​Revolutionising auto lending with agentic AI

How agentic AI is enhancing efficiency and customer experience

In recent years, the auto lending industry has embraced agentic artificial intelligence (AI) to enhance customer experience, streamline operations, and drive growth. Agentic AI, characterised by its ability to autonomously perform tasks on behalf of users, is transforming how auto lenders interact with customers, offering personalised and efficient services.​

Agentic AI vs. Generative AI

Agentic AI refers to AI systems that exhibit goal-directed behaviour, autonomy, and the ability to make decisions, plan actions, and interact with the world. These systems go beyond passive responses and can take proactive steps toward achieving objectives.

This third wave of AI represents a fundamental shift in how we think about and interact with artificial intelligence in the workplace.

Generative AI focuses on creating content such as text, images, code, or music based on input prompts. It does not typically make autonomous decisions or pursue long-term goals independently.

The key difference between the two AI iterations is that while generative AI produces outputs based on patterns and training data, agentic AI actively takes actions, adapting to complex environments and making independent choices.

Carvana’s AI integration: a case study in efficiency

Carvana, a prominent online used car retailer, has been at the forefront of integrating AI into its operations. The company developed “Sebastian,” an AI-powered customer service agent, to handle various customer interactions.

Over the past two years, the percentage of customers who choose to interact solely with Sebastian, without requesting human assistance, has nearly tripled. This shift has contributed to a 20% reduction in average calls per purchase, indicating a significant improvement in operational efficiency and customer satisfaction. ​

Capital One’s ‘Chat Concierge’: enhancing dealer-customer interactions

Capital One has introduced “Chat Concierge,” an AI-driven tool designed to assist auto dealerships by managing customer inquiries and scheduling test drives. This multi-agentic AI system coordinates multiple specialised AI agents to handle complex customer interactions seamlessly.

By providing instant, around-the-clock assistance, Chat Concierge ensures that customers receive timely and accurate information, thereby enhancing the overall car-buying experience. ​

Industry-wide adoption: a trend towards digital transformation

The adoption of agentic AI is not limited to Carvana and Capital One. Other industry players, such as CarGurus, are leveraging AI to personalise user experiences and improve lead conversion rates.

By analysing user behaviour and preferences, these platforms can offer tailored recommendations, making the car-buying process more intuitive and engaging. ​

Customer perception: balancing automation with personal touch

While the integration of AI offers numerous benefits, customer perception remains a critical factor. A recent survey revealed that 66% of shoppers are hesitant to allow AI to handle purchases autonomously, citing concerns over data handling and a preference for human interaction in certain aspects of the buying process.

This underscores the importance for auto lenders to balance technological advancements with the personal touch that customers value.

The rise of agentic AI

The integration of agentic AI in auto lending is revolutionising customer experience by providing personalised, efficient, and responsive services. Companies like Carvana and Capital One demonstrate that thoughtful implementation of AI can lead to significant operational improvements and enhanced customer satisfaction.

As the industry continues to evolve, maintaining a balance between automation and human interaction will be key to meeting diverse customer preferences and building lasting trust.​