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The number of used vehicles financed has finally tied that of new-vehicle financing in China, each hitting a record high of 64 percent in 2022, according to J.D. Power.
Open Lending Chief Revenue Officer Matt Roe, whose company develops borrower default insurance for auto lenders, says lenders are willing to make adjustments on behalf of their partner auto dealerships. He recommends dealerships ask for what they need.
J.D. Power data found 24 percent of new-vehicle transactions at franchised dealers during the first quarter of 2023 involved "cash type of sale" deals, up from 20 percent a year earlier. However, some of these sales might have involved cash obtained from direct auto loans, J.D. Power said.
With each training session, the AI software also will improve its objections to sales pitches instead of using the same objections each time.