The industry challenge
The automotive finance industry has unique requirements in the credit market. The challenges of vehicle financing and the need to manage both dealer and customer relationships make the requirements of automotive finance lenders different from other credit grantors.
Success can be achieved by offering the right finance package to customers and dealers, making offers that accurately reflect all the factors in the deal to give a competitive edge in an increasingly competitive market. Proactive management of the customer and dealer relationship can add significant value and help realise optimum returns.
The answer
Experian's proposition for the automotive industry integrates both customer and dealer value assessments to enable accurate risk-based pricing when taking on new applicants, and detect and prevent application fraud before the vehicle is taken away.
Following acceptance, continuous assessment gives the ability to manage both with the most appropriate strategies to maximise every relationship. Strategies and lending policy can be managed centrally before distribution across all customer contact points.