Andrés Huertas says the lost opportunity represented by loans that are approved but not booked is the second-biggest business expense facing auto finance sources today. In an exclusive commentary for Auto Fin Journal, the Conecta Marketing Group founder urges finance executives to tackle the problem by considering it from the dealer’s point of view.

With properly aligned technology, processes and communications, Huertas says, lending partners and dealers can work together to book more approved loans.

“Having technology that simplifies the loan onboarding process such as digital deal jackets, automatic income and identification verification is a must, but is not enough; indirect auto lenders (finance companies, credit unions, etc.), need to also implement dealer relationship management systems that go beyond out-of-the-box, limited-channel, one-sided systems used to ‘manage’ dealer relationships,” Huertas writes.

Read more at Auto Fin Journal