Tag Archive | "Online F&I"

TD Auto Finance Joins AutoGravity Network


CHERRY HILL, N.J. — TD Auto Finance (TDAF), a subsidiary of TD Bank, is the latest auto finance source to join AutoGravity’s car-shopping and financing platform, the two companies announced this week.

Through the newly forged partnership, indirect financing offers through TDAF will be made available to qualified auto buyers using AutoGravity’s digital platform, which allows consumers to search for and finance their next vehicle from their desktop or mobile device.

“We realize the impact that cutting-edge technology will have for our current and prospective dealer partners,” said Andrew Stuart, president and CEO of TD Auto Finance U.S. “Given consumers’ desire for digital options, our partnership with AutoGravity positions us to reach car buyers right on their smartphones and will help to drive the next wave of innovation in our industry.”

According to AutoGravity, more than one million users, a majority of whom as millennials, have downloaded AutoGravity’s native iOS and Android apps and collectively requested more than $2 billion in vehicle financing in 2017. Recognizing the popularity of comprehensive digital options in auto financing today, TDAF will utilize AutoGravity technology to further its reach to this set of consumers.

The AutoGravity app connects ready-to-buy car shoppers with lenders and dealerships through a seamless digital platform. Consumers can choose any new or used car, browse local inventory, apply for financing and select from up to four personalized indirect auto finance offers. Consumers can then take their chosen offer to the dealership to purchase the vehicle they selected.

“AutoGravity is reinventing the car-buying and financing journey with game-changing technology that effortlessly connects consumers, dealers and lenders,” said AutoGravity founder and CEO Andy Hinrichs. “Our partnership with TDAF reinforces our commitment to empower car buyers with finance options from the most trusted lenders in the industry — lenders that embrace technology to offer a new level of service to digitally savvy car buyers and dealerships alike.”

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Clarivoy Appoints Jessica Ruth to VP Role


COLUMBUS, Ohio — Dealer marketing solutions provider Clarivoy announced it has hired Jessica Ruth, formerly digital program manager at Dominion Dealer Solutions, as vice president of product.

Commenting on the new hire, Clarivoy CEO Steve White said, “Jessica is a vital addition to our leadership team where she will lead product creation and management for all current and new products. These responsibilities are critical to achieving Clarivoy’s strategic goal: to provide dealers with a single complete view of how people buy cars and where to get their next sale.

“Her experience and background make her a perfect fit as VP of Product, where she will pioneer new product development, resulting in demonstrative revenue growth, increased market share and customer adoption,” White added.

Ruth brings more than 10 years of auto industry experience to Clarivoy, having successfully managed, launched and led large software development projects. She previously served as digital program manager at Dominion Dealer Solutions, where she created new processes, products and efficiencies that led to improved customer product delivery. She has also served in executive roles with DealerFire and DealerRefresh.

“As I considered my next opportunity, it was important for me to join an organization that is trustworthy, progressive and rooted in their industry objectives,” Ruth said. “Clarivoy’s mission of helping dealers as an unbiased third-party provider aligned with my personal beliefs and professional goals. They are truly a dealer partner whose only interest is helping dealers succeed. I’m extremely excited to join such a great team.”

Visit Clarivoy at Booth 763N at the 2018 NADA convention in Las Vegas.

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Chase Joins AutoFi’s Digital Retailing Platform


NEW YORK — Chase became the first national bank to join AutoFi’s digital retailing platform, the finance source announced today.

AutoFi is a fintech firm that offers a digital retailing platform that connects dealers with finance sources and buyers. Under the new partnership, Chase will deliver financing terms online through the AutoFi platform.

“AutoFi helps dealers provide a fast and easy digital car-buying experience that consumers want,” said Chase Auto Finance CEO Mark O’Donovan. “Our customers are our top priority — both dealers and car buyers. We want to provide them with the best financial experience whether they are in a dealership or online.”

AutoFi CEO Kevin Singerman added: “We are thrilled to partner with Chase. We share a common vision of using technology to deliver a delightful consumer purchase experience. Our partnership brings tremendous value to the dealer community leveraging the breadth of Chase’s full spectrum lending and automated capabilities to deliver a comprehensive digital retailing solution to dealers across the nation.”

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Pearl Technology Integrates Experian Propensity Scoring Platform


DALLAS — Pearl Technology Holdings LLC today announced it has expanded its relationship with Experian to include information on consumer vehicle buying habits. The enhancement allows dealers to precisely target consumers that have the highest propensity to purchase or lease a vehicle within a specified timeframe.

As part of the agreement, Pearl is now able to evaluate more than 1,000 elements when scoring a consumer’s propensity to buy or lease, as well as open new opportunities to its auto dealer clients for pre-owned and CPO units. Pearl now knows which consumers are new or pre-owned buyers, and can target by propensity, APR, payment amount, payments made or remaining, term and credit score, and more.

