicle-purchase process with improved, cloud-based technology.
Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, announced a new investment in digital technologies and services by investing in Tekion, a U.S. company that seeks to bring connected digital experiences to automotive retail through machine learning and artificial intelligence capabilities.
According to a news release sent on Wednesday, financial terms of the Tekion investment will not be disclosed.
Officials did share that the investment in Tekion, based in California’s Silicon Valley, is the latest investment by Alliance Ventures in start-ups, early-stage development and entrepreneurs at the cutting edge of next-generation systems for the automotive industry.
“At Tekion, we offer the latest technology from ML/AI to big data and internet of things, all integrated in one cloud platform, bringing a seamless digital experience from online to in-store,” Tekion founder and chief executive officer Jay Vijayan.
“This investment from Alliance Ventures will enable us to go farther and faster in creating best-in-class, integrated experiences that connect OEMs, dealers, and consumers better than ever before,” Vijayan continued.
This investment by Alliance Ventures to start the year follows nine other direct investments in 2018 in startups based in North America, Europe, Middle-East and China in an effort to contribute to the future of mobility for all.
“Renault-Nissan-Mitsubishi believes that automotive groups with the most advanced and digitally-connected customer services will enjoy significant competitive advantages,” Alliance Global vice president of ventures and open innovation François Dossa said.
“This is one of the reasons we are investing in Tekion, a company that is leveraging the most advanced technologies to provide digital experiences and solutions for automotive retail,” Dossa went on to say.
One of the first honorees highlighted among Women in Auto Finance during Used Car Week 2018 — Jennifer Reid of Equifax — delved into an array of topics with Nick, including the subscription model as well as how companies in the auto-finance space are going to handle future technological challenges.
Reid also shared some suggestions on how collaborative efforts could be the pathway for significant fintech advancement this year and beyond.
The podcast discussion can be found below.
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While facing challenges on multiple fronts, report findings declared that changing customer behaviors and demands should be fueling change in the service and products retail banks are offering. Those assertions arrived as part of an in-depth study released on Wednesday by banking software company Temenos.
The report, written by the Economist Intelligence Unit (EIU) on behalf of Temenos and titled, "Whose customer are you? The reality of digital banking in North America," explored the developing fintech situation for retail banks in North America.
The regional report emphasized the need for North American retail banks to further embrace change by developing their digital marketing and engagement (cited by 53 percent of respondents) and improving product agility (cited by 49 percent).
The report also noted that when it comes to preparing for digital change, American banks, in particular, need to examine the experiences of Europe and Asia-Pacific in creating a one-stop digital journey for their customers. Authors found that those institutions with a global footprint especially can learn from Europe's open banking experience.
Although concerns about regulatory fines and recompense orders are higher in North America (56 percent versus 43 percent globally), the report pointed out there is space for banks to work together to overcome the confusing mesh of federal and state regulations.
The report goes on to note that banks in North America are already beginning to come together to collaborate — a necessary effort in order to build a truly modern banking system that supports innovation.
“North American banks need to be able to respond better to how their customers live now in terms of their digital offerings if they are to remain truly competitive against neo and challenger banks,” said Renee Friedman, editor of the report from the Economist Intelligence Unit.
Other key report highlights included:
—North American bankers see their current business model evolving to develop niche propositions for their clients, more so than their global counterparts do (71 percent versus 61 percent).
—More North American bankers (87 percent) believe that the platformization of banking and other services through a single-entry point will steer the market than their global counterparts (78 percent).
—Retail banks across North America are focusing their digital investment on cyber security (76 percent).
—North American bankers consider conforming to data protection and privacy regulation to be the biggest challenge their company faces concerning data and third-party access (31 percent versus 21 percent globally).
—North American banks’ innovation strategies are focused on investing in fintech start-ups (54 percent).
The Economist Intelligence Unit surveyed 400 global banking executives about the challenges retail banks expect to face between now and 2020, and the strategies they are deploying in response. Orchestrators said 51 percent of respondents were at C-Suite level and 10 percent were board members.
The North America report was based on 100 respondents from North America (the U.S. and Canada) and was supplemented with in-depth interviews with senior executives from leading regional banks.
“Though we have strict regulations in place, nevertheless disruption is happening here in North America. We are seeing exciting developments across the region as the banking industry explores what it means to bank in a digital world,” said Emily Steele, Temenos’ president for North America.
“Incumbent banks are setting up digital banks alongside their own operations, challenger banks are popping up, and now we are starting to see fintechs moving to become banks themselves,” Steele continued.
