Peter Gasparro, managing director of business development and strategy at Chase Auto Finance, discusses the industry during a fireside chat at Auto Finance Innovation 2017.
SAN DIEGO — Chase Auto Finance is on a “journey” to expand its Chase Auto Direct platform to non-Chase customers, said Peter Gasparro, the bank’s head of strategy and business development.
“We are still on a journey of iterating,” he told attendees at Auto Finance Innovation 2017 last week. “We have some new tools [to launch], and we want to go beyond the Chase customer.”
The program should be nationwide by yearend, up from four states currently. Additionally, Chase is looking to offer trade-in valuations on the platform. That functionality will “advance where we go,” he said. “You want to know what car you are buying, trade-in values, etc. [Then] we can really determine that LTV at its fullest view.”
So far, Chase Auto Direct has sold thousands of cars, and will continue to grow this year, he said.
“We will be in much better position by 2018,” he added, noting that “the iterations of the service take a little longer than we’d like.”
Chase Auto Direct, which launched in August 2016, allows customers to shop for a vehicle and secure financing through the Chase.com website or app.