AutoFi, a white-label financing platform that’s working with Ford Motor Credit to rollout to Ford franchise dealers nationwide, is adding to its lender network and targeting the used-car space for expansion, Chief Executive Kevin Singerman told Auto Finance News.
Earlier this year, the company announced that Chase Auto Finance joined the platform to provide used-car financing at Ford dealerships where the captive is unable to pick up the deal. Chase was officially activated on the platform a “couple of weeks ago,” and now AutoFi will start targeting used dealerships seeking a digital financing solution, Singerman said.
“If you look at our partnership with Ford, most of their financing is on the new-car side even though they are still active in used cars,” he said. “What Chase gives us is a complementary strong lending partner to provide financing for a dealer’s used vehicles.”
Additionally, AutoFi added “complimentary prime and nonprime lenders” to its network but is not disclosing names at this time. “Our goal is when a customer applies for financing on a vehicle we can present them up to three offers from three different lenders,” Singerman said. “The customer should see a competitive market for their business.”
Consumers can shop alternative loan structures to fit their particular preferences, and financial needs while dealers can pick which lenders they want to send loans to from AutoFi’s network. While AutoFi declined to disclose the number of active dealers it works with, the company has expanded to 25 states.
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