Why did you join TurboPass?
After a long career in Auto Finance, I was painfully aware that the parties to the automotive purchase and financing process had a mutual distrust of each other causing delays for buyers, sellers and lenders. We set out to provide a modern, digital way for buyers and sellers to provide financial data needed to create trust, dramatically improving speed to finalize the transaction, and more importantly improve the relationship between the parties to the transaction.
What’s the most important thing TurboPass accomplishes?
As Stephen M.R. Covey states in his book, The Speed of Trust: "Trust always affects two outcomes, speed and costs. When Trust goes down, speed goes down and costs go up." TurboPass allows buyers and sellers to get to the truth around the buyer's ability to pay-establishing a formatted way for lenders to FUND contracts with more speed, precision and transparency.
Tell us about trends you’re seeing in the verifications space?
The verifications space is trending in the right direction and TurboPass is a part of that. Verification technologies are continuing to empower consumers to control their financial data and permission it to help achieve financial goals. I think credit and underwriting attributes will evolve to analyze direct financial data from banks and payroll providers to determine better risk assessment and pricing for customers.
How did past roles prepare you for this position?
I spent most of my time in dealerships, developing relationships with owners, General Managers and Finance Managers discussing ways to grow portfolio volume and quality on behalf of some of the largest lenders in the US. Sometimes these conversations were painful due to past loans that were determined to have some element of fraud or misrepresentation. This is the last conversation any banker or dealer wants to have, but with the proliferation of sophisticated technology and forgery websites, consumers (and sometimes dealers) have created an $8B fraud problem in the auto finance industry. Creating TurboPass is the result of our desire to relieve dealers and lenders from having these difficult and costly conversations.
What feedback do you get most from dealers?
Our users are constantly telling us about situations where TurboPass saved them time, money, and from making major mistakes with the selling or financing of vehicles. Beyond SAVING money and time, TurboPass is responsible for CREATING thousands of car deals that may not have otherwise come together were it not for our technology helping dealers "Get to the Truth".
What excites you most about TurboPass’ future?
Growth. We are expanding into other industries like property management, apartments and medical, but we see a HUGE opportunity to continue gaining market share within the auto industry. Several captive lenders are considering requiring TurboPass as the only form of "proof" for certain stipulations, especially for self-employed borrowers. Businesses who are using TurboPass in lieu of banks statements are more precisely measuring income and cash-flow. This shift is allowing lenders more flexibility, consequently helping their dealers sell more cars and trucks.
