CBT News’ Jim Fitzpatrick met with Ken Hill, Managing Director at 700Credit, at the 2025 NADA Show in New Orleans to discuss the evolving landscape of automotive finance. The conversation spanned topics from paperless deal jackets to the growing threat of synthetic fraud. Hill shared insights into how dealerships can protect themselves while enhancing the customer experience. As technology advances, ensuring data security and fraud prevention is critical in today’s digital-first world.
Key Takeaways
- Ken Hill emphasized the importance of transitioning from paper-based deal jackets to digital solutions, which significantly improve security and streamline dealership operations. While over 50% of dealers still use paper deal jackets, the future points to a secure, electronic approach.
- Hill discussed the alarming rise of synthetic fraud in the automotive industry, warning that fraudulent identities are being built up over time and used to defraud dealerships. This practice poses a significant risk, with fraudsters walking away with multiple vehicles after maxing out credit lines.
- 700Credit’s major focus is helping dealers adopt a fraud-first strategy, prioritizing identity verification before diving into credit processing. By incorporating fraud protection early in the sales funnel, dealerships can mitigate their exposure to fraudulent activities, ensuring a safer, more efficient process for everyone involved.
Catch all of CBT News’ coverage of the 2025 NADA Show here.
