At Bay Motor Finance, we feel it is essential to keep our clients informed of lending policies in the news, including the latest on the Community Reinvestment Act. Something that may affect our dealership partners and loyal customers. What is the Community Reinvestment Act (CRA)? The CRA was passed in…
Category: Industry News
What is an Automated Approval Process and How Might it Affect Your Customers?
Traditionally, automobile dealerships have had a “red phone” communication with lenders. Speaking directly to an underwriter has historically made it easy to discuss options for…
The Impact of the CFPB’s Changes on Lenders and Dealerships
The Consumer Financial Protection Bureau is concerned with rising costs in the automotive industry but, since the agency has no oversight of car dealerships, the…
Love It Or Hate It, Online Car Buying is Here to Stay
The days of customers wandering into your dealership looking for their next car may be nearing an end. Buying cars online is growing in popularity,…
The Electric Vehicle Market is Growing: Are You Ready?
For consumers facing sticker shock at the pump, it may be time to consider shifting to a fuel-efficient, low-emission electric vehicle. The electric vehicle market…
How We’re Helping the Vehicle Inventory Shortage
Supply chain disruptions have led to the current shortage of new vehicle production, but not for the reasons you may think, such as a decrease…