“We are simply thrilled to expand our relationship with Experian. We contemplated building our own scoring methodology but, ultimately, there is no better data or analytic interpreter than Experian,” said Pearl founder and CEO Bruce Thompson. “Understanding what consumers are likely to purchase or lease, as well as when, is what it’s all about. Overlaying our existing technology on top of 240 million pre-screened records allows our clients to win big with much less investment.”

Today, Pearl’s VehicleXchange incentive-based marketing platform processes nearly 50,000 Experian consumer pre-screens per day for both dealer and OEM clients. By leveraging the new data from Experian, Pearl’s clients will now have the capability to conquest market share for any type of transaction by almost any criteria.

“We’re excited to continue our work with the Pearl team,” said John Gray, president of Experian Automotive. “Understanding the current market landscape and when a consumer is in the market to buy is critical for automotive dealers and OEMs alike. With these insights available, dealers will be able to unlock the potential of the data and to uncover new pockets of opportunity, increase profitability and improve the overall consumer experience.”

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Roadster Adds Southern California’s Longo Toyota


SAN FRANCISCO — Roadster is on the move. The startup has secured additional funding and added the largest Toyota dealership in the world to its digital retailing platform.

The ecommerce solution provider today announced that Penske Motor Group’s flagship dealership, Longo Toyota, is now plugged into its Express Storefront ecommerce platform. The El Monte, Calif-based dealership this year celebrated its 50th consecutive year as the No. 1 Toyota dealership in the world.

“While buying a car is much more complicated than buying a toaster online, shoppers increasingly want a similar experience,” said Brendan Harrington, president of Longo Toyota, which averages 30,000 unit sales annually between its Toyota and Lexus stores. “With the help of Roadster’s technology, our sales team can help our guests configure their purchase either online or in-store, and have the vehicle washed and ready in less than two hours.”

First adopted by San Rafael, Calif.-based Toyota Marin in July 2016, Roadster is now being used by 85 dealerships in 21 states and across 22 brands. One of the company’s most recent additions was Paragon Honda and Paragon Acura in Queens, N.Y., which added Express Storefront earlier this month.

Roadster officials also revealed this week that the startup raised $7.25 million in additional funding from Palo Alto, Calif.-based venture capital firm Costanoa Ventures. The new funding round will be directed toward building more field teams, dealer support teams, and dealer success managers.

Through the Roadster Express Storefront, dealerships can offer their entire inventory of vehicles to consumers online. Consumers can design their deal anyway they want, whether it’s a cash, finance or lease purchase. They also have the option to select the finance source and finance incentive that fits their budget. Buyers can also take advantage of Kelley Blue Book’s Instant Cash Offer if they have a trade-in and also purchase F&I products straight from the dealership’s website.

The platform is also designed to work as an in-store mobile app that allows tablet-equipped salespeople to guide customers through the Express Storefront buying process.

“Instead of being six to eight hours to buy a car, we’re taking three to six hours out of that process,” said Roadster CEO Any Moss. “The consumers in some ways are less fatigued by the time they get to the F&I office, and all those things kind of contribute to maintaining or even increasing the sort of the back-end growth that you can expect on these kinds of transactions.”

Longo’s Harrington added: “As the largest volume automobile dealership in the world, guest experience and high efficiency are extremely important to us. We believe [Roadster] is the most modern and comprehensive solution on the market.”

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Fastlane Launches Online Car-Buying Platform


DALLAS — Startup Fastlane this week launched a new ecommerce platform for automotive dealerships. It offers dealers the ability to customize and brand their online car-buying experience, while providing customers with a start-to-finish purchasing process.

Dealers use Fastlane to showcase their inventory, help their customers pick out the car they want, and choose other purchase components such as financing, service contracts and insurance, officials said.

“Fastlane has taken online car-buying to the next level by letting dealers customize their online check-out flow,” said David Luce, Fastlane’s vice president of sales. “Other car-buying platforms have a cookie cutter check-out flow that cannot be changed. Fastlane recognizes that dealers in one market, such as New York, may sell cars differently from dealers in other markets, such as Georgia or California. Fastlane offers dealers a way to personalize the online car-buying experience to meet their customers’ needs, while adding value to the overall purchase experience.”

Brandon Hall, Fastlane’s CEO, added: “Fastlane is much more than a lead-generating tool for dealers. It is a complete car-buying system, with advanced features and customizability. The platform seamlessly walks customers through the many aspects of the buying process.”

Online shoppers who land on a dealer’s website equipped with Fastlane’s platform can pick out their vehicle, get a value for their trade-in vehicle, get pre-approved for financing and even educate themselves on F&I products and vehicle insurance.

“Online car-buying certainly has its benefits, but that doesn’t eliminate the need for car owners to have a good relationship with a dealer. Our goal is to supplement current dealer operations by adding a unique customer experience through our online checkout,” Hall said. “We are here to make online car buying advantageous for car dealers and customers alike by fostering new ways of engagement and creating a dynamic shopping experience for all parties. It’s the best of both worlds.”

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