Building on the strength of its digital retail platform, AutoFi has launched a new business division focused on the automotive industry’s largest enterprises. Emanating from this division is the company’s new Lending as a Service (LaaS) offering. The service allows industry participants to bring their own branded vehicle purchase experience to life while offering their customers a transparent, fully automated financing solution. Now original equipment manufacturers, online dealerships, inventory aggregators, lenders, and marketplace integration partners can offer online financing to their customers by leveraging AutoFi’s new API Suite.
The Enterprise Division is an expansion of AutoFi’s business and its existing Digital Retail Solutions Division. To date, the company has focused its offerings on dealerships’ websites and showroom floors. The new AutoFi API Suite gives any participant in retail automotive the opportunity to create a branded purchase experience. Customers are able to receive and select instant finance and lease offers, removing friction and manual steps typically associated with car purchases. LaaS offers a seamless and easy integration providing vehicle price estimation, intelligent credit application routing, and displays customer offers from over 40 of the industry’s largest lenders such as Chase Auto, Bank of America, and Santander Consumer USA.
“As more and more consumers turn to buying and selling cars online, AutoFi’s solutions have helped us accelerate the growth of our end-to-end eCommerce platform and build our unique brand,” said Mark Roszkowski, chief revenue officer at Vroom.
Experienced industry veteran Matthew Orlando, who joined AutoFi in mid-2020, will head the new division as vice president of enterprise partnerships. Orlando previously spent more than 13 years with RouteOne, a joint venture created by Ally Financial, Ford Motor Credit, TD Auto Finance and Toyota Financial Services to streamline the credit application process, where he was most recently director of OEM and partner strategy.
“In the pursuit of a better car buying experience, our industry has been on a trajectory of incremental improvements to streamline and complete vehicle sales online,” said Kevin Singerman, chief executive officer and co-founder of AutoFi. “Lending as a Service allows the industry to take a major leap forward by natively integrating financial services into automotive e-commerce.”
Jonathan Schenk, AutoFi’s chief revenue officer said, “Today, our enterprise customers include online dealers, OEMs, banks, and rental car companies. In each case, these partners leverage our APIs to bring their online shopping journeys to life. We believe forming this new business division is a logical next step for our company and allows us to focus on bringing LaaS to this accelerating enterprise segment.”
Flexible and Robust API Suite – Lending as a Service
AutoFi’s LaaS solution offers online automotive participants both basic and enhanced integrations for the flexibility to support as little or as much of the car finance journey as appropriate. Additionally, online finance puts the car buyer in more direct control of their purchase. The API suite includes capabilities and tools designed to streamline the process and make it easier and more enjoyable for all participants — buyers, sellers, and lenders:
- Payment calculation and estimation for finance and lease on new, used, and certified pre-owned vehicles
- Credit application submission through RouteOne or DealerTrack
- Real-time customer decisioning for lease and finance
- Smart Lender Routing based on loan-to-value ratio, payment-to-income ratio, and credit score
- Bi-directional finance offer presentation with rate markup and counter-offer technology
- Soft pull credit solution and custom business rules for application routing
- Stand-alone Soft Pull credit estimator for consumer affordability
- Access AutoFi’s Proprietary North American tax and fee calculation engine
Learn more about how AutoFi’s Lending as a Service can help improve your online automotive experience. Register now for the 2021 NADA Show and participate in a virtual workshop on “Cracking the Code to Remote Selling” led by Joe St. John, AutoFi head of digital retail, on Feb. 9 from 12:30 p.m. – 1:15 p.m. EST.