Auto finance services aim to provide funds to customers who are willing to purchase or lease a car. Global technological advancement has also created demand for the automotive financing sector significantly in the last few years. Technologies such as Block chain, digital payments systems, and online/mobile banking are the most prominent technologies used by financial institutions today to provide the best automotive financial services to their clients. The number of people willing to take these services is growing steadily since the last few years, as disposable income is rising in developing countries such as India, China, Brazil, Mexico, and Indonesia.
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The old methods of the automotive financing industry were highly complicated and time-consuming for a typical customer. It used to take several days to process the application manually. However, due to digitization, now, the same process takes only a few minutes. Therefore, the customer can easily avail of quick & hassle-free transactions. The trend of car-sharing, ride-hailing, and car rental is also steadily growing post-2015 as many aggregators such as Uber entered auto financing and offered their mobile application-based platforms for easy car booking and payment. Rental companies are emerging as prominent customers for companies around the world.
Automotive finance companies are bringing lucrative repayment schemes to support customers in the hardship of the COVID-19 induced lockdown. For instance, Ford offers 90 days’ delay in the first payment for new car loan buyers. Similar initiatives were practiced by Nissan and Hyundai as well.
LIST OF KEY COMPANIES PROFILED:
- Ally Financial (Michigan, U.S)
- Bank of America (New York, U.S)
- Capital One (Virginia, U.S)
- Chase Auto Finance (California, U.S)
- Daimler Financial Services (Stuttgart, Germany)
- Ford Motor Credit Company (Michigan, U.S)
- GM Financial Inc. (Texas, U.S)
- Hitachi Capital (Tokyo, Japan)
- Toyota Financial Services (Aichi, Japan)
- Volkswagen Financial Services (Brunswick, Germany)