Upstart Expands AI-Powered Vehicle Financing Nationwide
31 Janeiro 2024 - 11:00AM
Business Wire
Also enhances auto retail application with
upgraded online experience for buyers and new DMS integrations and
unified digital desking for dealers, powering a more connected,
open, end-to-end platform
Upstart (NASDAQ: UPST), the leading AI lending marketplace,
today announced it will expand its auto retail financing capability
nationwide to reach 90% of consumers in the U.S. by the end of the
first quarter 2024, up from 70% in the third quarter last
year.1
With interest rates at 20-year highs, consumers are struggling
to find financing options that allow them to purchase a car
affordably. The national availability of Upstart-powered auto loans
will enable dealers to approve more borrowers across the full
credit spectrum, with a back-end gross as much as 50% higher than
the industry average, while providing the exceptional digital-first
experience customers demand.2
“With Upstart’s AI-powered auto financing, we can help people
achieve the meaningful financial milestone of buying a vehicle
customized to their needs and lifestyle, and at an affordable
rate,” said Jeremy Beaver, CEO at Del Grande Dealer Group, the
largest family-owned automotive group in the San Francisco Bay
Area. “Upstart’s easy application process and rapid borrower
approvals have strengthened our ability to deliver the excellent
experience we’re known for.”
Integrated financing is just one part of Upstart’s auto retail
platform. With 76% of dealers reporting that digital retail makes
it easier to conduct and close deals and 79% saying it has led to
increased customer satisfaction, solutions such as Upstart's are
more important than ever. The platform has been enhanced over the
past year to help dealers sell and finance more vehicles seamlessly
and profitably through a more connected, open, and end-to-end
car-buying experience:
- Connected: Increased customer engagement through an
improved user interface and a digital retail application that
allows dealers to fully curate the online buyer journey, combined
with an in-store solution for managing deals from any device in the
showroom—whether a tablet, desktop, or laptop. The result: a faster
sales process and higher lead-to-sale conversion rates.
- Open: Expanded integrations to leading Dealer Management
System (DMS) solutions, including Tekion, CDK, and Dealertrack, as
well as Market Scan’s payments platform, which enables dealers to
get certified inventory, rates, and incentives data in Upstart Auto
Retail for quicker, more accurate deals.
- End-to-end: Unified digital desking and reporting to
ensure instant visibility into deals, whether they originate online
or on the showroom floor, empowering dealership staff to assist
customers at every step of the buying process from search to
signing.
More than 700 dealers across the U.S. are already harnessing
these enhanced auto retail features to connect with customers, save
time, and close sales.
“Since partnering with Upstart to make buying a car flexible and
easy, we’ve continued to use Upstart to create a seamless
experience for consumers,” said Jeremy Nowling, Sales and Digital
Retailing Director at Rohrman Auto Group, one of the largest
family-owned auto groups in the U.S. “The expanded features have
further equipped us to offer customers top-notch service, be it
in-store or online, from search to sale.”
“By offering a truly connected, end-to-end auto retail platform,
Upstart is modernizing the car-buying experience for both dealers
and their customers,” said Alex Rouse, General Manager of Auto at
Upstart. "We’re pleased to offer an expanded range of features that
deliver bigger profits, a more efficient sales process, and a
seamless experience for consumers.”
Upstart will showcase the expanded auto retail platform at the
National Automobile Dealers Association Show (NADA) in Las Vegas,
Nevada, Feb. 1-4. To see a demonstration, please stop by Booth
1151W.
To learn more about Upstart’s auto retail platform, watch this
video.
About Upstart
Upstart (NASDAQ: UPST) is the leading AI-lending marketplace,
connecting millions of consumers to more than 100 banks and credit
unions that leverage Upstart’s AI models and cloud applications to
deliver superior credit products. With Upstart AI, lenders can
approve more borrowers at lower rates across races, ages, and
genders, while delivering the exceptional digital-first experience
customers demand. More than 80% of borrowers are approved
instantly, with zero documentation to upload. Founded in 2012,
Upstart’s platform includes personal loans, automotive retail and
refinance loans, home equity lines of credit, and small-dollar
“relief” loans. Upstart is based in San Mateo, California, and
Columbus, Ohio.
____________________
1 States with Upstart-powered AI lending
to be added in Q1 2024 include: Alabama, Arizona, Colorado,
Connecticut, Maine, Minnesota, Mississippi, Montana, Oklahoma,
Rhode Island, Utah, Washington, Wyoming.
2 In an internal study, Upstart compared
data on Upstart-funded loans through a leading dealer partner from
November 2023 to industry data over the course of 2023, sourced
from JM&A. Average back-end gross for Upstart-funded loans was
$2,533 while the industry average was $1,818.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131435108/en/
Tom Brennan press@upstart.com
Upstart (NASDAQ:UPST)
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