AUTOMOTIVE CX
BY BRENDAN READ, CONTACT CENTER PIPELINE; Q & A WITH TOD CHISHOLM, INTEGRATED FINANCIAL TECHNOLOGIES( IFT)
ILLUSTRATION PROVIDED BY ADOBE IMAGES
THE ROAD AHEAD FOR AUTO FINANCE CX
HOW AI, AUTOMATION CAN HELP AUTOMOTIVE LENDING CXs MOVE FORWARD.
Buying a vehicle is arguably the second most important and largest purchase an individual can make, after buying a home. And, like purchasing a home, purchasing a vehicle will likely entail financing.
Consider the following:
TOD CHISHOLM
• According to the National Automobile Dealers Association( NADA) more than 80 % of new vehicle purchases in the U. S. are financed, either through loans or leasing programs.
• Financing for used cars is less common but is still substantial. Mercer Capital estimates that it is used for approximately 37 % of these purchases.
Vehicle payments are substantial, and they take up a sizable and critical( without vehicles, most people cannot reach their workplaces) share of household expenses.
The average monthly payment was $ 735 for new and $ 523 for used vehicles in the U. S. in 1Q 2024, according to Lending- Tree, based on Experian data and cited in a Yahoo! Finance article.
46 CONTACT CENTER PIPELINE