Automotive lenders will expand portfolios this year by enhancing the dealer experience, increasing auto loan refinancing and diving further into the used-vehicle business, TransUnion predicts.
Lenders will aim to approve deals faster and strategize to provide dealers with higher-quality leads and more attractive offers, said Brian Landau, automotive business leader at TransUnion.
"Lenders want to be top of mind with dealers," Landau said. "Dealers still drive a lot of applications and a lot of loans that are funded."
More investments in digital solutions and emerging companies in the fintech space also will help lenders work on dealer relationships this year, Landau said. To that end, prequalifying customers for vehicle financing online should increase.