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As the auto industry continues to recover from the financial crisis, lenders are gearing up for more profitable growth. Over the past few years, the focus has been on improving loss management.
Now the need is for similar advances in profit management, starting at originations. Low-risk buyers, ready to purchase after years of delay, are in everyone’s headlights. One captive finance company projects a 30–40% increase in loan volume over the next two to three years, and some independents are likely to see even higher jumps. While the number of applications to be processed is climbing, so is pressure from dealers. They want immediate decisions, in some cases, round the clock, and they expect competitively priced responses, including alternatives for nonconforming application.