About Digital Auto Loan
Digital transformation in auto finance is accelerating globally, as the automotive lenders are digitizing the customer experience through technologies such as identity document verification, biometrics, and e-signature. To fulfill the digitalization technology, lenders and automotive makers must be able to connect anytime and anywhere with consumers, offer more expressive interactions and transactions, and strengthen their overall brand proposition. Most of today’s consumers learn about price and availability, and find dealers within close proximity of their home or workplace they first research their options on the Internet. In Europe, auto finance providers are reinventing the auto finance process by introducing digital identity authentication. In Australia, an auto manufacturer digitalized its auto finance loan process rolling out e-signatures to 1,500 dealers to facilitate customers to e-sign auto finance loan documents and privacy statements. The consumer are looking for new cloud-based technologies combined with shorter implementation times mean that auto finance providers can bring innovation to market now whether in the dealership or creating digital financing accessible from a customer’s home.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Auto Loan market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
eLEND Solutions (United States), AutoFi (United States), Autopay (United States), AutoGravity (United States), CarsDirect (United States), Bank of America (United States) and M&T Bank (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are HDFC Bank (India) and Kuwy Technology Service Private Limited (India).
Segmentation Overview
AMA Research has segmented the market of Global Digital Auto Loan market by Type (Standard Loan, Finance Lease, Novated Lease, Operating Lease, Chattel Mortgage and Commercial Hire Purchase), Application (Passenger Vehicles (Bikes, Cars) and Commercial Vehicles) and Region.
On the basis of geography, the market of Digital Auto Loan has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. Individual will boost the Digital Auto Loan market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Banks will boost the Digital Auto Loan market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Digital Auto Lenders Have Emerged, Presenting another Level of Competition and The Growth of a Digital Culture Has Pushed the Market to Develop New Tools
Market Growth Drivers:
Customers Are Increasingly Comfortable In Digital Environments and Increasing Adoption Due To Simplified Financing Application Process
Challenges:
Rising Interest Rates.
Restraints:
Buyers Have More Options Available To Finance Car Purchases, Such As Peer-To-Peer Lending Sites
Opportunities:
Digital Processes Can Help Create a Customer-Centered Environment and Banks Are Investing In Mobile Apps to Offer Auto Financing Deals
Market Leaders and their expansionary development strategies
In May 27, 2020 – Digital Motors®, which is revolutionizing the way car dealerships sell their vehicles online, today announced a strategic partnership with digital financing innovator eLEND Solutions™ to facilitate an integrated auto buying and financing experience.
May 31, 2023 /PRNewswire/ -- Aura, the leader in intelligent safety, today introduced a new partnership with eLEND Solutions aimed at reducing and mitigating fraud for automotive dealerships and their customers. The partnership means auto dealers will have access to enhanced authentication tools during the purchase process, as well as post-purchase identity protection tools to aid in compliance with the new Federal Trade Commission (FTC) Safeguards Rule. eLEND Solutions, an automotive fintech company that works with thousands of auto dealers, is a specialist in identity verification and authentication technologies for auto dealerships.
{ "North America": ["United States", "Canada", "Mexico"] , "South America": ["Brazil", "Argentina", "Rest of South America"], "Europe": ["Germany", "France", "Italy", "United Kingdom", "Netherlands", "Rest of Europe"], "Asia Pacific": ["China", "Japan", "India", "South Korea", "Taiwan", "Australia", "Rest of Asia-Pacific"], "MEA": ["Middle East", "Africa"] }
Key Target Audience
Independent Finance Companies, Banks, Credit Union, Government Bodies and Departments, Business Consulting Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.