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Why is identity verification a must for automotive retail?

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Why is identity verification a must for automotive retail?

Prevent fraud and comply with anti–money laundering regulation while improving customer experience

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Automotive finance fraud is a growing problem. As cars have become more difficult to physically steal from the street, automotive loans have become cheaper and easier to get. Criminals have turned their attention to using automotive finance as a route to steal cars. Using stolen or synthetic identities, they take out loans to obtain a vehicle - and it only becomes apparent it's fraud when loan payments aren't met. Dealerships are left with a debt they can't recover and no way to trace the missing vehicle.