“Banks are awakening to the need to personalize and contextualize their digital products and services, and offer customers great customer journeys, in order to compete and remain successful,” she went on to say.
The entire report can be downloaded here.
Margin compression is here for the long haul. In 2019 and beyond, dealers will continue to face flattening new-vehicle sales and a growing affordability issue fueled in part by rising interest rates.
What’s more, the Q3 2018 Cox Automotive Dealer Sentiment Index identified credit availability for consumers and competition with other dealers as two of the top four concerns dealers feel are holding back their business. Given today’s tightening landscape, both economically and competitively, dealers are increasingly looking to their lender partners to work with them to do more to optimize processes to increase efficiency, streamline the car-buying experience and ultimately maintain profitability.
The changing needs of the consumer and how they want to buy a car is driving the need for a more seamless experience. Gone are the days where customers are willing to go through a long, drawn-out buying process — consumer satisfaction for how long the process takes at the dealership is now at just 46 percent, according to Cox Automotive’s 2018 Car Buyer Journey Study. Rather, they expect the same easy and technology-enhanced experience they receive across other verticals.
Consumers want to be able to start the shopping and even buying process online and finalize the details in-store. They want to be able to explore finance options, submit credit applications, pencil monthly payments and look into various interest rates online, away from the dealership. However, the ability to fully deliver on these steps for a smoother and faster process is contingent on how lenders integrate with their dealers.
To drive a more streamlined workflow, a starting point begins with lenders partnering with dealers to show up as early as possible in the process when engaging with the customer to help their dealers take advantage of more opportunities from the start. One strategy is for lenders to identify the different ways they are gaining originations and how these are or are not connected. Looking at the organization and makeup of these indirect loan volumes and the technology that supports them is a good place to start. Lenders can then optimize from there.
Furthermore, with the use of efficient tools like payoff quotes connected to title release, dealers can work hand in hand with their lenders to gain titles faster. This helps dealers move inventory quickly while getting accurate information on the title from the lender to ensure vehicle title details are correct. This is critical, as dealers pay an average holding cost of $32 per day, per vehicle that sits idle on their lot. In addition, long-standing proprietary research indicates that vehicles are nearly two times more likely to sell on the first pass through an auction lane when they have titles.
To drive efficiency in the deal completion process, dealers are looking for tools that can support an increasingly digital approach to car-buying, but they need their lender partners to do the same. According to the 2018 Dealertrack Lender Study, 54 percent of franchise dealers are utilizing digital contracting. However, 24 percent of dealers not using digital contracting are waiting for their lenders to offer it. As a result, it’s imperative for lenders to gain an understanding of the value digital contracting can provide to both their organization and their dealer partners. Working with technology providers and their dealers will help deliver the digital experience the customer expects, while also increasing customer satisfaction and dealer loyalty.
Everyone is in it together. By working closely with technology providers, lenders not only will be better equipped to support their dealers, but they’ll also see returns on their end as well.
Everyone wants car volume to continue to stay strong, more used and new originations completed, and customers getting into their preferred vehicles more quickly. These outcomes can be realized with a more digital-forward, streamlined workflow between dealer and lender that is supported by the right technology provider. This approach will ultimately lead to more deals, loyalty and cost savings for all parties involved.
Cheryl Miller is vice president and general manager of Dealertrack’s F&I solutions for both dealers and lenders, as well as the company’s full suite of registration and title solutions.
BMO Harris Bank announced this week that it is partnering with AutoGravity in an effort to streamline and simplify the vehicle-buying and financing process for consumers nationwide.
AutoGravity can connect potential buyers with finance companies and dealerships to provide consumers with pre-qualified finance offers for their vehicle of choice. Using the AutoGravity app available on iOS, Android and the Web, buyers can choose from new or used vehicles, shop by monthly payment amount, browse local inventory, apply for financing and select a personalized financing offer.
“AutoGravity will enhance the car-finance experience for existing and future customers,” said Craig Harter, head of U.S. indirect auto at BMO Harris Bank. “We are excited to tap into AutoGravity’s growing user base, and look forward to serving the needs of car shoppers.”
AutoGravity has attracted nearly 3 million users who have collectively requested more than $3 billion in vehicle financing. The company insisted consumers are becoming more comfortable securing financing options online, and BMO Harris is well positioned to help digital-savvy car shoppers and dealers save time and money.
“BMO Harris Bank is recognized as one of the top U.S. banks in the automotive finance space, and they have strong relationships with dealers across the country,” said Mark Humphrey, vice president of AutoGravity’s Lender Network. “We are proud to partner with them to provide car buyers greater transparency, control and confidence in the purchase process.”
