I recently attended Used Car Week, a weeklong event that brings together all corners of the used car, auto finance and remarketing industries.
Whether it was discussion about auto lending in the subprime and prime segments, analysis on the rise of fintech, or how political and regulatory impacts are impacting the remarketing industry, the conference was focused on the most prevalent issues in the today’s automotive industry.
Among the many things that stood out to me at Used Car Week was the vast presence of new and disruptive technologies that are changing—right before our eyes— the way in which the automotive industry delivers products and services service. The resulting evolution has been nothing short of amazing when you compare the industry to where it was a mere 10 years ago.
From masterQueue,which is using predictive and open source data to locate lost customers or assets, to Dasceq, which is leveraging artificial intelligence and machine learning to improve collections, and ClearMarket, a revolutionary cloud based auto auction platform that delivers open trade 90-second consumer auction and exact car real-time finance offers or, Fair, which is offering a radical alternative to car ownership, it is clear that all segments of the automotive industry are being dramatically affected by technology.
In many ways, interreacting with these technology companies served as a reminder of why we’re doing what we’re doing here at Servicing Solutions. We created the company behind a firm belief that there was a need for a new, more efficient and more transparent approach to loan servicing. In our view, too many servicing organizations have not adapted to recent technological advances, choosing rather to keep doing things the way they always have. That’s not good enough, and the industry deserves better.
When we talk about being a more efficient and transparent servicing partner, technology plays a big role in achieving that. This isn’t just lip service…we’ve invested in and partnered with best-in-class technology. Simply put, our commitment to investing in technology is, and always will be, a core part of our business model. It improves everything we do, from regulatory compliance, customer service thru recovery and employee training.