CarGurus (Nasdaq: CARG), a leading online automotive marketplace, today announced that Global Lending Services (GLS) has joined its multi-lender financing platform that allows eligible consumers to get pre-qualified for auto loans from the CarGurus website. CarGurus launched its online financing capability last year through a partnership with Capital One, and has since added Westlake Financial Services and now GLS as additional auto loan lenders to its financing program.
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“As a trusted automotive shopping leader to both consumers and dealers, CarGurus is thrilled to welcome GLS as the latest lender to our financing platform,” said Tom Caputo, Chief Product Officer at CarGurus. “Adding GLS is a win for shoppers that will see a wider selection of rates to choose from and a win for dealerships that will have better-informed, ready-to-buy shoppers coming to their locations. Financing is an often forgotten, yet crucial step in the online car shopping journey, and creating a marketplace of lenders for online auto financing will help consumers conduct this research earlier in the process and ultimately come to dealerships better prepared to buy a vehicle.”
According to CarGurus buyer insights data, 36%1 of car shoppers want to finance their vehicle online before their purchase. The CarGurus online financing platform not only helps enable shoppers to do so transparently, but also ensures that dealerships both maintain financing flexibility and the ability to offer additional financing options to these down-funnel shoppers.
“We are excited to partner with CarGurus to provide customers financing options early on in their car buying experience and from the safety of their own home,” said Steve Thibodeau, CEO at GLS. “The last few months have really highlighted the importance for customers to be able to complete as much of the buying process online, before heading into the dealership. Knowing that you’re approved and what your payment will be before you step into the dealership, allows customers to focus on the vehicle they want without the stress of financing. For dealers, knowing they have qualified buyers being referred to their showrooms, improves sales volumes and cuts down on time in the finance office, leading to a better customer experience.”
The partnership between CarGurus and GLS will enable eligible CarGurus shoppers to pre-qualify for financing before visiting the dealership. Adding a third lender to the program will not only continue the transparent and efficient process that shoppers are used to experiencing on CarGurus, but will also provide those shoppers with competitive rates for almost all of the U.S. vehicle inventory on CarGurus.
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