Upstart Launches First Auto Retail Software with AI-enabled Financing
October 06 2021 - 9:00AM
Business Wire
Upstart (NASDAQ: UPST), a leading artificial intelligence (AI)
lending platform, today announced Upstart Auto Retail software,
including AI-enabled financing. The cloud-based solution enables a
superior car buying experience for both consumers and dealerships.
For the first time, this new software will provide access to
Upstart-powered auto loans as well.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211006005418/en/
Upstart Auto Retail with AI-powered
Financing (Graphic: Business Wire)
Upstart Auto Retail is the evolution of Prodigy Software,
acquired by Upstart in April 2021. Since the beginning of 2021, the
number of dealerships—also known as rooftops—signed up for the
software has nearly tripled. With the addition of Upstart-powered
loans, dealerships will be able to instantly offer affordable
financing to more of their customers.
“Buying a car is an iconic and memorable experience for most
Americans, but the financing step is where things often unravel,”
said Dave Girouard, Chief Executive Officer and Co-Founder of
Upstart. “Upstart Auto Retail will provide millions of consumers
with a car buying experience worthy of 2021, including that
all-important financing step.”
Each year, approximately $1 trillion of cars are sold in the US,
and most of them are financed.1 Yet purchasing a car consistently
ranks among the worst consumer experiences, with less than 1% of
buyers satisfied with the current process. Upstart Auto Retail with
AI-enabled loans will allow dealers to provide the online and
in-store shopping experience that consumers demand, from shopping
and vehicle selection to financing and check-out.
Upstart Auto Retail is an end-to-end retail platform that has
helped top franchised dealers from 33 top brands such as Toyota,
Honda, Subaru and Ford sell billions of dollars of new and used
cars and increase customer satisfaction. More than $1 billion of
vehicles were sold through the Upstart Auto Retail platform in Q2
2021.
DGDG, the largest family-owned dealer group in the San Francisco
Bay Area, has been using what is now Upstart Auto Retail as the
only retail solution across the entire dealership group since early
2020. DGDG is adding Upstart-powered auto loans as part of its
retail process.
“The auto selling solution we’ve been using from Upstart has
empowered our salespeople to make the buying process more
transparent and helped sell more vehicles at a higher profit," said
Tony Corini, VP of Finance, from DGDG. “Now, by adding
Upstart-powered financing, we look forward to approving more
borrowers and continuing to develop our No Brainer checkout
experience.”
Upstart is currently rolling out AI-powered lending to a limited
number of dealers. It will be available in early 2022 to all
dealers using the platform.
About Upstart
Upstart (NASDAQ: UPST) is a leading AI lending platform
partnering with banks and credit unions to expand access to
affordable credit. By leveraging Upstart's AI platform,
Upstart-powered banks and credit unions can have higher approval
rates and lower loss rates, while simultaneously delivering the
exceptional digital-first lending experience their customers
demand. More than two-thirds of Upstart loans are approved
instantly and are fully automated. Upstart was founded by
ex-Googlers in 2012 and is based in San Mateo, California and
Columbus, Ohio.
Forward-Looking Statements
This press release contains forward-looking statements,
including but not limited to, statements regarding access to
Upstart-powered or AI-powered auto loans through Upstart Auto
Retail, DGDG and other dealer offerings of instant approvals of
affordable financing, DGDG approving more borrowers by adding
Upstart-powered financing, Upstart Auto Retail allowing dealers to
provide the shopping experience that consumers demand, and the
availability of Upstart-powered auto loans to all dealers. You can
identify forward-looking statements by the fact that they do not
relate strictly to historical or current facts. These statements
may include words such as "anticipate", "estimate", "expect",
"project", "plan", “project”, "intend", “target”, “aim”, "believe",
"may", "will", "should", “could”, "can have", "likely" and other
words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events. Forward-looking statements give our
current expectations and projections relating to our plans;
objectives; assumptions; risks; future performance; and business.
Neither we nor any other person assumes responsibility for the
accuracy and completeness of any of these forward-looking
statements. The forward-looking statements included in this press
release relate only to events as of the date hereof. Upstart
undertakes no obligation to update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
All forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those that we expected. More information about factors that
could affect our results of operations and risks and uncertainties
are provided in our public filings with the Securities and Exchange
Commission, copies of which may be obtained by visiting our
investor relations website at www.upstart.com or the SEC’s website
at www.sec.gov.
1 - In 2019, total light-vehicle dealership sales exceeded $1.02
trillion per the National Automobile Dealers Association 2019
Annual Financial Profile.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211006005418/en/
Mike Nelson mike.nelson@upstart.com
Upstart (NASDAQ:UPST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Upstart (NASDAQ:UPST)
Historical Stock Chart
From Apr 2023 to Apr 2024