A new auto finance ecosystem is needed in which funders work with dealers and suppliers, including software providers, to build the processes and systems that support a digitalised, flexible finance journey for customers, according to a report published today by the International Asset Finance Network, in association with White Clarke Group (an IDS company).
The report, called ‘Auto Finance Leaders Strategic Plan 2021’, reveals unique insights from auto finance industry leaders on the importance of changing the traditional business cycle to create products that drive revenue through renewal and long-term customer loyalty.
The insights are the result of three days of online debate among members of the International Asset Finance Network.
Contributors participating in the event included senior executives from the banks, OEM captives, independent finance organisations, and industry leaders representing a wealth of suppliers, analysts, legal experts, and dealers.
Their final report includes insights on:
- Breaking the traditional business cycle
- The link between flexible services and lifetime customer relationships
- Strategies for selling service and controlling data
- Why embedding simplicity within products is vital to securing customers
- How electric vehicles could drive the switch to subscriptions
- Dealer business models that could support the loyalty cycle
- Five steps to deliver innovation success
Brendan Gleeson, chief strategy officer at IDS, said: “The findings in this report will prompt further deliberation about what the future holds as the auto finance industry adapts to the changing customer transport and finance needs.
“As part of IDS, White Clarke Group will continue its role at the heart of the auto finance sector, and I look forward to working alongside our clients and partners as we approach this exciting future together.”
You can download your copy of the ‘Auto Finance Leaders Strategic Plan 2021’ by completing the form below.