Global Automotive Finance Market Size Was Valued at USD 270.60 billion In 2021, And Is Projected to Reach USD 412.29 billion By 2028
Financing firms or specialized automobile manufacturers provide car financing. It covers a variety of financial solutions, such as loans and leases, that enable buyers to purchase a vehicle. Furthermore, original equipment manufacturers (OEMs), banks, credit unions, brokers, and other financial organizations are the primary distributors of vehicle loan products and services.
Furthermore, automobile or auto finance is a service that allows borrowers to buy vehicles without having to pay in full upfront. Several auto lending companies are modernizing their LOS systems. Lenders gain from faster response and processing times when they use LOS systems. They can also decline or approve online applications in minutes thanks to loan structuring and automated decision-making.
Machine learning and artificial intelligence tools are being utilized by automotive financing companies to better organize used and new auto loans. Furthermore, with the support of LOS providers, lenders can readily exploit these revolutionary technologies in the cloud. Auto lenders can more accurately analyze risk and identify perfect borrowers because of machine learning and artificial intelligence.
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Segments Covered:
By Provider Type
Banks
OEMs
Others
By Finance Type
Loan
Leasing
By Vehicle Condition
New
Used
Key Industry Developments :
Volkswagen Finance Pvt. Ltd. (VWFPL)India has acquired a controlling investment in Chennai-based KUWY Technology Service Pvt Ltd. (KWY) to provide value-added services to its clients through digital platforms. The primary goal of this acquisition is to reduce loan processing time, resulting in a win-win situation for both dealers and clients.
Volkswagen AG and Ford Motor Company have established a cooperation that would combine the car finance market's strengths and will likely invest and grow into cooperative development of electrified and self-driving technology.
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Players Covered in Automotive Finance :
Ally Financial
Bank of America
Chase Auto Finance
Daimler Financial Services
Ford Motor Credit Company
GM Financial Inc.
Hitachi Capital
Volkswagen Financial Services and other major players.
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