Serving together on the Finance Securitization and Smart Contracts (FSSC) Working Group led two MOBI members to join forces to develop a blockchain-based loan origination system to bring down costs and increase scale for On the Road Lending’s auto loan program for low-income consumers. Dave Eddy, formerly of Toyota Financial Services, and Michelle Corson of On the Road Companies have teamed up with Goldman Sachs, EY, and Toyota Motor North America, to create an end-to-end customer acquisition, underwriting, origination, and servicing system. The team is also partnering with computer science majors at the University of Texas at Dallas on a capstone project that will pilot a single auto loan completely on chain using digital assets that will serve as a demonstration for the larger system build.
Michelle Corson founded Champion Impact Capital in 2011 after a successful career in finance and development to make investments in social enterprises and saw a way to help working families thrive through better transportation options. She created On the Road Sustainability Funds and attracted investors who understood that better cars lead to better jobs and better lives and were willing to take a small return on their invested capital to provide a social, financial, and environmental return to others. In 2013, Michelle founded a nonprofit, On the Road Lending, to help people find cars that worked for them and to teach them how to make good financial decisions. Michelle’s career spans 30 years in finance and commercial real estate. She is highly skilled at structuring complex partnerships and has experience in the realms of venture capital, REITs, NYSE-traded companies, opportunity funds, and private equity investment.
Dave Eddy retired from Toyota Financial services as National Manager of Technology Research and Development. In this role, he partnered with business units to develop opportunities leveraging emerging technologies including Blockchain, Virtual Reality, Deep Neural Networks, and Robotic Process Automation. Dave participates in many non-profit opportunities, such as Habitat for Humanity, Special Olympics, Junior Achievement, and Buford Elementary activities. He graduated from the Riordan Leadership Institute in 2014 (a board training program offered at the Los Angeles Junior Chamber of Commerce), which included an internship position on the Board of Directors for the Torrance – South Bay YMCA. Dave serves on the board at YMCA Torrance South Bay, where he created (and co-chairs) a technology committee chartered with developing social media analytic capabilities.