What benefits do you offer to Diamond Dealers?
We have exceptional customer service, but there's a priority to those dealers that have a relationship with us. They're making a commitment to us, to a relationship with us. Our commitment to them is, on the underwriting side we offer more flexibility, more exceptions, plus the priority service. Thirdly, we have some exclusive marketing programs that we use to help drive the business.
Do you do leasing?
We do not do leasing today.
Outside the auto industry, credit cards are what people associate with the Capital One brand name. Are you looking at ways to cross-sell with autos?
We don't have product offerings that link credit cards to auto lending. Like any bank, sure, we use our broader customer base to sell products. We want to give auto loans to people who have (other) relationships with us.
You came up on the credit card side of the business. Are there things you learned in credit cards that you can apply to auto loans?
There are a bunch of skills that apply to both. Capital One's historical emphasis in consumer underwriting through the credit card business is definitely part of the value proposition to dealers.
Do you have any private-label-type relationships with any automakers or dealership groups?
We have some partnerships in the market, but we've not gone into the captive business. We're not currently in the captive business like some of our bank competitors.
Is that something you're interested in doing?
A lot of manufacturers now are evaluating the kind of support they need in the long term, whether that's owning a captive lender, whether it's a variety of partnerships with banks, or with a bank that essentially acts like a captive. This creates a lot of partnership opportunities. It's certainly something we're looking at.