Consumer lending finance is in a period of great transition — with auto loan originations reaching an all-time high of $584 million in 2018. With personal loans balances reaching record levels, nontraditional lenders gaining ground on banks, and increased loan delinquencies — auto finance back offices are under great scrutiny.
With an economic downturn threatening, auto lenders are pressed to proactively mitigate potential business impact — they are laser focused in reducing risk around repossession, back-end product cancellation, and insurance loss operations. These leading lenders are taking near-term actions to enable long-term profitability.
Special thanks to Brian Karp, who contributed to this article.