Auto lenders, looking to attract and retain car shoppers, are starting to use new digital tools to compare interest rates and pricing at other lenders.
The tools, such as mGauge, track and examine lease and loan programs published by an auto lender's direct competitors on a daily basis. The recently launched mGauge is a collaboration between data and technology provider Market Scan Information Systems and credit bureau Experian.
Wider access to vehicle pricing and interest rates allows lenders to competitively price deals that auto dealers can offer consumers, the two companies said, helping to increase profitability and drive customer loyalty.
"Unique insight into how competitors are pricing vehicles can level the playing field across the lender spectrum," John Gray, Experian's president of automotive, said in a statement. "More importantly, consumers can access favorable loan terms that can make vehicles more affordable and improve their financial health down the road."
Market Scan tracks and analyzes manufacturer, lender, dealership, transaction, location and other data for auto lender clients.