AutoFi Unveils Online Multi-Lender Sales Solution for Used Car Dealers

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Financing From iLendingDIRECT’s Credit Union Network, Banks and Specialty Lenders

SAN FRANCISCO, CA (February 27th, 2017) – Today AutoFi, a financial technology company that is transforming the way cars are bought and sold, announced the launch of the first fully online sales and multi-lender financing solution for used car dealers. Financing on AutoFi’s platform will be provided by its lender network of banks, speciality lenders, and credit unions. Today, the company announced that its credit union financing will be offered in partnership with iLendingDIRECT.

  • “People want buying a car to be fast, straight forward and more transparent. That’s why AutoFi is working with lenders and dealerships to make the process easier through online sales and financing.” said Kevin Singerman, CEO of AutoFi. “That’s why I’m so excited about our partnership with iLendingDIRECT. Bringing iLendingDIRECT’s network of credit unions onto the AutoFi platform means consumers will have even more competitive financing options to choose from when purchasing a car online.
  • “This is the perfect e-commerce solution to get customers the auto financing they need and want in a quick and efficient manner, and enhance their car-buying experience,” said Nancy Fitzgerald, President and CEO of iLendingDIRECT.

The AutoFi platform is the first online point-of-sale solution for auto finance. It allows customers to purchase and finance a car completely online, either through a dealer’s website or an in-store digital experience. The company recently announced the world’s first online car sales and financing solution for new car dealers in partnership with Ford Motor Credit. Today’s announcement further expands AutoFi’s ability to serve the multi-billion-dollar used car sales market through its partnership with iLendingDirect.

AutoFi’s platform will now allow used car buyers to research a vehicle on the dealership’s website; select “Buy Now”; receive an automated credit decision; and get loan offers from banks, specialty lenders and iLendingDIRECT’s credit union network who compete for the car buyer’s business in real time. Consumers can then customize their financing deal by selecting down payment and loan terms; choose vehicle protection products; and e-sign all financing documents online. The new platform gives used car dealers and buyers the ability to transact online with competitive financing options in a fully automated process.

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About AutoFi

AutoFi is a technology company transforming the way cars are bought and sold. The company’s platform allows auto dealers to sell cars 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 iLendingDIRECT

iLendingDIRECT is a national Finance and Insurance marketing firm that focuses on Auto Refinancing. We offer smart financial solutions with the customers’ well‐being in mind – committed to setting our customers up for success by saving them money and educating them about what is best for their particular financial situation. For more information on iLendingDIRECT services, visit www.ilendingdirect.com.

Last modified: February 27, 2017

Category: Announcements

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