Santander Consumer USA Inc., a wholly owned subsidiary of Santander Holdings USA, Inc., announced the expansion of its partnership with AutoFi Inc., a leading e-commerce platform for automotive sales and financing, to develop SC’s end-to-end digital car buying experience. Santander US has also invested in the capital raise announced today by AutoFi, strengthening the Santander/AutoFi relationship and aligning our long-term interests.
The new SC digital experience will include mobile, desktop and in-dealership tools to identify cars on a dealer’s lot that fit a consumer’s budget, as well as specifications to complete deals – streamlining the financing process and allowing consumers to shop for a vehicle however, wherever and whenever they want. The consumer digital experience will bring new “transaction-ready” vehicle shoppers to SC’s dealers by enabling consumers to preview a dealer’s inventory online and identify cars they want and can afford, before they visit the dealership.
Latest Fintech News: VISO Trust Raises $11 Million to Automate Third-Party Cyber Due Diligence at Scale
Santander Consumer USA President and CEO, Mahesh Aditya, said, “Our new digital product suite will connect dealers, consumers and vehicles more effectively than ever before. By personalizing and streamlining the car buying process, everyone wins. Shoppers see exactly what they can purchase, and dealers can self-service each deal to meet the needs of their customers.”
AutoFi’s co-founder and CEO, Kevin Singerman, said, “Santander is a global leader in auto finance, and we are excited to expand our partnership with them on this digital experience. Both organizations share a deep passion for applying financial technology innovation to make both the car buying and selling process a trustworthy and joyful experience.”
“Kevin Singerman and AutoFi co-founder and Chief Technology Officer Mandar Gokhale have created a very efficient platform that we believe will take the dealer and customer experience to a whole new level,” added Aditya. “We are very excited about our future with AutoFi.”
Santander and AutoFi have been partnering since 2018 and SC continues to increase its investment in technologies like AutoFi that offer a new level of convenience, transparency and personal to the car shopping and auto lending experience across the credit spectrum.
Latest Fintech News: ZEBEDEE Wallet Rebrands to ZEBEDEE App, Putting Everything You Need for Bitcoin Gaming
Santander Consumer USA Inc. is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 3.0 million customers across the full credit spectrum. Santander Consumer began originating retail installment contracts in 1997 and has an average managed asset portfolio of approximately $64 billion (for the fourth quarter ended December 31, 2021). The company is headquartered in Dallas, Texas.
AutoFi is the leading commerce platform for end-to-end digital automotive sales and financing, powering billions of dollars in transactions every year. AutoFi empowers sellers, including the nation’s top dealers and digital retailers, to sell more efficiently and profitably through its innovative platform and expansive network of trusted lenders. AutoFi’s cloud-based pricing platform Real Payments, and its Lending as a Service APIs offer leading solutions to power prequalification and financing for the largest automotive brands in the industry.
Latest Fintech News: Fintegra Secures $30 Million Credit Facility
[To share your insights with us, please write to sghosh@martechseries.com]
