Banks are finally beginning to offer an automated loan application for new and used vehicles through partnerships with fintechs; this...
AutoFi has raised $10 million from a Series A fundraising and has plans to expand its auto lending technology services; the platform currently allows auto dealers to sell cars online, connecting buyers with lenders; it will add vehicle leasing options for customers; it is also expanding its services to Canada through a new partnership with Tricor Automotive Group. Source
Last year at PitchIt@LendIt, AutoFi took home the top prize; in his pitch (34:00) Jonathan Palan, president and co-founder of AutoFi discusses AutoFi and the auto finance market; Jonathan previously spent six years at Lending Club and LendingHome; he shares that the auto market is a massive opportunity and is also a fragmented marketplace; consumers are beginning to go online to buy cars; 84% of new car purchases have financing and 68% of used cars have financing; AutoFi's thesis is that if car buying is going online then auto lending has to go online; they are a B2B software platform to help do just that; in a big vote of confidence for the company, they recently inked a deal with Ford to provide digital financing options to consumers; applications for PitchIt@LendIt 2017 close today.
AutoFi has announced a new partnership to expand its online point-of-sale auto financing solution; AutoFi has now partnered with iLendingDIRECT which includes a network of credit unions; the new partnership builds on a recently announced offering with Ford Credit and also adds to the platform's extensive auto lending network of banks and specialty lenders. Source
AutoFi and Ford have announced a new partnership that will make financing and buying a car available online; Ford will use the AutoFi platform for sales from its Ricart Ford dealership in Groveport, Ohio with expansion planned for dealerships throughout the United States; through the AutoFi platform customers can select a vehicle, access Ford Credit for a financing decision and terms, customize their vehicle protection products, review their paperwork, and schedule a time to complete the sale and pick up the vehicle; Ford Credit also made an equity investment in AutoFi. Source
Online consumer, student, mortgage, small business and real estate lending are all verticals that have been tackled by fintech firms...