your phone while you watched and munched. Waiting for paperwork and approvals in auto financing is like Blockbuster Video. In this age of instant everything (drone deliveries, real- time Google Earth snooping, 24-hour news in the palm of your hand), risk assessment and decisioning has to be instant too. It needs to be Netflix. Technology adoption is more widespread than anyone thought possible: globally, it is estimated that over 5 billion people have mobile devices, with over a half of those connections being smartphones 1 . Seven out of ten Americans use social media 2 for everything from dating and entertainment
to job hunting and deciding who to vote for. The stage is set for us to apply for loans for ourselves, by ourselves. Connectivity is a no-brainer these days and being able to do things on our own from the comfort of a smartphone or laptop is no longer a nice-to- have, it’s a must.
In 1993, renting a movie was an all-
evening affair. After deciding on a ‘movie night,’ you’d hop in the car and drive to the nearest Blockbuster Video store, where you’d peruse the new releases wall, maybe chat with the clerk on their recommendations, settle on a movie you can agree on and then pray that your chosen flick is actually in stock. By the time you check out, drive home, get everything set up, pop your popcorn – at least an hour has elapsed. Compare that to the 21 st century, where you’d already be halfway through your chosen film on Netflix or Prime, have had your movie-theatre popcorn delivered to your door and be live-chatting with your friends on
According to AutoTrader, 65% of car
shoppers feel that financing and paperwork takes too long 3 . Customer satisfaction begins to decline after 90 minutes in a dealership, yet a typical car buyer in the United States can spend more than three hours there start to finish. When it
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