Another successful year at Auto Finance Summit (AFS) 2024, in Las Vegas! Some key themes Informed noticed this year include:
Artificial Intelligence Adoption
Given the recent buzz around artificial intelligence and tools like ChatGPT, Claude, etc, many conference attendees wanted to understand how AI-based tools could help streamline their business. Lenders showed particular interest in AI-driven strategies targeted at automated decisioning, underwriting and funding as they anticipate higher loan volume in the coming months. Compared to past years, you could feel the intrigue of lenders and financial institutions wanting to adopt these next generation tools while adhering to their compliance obligations.
Complex Regulatory Landscape
Many conference sessions aimed at helping lenders navigate an increasingly difficult regulatory landscape. Consumer protection laws, data privacy, and ancillary product compliance seemed to be on the mind of all attendees.
Partnerships and Collaboration
AFS again served as a premier mechanism for auto industry collaboration. Financial institutions, technology providers, and OEMs all worked together during the conference to share best practices, trends, and research that allows the auto finance industry to become much more efficient. Bringing together best-in-class technologies from across the industry and working together, allows financial institutions to realize the complete benefits from innovative technology providers.
CPS announces use of Informed.IQ’s Dealer Verify Tool
Consumer Portfolio Services (CPS) made waves at AFS with its announcement of integrating Informed.IQ’s Dealer Verify tool into their loan origination process. This innovative AI-powered solution streamlines the loan approval process by automatically verifying stipulations in real-time, significantly enhancing dealer experience and reducing contracts-in-transit. Mike Lavin, COO of CPS, emphasized the transformative impact of this technology, highlighting how it enables faster, more accurate loan originations with fewer errors and a reduced risk of delays. Teri Robinson, Executive Vice President of Sales and Originations, noted that leveraging AI has allowed CPS to increase its same-day funding percentage by 100% and significantly improve overall efficiency.
Lavin expanded on these themes during the “Executive Dialogue on the Future of Auto Finance” panel, where he joined senior leaders from JP Morgan Chase, Santander Consumer USA, and Westlake Financial to discuss critical issues facing the industry, such as inflation and tightening credit markets. Lavin emphasized CPS’s commitment to technology-driven solutions like Dealer Verify, which are essential in navigating the challenges of a shifting auto finance landscape.
The panel delved into strategies for preparing for 2025, with Lavin underscoring how AI will be vital managing risk, improving dealer relationships, and driving future growth. The session reinforced the idea that innovation and adaptability are key to success in a competitive, rapidly evolving industry. CPS’s investment in AI-powered solutions like Dealer Verify positions it as a leader in both operational efficiency and customer satisfaction.
Informed.IQ Sponsors Women’s Luncheon
At the Women in Auto Finance Luncheon on October 7, Informed had the honor of sponsoring an event dedicated to fostering female leadership in the automotive industry. This exclusive gathering brought together women from across the auto finance sector to celebrate their contributions and drive innovation. Ting Cui, Executive Director – Department Head of Corporate Strategy at Hyundai Capital America delivered the keynote, sharing her invaluable insights on navigating and excelling in auto lending and leasing.
The event not only recognized the unique challenges women face in the industry but also emphasized the strength, resilience, and leadership that women bring to the table. As the sponsor, Informed reaffirmed its commitment to championing diversity and supporting the advancement of women, both in auto finance and beyond. We believe that when women succeed, industries thrive. The luncheon served as an opportunity for women to connect, learn from one another, and look ahead to the exciting opportunities to mentor, innovate, and push boundaries.
Together, we celebrated the strides made by women in the industry while committing to continued progress in shaping a more inclusive, forward-thinking automotive landscape.
