A silver lining of the COVID-19 cloud has been rapid innovation within the automotive industry despite showroom closures. Car dealers have quickly responded to consumer preferences for a low-touch buying experience. Digital car sales and finance platform AutoFi (www.autofi.com) has seen its customer growth increase by 125% so far in 2020. To support this expansion, AutoFi is adding four technology and auto industry veterans to its leadership team.
Introducing AutoFi’s First Ever MasterClass In Partnership With Ford
AutoFi Master Class is designed exclusively for automotive dealerships looking to significantly boost volume and profitability through digital sales. Hosted by industry expert Joe St. John, the 13-week course will lay out the seismic changes in the industry, before diving deep into how auto dealers can meet the demands of 21st century shoppers.
Fintech AutoFi broadens focus to in-store transactions
AutoFi is looking to expand its purchase experience to facilitate more in-person transactions and to be more configurable across different franchise dealerships, Chief Executive Kevin Singerman told Auto Finance News. The growth plans come on the heels of a Series B investment in AutoFi by BMW i Ventures, the auto maker’s venture capital fund that invests money and resources in automotive startups.
BMW i Ventures Invests in AutoFi, a San Francisco-based Vehicle Financing Startup
BMW i Ventures, the venture capital arm of the German automaker that invests in startups in the fields of autonomous driving, digital car services, AI, automotive cloud and other on-demand mobility services, announced today an investment in AutoFi, a technology company that is looking to disrupt the way cars are bought and sold.
Ford Credit and AutoFi Debut Platform for Faster, Smoother, Simpler Digital Vehicle Buying and Financing
DEARBORN, Mich.–(BUSINESS WIRE)–
There’s a new way for customers to purchase or finance a new Ford vehicle in minutes – right from a dealership website from anywhere, on any device – through a new platform from Ford Motor Credit Company and financial technology company AutoFi.
In addition, Ford Credit has made an investment in AutoFi as Ford Credit continues pursuing technological advances to make the financing experience better.
“By combining our fast and efficient credit-decision process with AutoFi’s online capability, we are making the customer experience faster, smoother and simpler,” said Lee Jelenic, Ford Credit director of mobility. “With its experience in used-vehicle online financing and well-developed platform, AutoFi makes it easier for us to adopt new technology quickly to meet evolving consumer expectations.”
The AutoFi platform can be used now at Ricart Ford in Groveport, Ohio, and will roll out over time to more Ford and Lincoln dealerships across the United States. The introduction comes as 83 percent of Americans say they would like to spend as little time at the dealership as possible when shopping for or buying a car, according to a new survey of more than 1,000 U.S. adults conducted online by Harris Poll on behalf of Ford Motor Company. Many of those same people, however, still want to touch and feel their new vehicle before signing on the dotted line. The new platform provides the best of both worlds.
Through the dealer website, customers have a transparent and seamless purchase and finance experience from anywhere on their mobile phone, tablet or computer. Once the online part of the transaction is complete, all customers need to do is sign the paperwork when they collect their new Ford.
Consumers may shop for a new Ford in the showroom or from anywhere via the Ricart Ford website. After selecting a vehicle, they can apply for credit and receive a decision, choose the financing terms that make sense for them, and then review and select optional vehicle protection products – completely online on their own time. Customers then can review a final summary of the financing terms and schedule time to complete the transaction and pick up the vehicle.
“AutoFi’s platform will help cut the time people spend arranging financing and improve the experience dealerships can deliver for their customers, no matter where they are in the car-buying journey,” said Kevin Singerman, CEO of San Francisco-based AutoFi. “We think this will be a game changer for both consumers and dealers, and we are thrilled to work with Ford Credit to make this happen.”
“Technology is transforming just about every type of financed consumer purchase, and this new digital capability will help make that change for automotive purchases and deliver great experiences,” said Rick Ricart, Sales and Marketing vice president at Ricart Ford. “We are excited to be the first Ford dealership in the pilot.”
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About Ford Motor Credit Company
Ford Motor Credit Company is a leading automotive financial services company. It provides dealer and customer financing to support the sale of Ford Motor Company products around the world, including through Lincoln Automotive Financial Services in the United States, Canada and China. Ford Credit is a subsidiary of Ford established in 1959. For more information, visit www.fordcredit.com or www.lincolnafs.com.
About AutoFi
AutoFi is a technology company transforming the way cars are bought and sold. The company’s platform allows auto dealers to sell vehicles completely online by connecting buyers with lenders in a fast, easy and transparent process. AutoFi’s team includes industry leaders from enterprise software, finance, automobile and consumer sectors who previously worked at companies including Lending Club, PayPal, and SunGard. AutoFi’s investors include Ford Motor Credit Company, Crosslink Capital, Lerer Hippeau Ventures, Laconia Capital Group, Basset Investment Group, Eniac Ventures, 500 Startups and Silicon Valley Bank. For more information, visit www.autofi.com.
About the Survey
This study was conducted online within the United States by Harris Poll on behalf of Ford Motor Company between November 28 and December 5, 2016, among a nationally representative sample of 1,217 adults ages 18 years and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170122005155/en/