“Now what?” remains the question as financial institutions continually adapt to new challenges and consumer needs for auto financing. While auto purchases continued throughout 2020, how and where they were purchased had to pivot to a digital environment due to social distancing and other safety protocols brought on by the COVID-19 pandemic.

Consumer behaviors were already shifting to online buying when it came to purchasing a vehicle (even before the pandemic), but now in 2021, being online is not just a trend. Online purchasing options are a necessity, both as a means to combat against limited in-person interactions and adapting to consumer buying trends. The explosive growth for online buying platforms (like Carvana, for example) continues to highlight the need for financial institutions to innovate and diversify their auto lending programs.

For long-term success, financial institutions need to ask these three essential questions to build a competitive auto lending program that helps grow market share, increases yield and provides digital solutions.

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