Santander Consumer USA to Release a New Digital Experience for Automobile Dealers and Consumers
Santander Consumer USA Holdings Inc. (SC) announced an innovative digital auto finance experience aimed at enhancing dealer and consumer interactions. Developed in partnership with AutoFi, this digital suite allows dealers to self-service through key vehicle underwriting points, streamlining the sales process. Key features include tools for identifying suitable vehicles and enabling online previews of dealer inventory. Initial digital offerings will roll out to select dealers in the coming months, with a full national launch planned for 2022. SC reported a managed asset portfolio of approximately $64 billion as of March 31, 2021.
- Launch of innovative digital auto finance platform enhances dealer-customer interaction.
- Partnership with AutoFi expected to streamline and improve the car buying process.
- Initial rollout of digital offerings planned for select dealers, leading to potential revenue growth.
- SC maintains a strong managed asset portfolio of $64 billion.
- None.
DALLAS, July 27, 2021 /PRNewswire/ -- Santander Consumer USA Holdings Inc. ("SC"), today announced that it will debut an innovative digital auto finance experience that will streamline and enhance dealer interaction with SC and SC's customers. The SC solution was developed with AutoFi Inc. ("AutoFi"), an established digital retail leader, to further SC's vision of simplifying the car buying experience.
SC's digital product suite will enable dealers to simply, and effectively, "self-service" across key vehicle underwriting interaction points with SC, enhancing dealers' ability to sell vehicles. The dealer digital experience includes 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. The consumer digital experience brings 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.
The digital offerings will be available to select dealers over the next several months with a national rollout planned for 2022.
Santander Consumer USA President and CEO, Mahesh Aditya, said, "Dealers are our lifeblood and this ambitious step forward in our digital journey will make Santander Consumer easier to do business with and will allow dealers to complete transactions faster. Giving dealers a state-of-the-art tool to self-service the loan decisioning process – while interacting in real time with consumers across all spectrums of credit – will be a strategic differentiator for SC."
AutoFi's CEO, Kevin Singerman, said, "This new technology we helped create for SC will lead to a better car buying experience for online customers. The solution will also give dealers powerful tools to close sales faster than ever before. We believe this new digital solution will create a best-in-class dealer and consumer experience, increasing engagements, conversions and F&I excellence."
These initial products are the first releases in a multi-year partnership between the two leaders in the auto industry, as Santander Consumer USA continues to invest in making the lending experience as seamless as possible to the dealer community while improving the car buying experience for consumers across the credit spectrum.
Santander Consumer USA Holdings Inc., headquartered in Dallas, Texas, is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 3.1 million customers across the full credit spectrum. SC, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately
ABOUT AUTOFI
AutoFi is the leading commerce platform for end-to-end digital automotive sales and financing, powering billions of online transactions every year. Through its innovative platform and expansive network of trusted lenders, AutoFi empowers sellers, including the nation's top dealers and digital retailers, to sell more efficiently and profitably. Additionally, AutoFi's Lending as a Service API offers customized solutions that power the financing for the largest branded automotive marketplaces in the industry. For more information, visit www.autofi.com.
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SOURCE Santander Consumer USA Holdings Inc.
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