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Article: Helping Banks Snare Auto Loans on Web --Software Maker Aims to Move Banks Up Front by Simplifying Financing.(Web Carbook software from Chrome Data Corp.)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- November 5, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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An Oregon City-based information and software company wants to turn the typical process of buying a car on its head -- and put banks at the heart of the action.
With the Internet making the already competitive indirect lending business more so, Chrome Data Corp. wants to make banks' Web sites more attractive places for consumers to begin an on-line car search. And banks seem to need the help.
"Banks have really dropped off in the portion of overall auto loans that they hold," said David Littman, chief economist of Comerica Inc. in Detroit, citing Federal Reserve data.
Commercial banks held 34.8% of auto loans in April 1999, down from 60% in ...