Ford Credit and AutoFi Debut Platform for Faster, Smoother, Simpler Digital Vehicle Buying and Financing
January 23 2017 - 12:05AM
Business Wire
- New platform allows customers to
purchase and finance a new vehicle via the dealer website; platform
introduced at Ohio dealership and will roll out over time to more
U.S. Ford and Lincoln dealerships
- Platform makes it fast and convenient
to finance a new Ford or Lincoln at a time when many U.S. adults
say they want to spend less time at dealerships, while still going
to their dealer to “sign and drive”
- Ford Credit makes equity investment in
AutoFi as Ford Credit continues pursuing technology to make the
financing experience better
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.”
# # #
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/
Ford CreditMargaret
Mellott313.322.5393mmellott@ford.comorAutoFiJustin
Hamilton202.630.5426Media@autofi.com
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