Opportunity of Auto Lending Software
84% of vehicles are leased or financed. That’s $1 trillion in auto loans in the US alone.Auto financing is a booming business with 84% of all vehicles being leased or financed. That’s more than $1 trillion in outstanding auto loans, just in the US. Annual growth rate is as high as 70% in some Asian countries where mortgages and auto loans are still fairly new funding options. This extraordinary expansion is fueled by low gas prices, low interest rates, and more expensive vehicles. Amazingly the consumer demand for taxi alternatives like Uber and Lyft has created a measurable increase in new car sales. Financing has become a critical component of an auto dealer’s business model. The typical dealership generates more than 40% of gross profit from a lending desk connected to banks, credit unions and direct online lenders. Which makes auto lending a high value opportunity for financial organizations looking to grow their business.
Obstacles to Auto Loan Servicing
Zero customer loyalty. Borrowers prize speed and price.There’s no loyalty when it comes to auto loans. These borrowers are all about speed and price. Car buyers can get anxious in the dealer showroom while waiting for an application approval – and start searching on their smartphone for back-up options. The first lender to respond will likely get their business.
Solution – Fully Managed Auto Finance Software
Turnkey Lender advanced auto lending software delivers speed and accurate risk-based pricing.Automated credit scoring and risk assessment technology allows you to make smart decisions within a few short minutes. That’s why specialized auto loan software is essential for quick approvals and proper pricing when it comes to good credit, bad credit, thin credit, new vehicles, and older vehicles with a low loan-to-value ratio. Turnkey Lender car loan software delivers speed and accuracy when you’re processing a new application, managing customer payments, refining their risk profile to optimize pricing, or mining customer data to identify incremental marketing opportunities. And this advanced car dealer financing software can be customized according to your decision rules and your risk tolerance parameters.
Turnkey Lender helped us with increasing efficiency of our scoring model in Jan-Feb 2016. They provided the highest level of consulting and technical support services. Jonathan Sarmina, Ceo Moneyveo, Mexico
Auto Finance Software – Key Business BenefitsClick on Turnkey Lender Advanced Auto Lending Software to learn more about our key business benefits.
8 Key Factors When Choosing Lending SoftwareChoose The Right Lending Software for Your Business.
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