Truist announces partnership with commerce platform company AutoFi

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) has announced a partnership with AutoFi, enhancing car financing options for clients shopping through participating dealers. Clients can quickly submit online credit applications, enabling real-time access to Truist financing alongside competitor offers. This collaboration aims to redefine digital automobile sales by providing transparency and convenience. Truist supports nearly 1,000 dealers on the AutoFi platform, promoting a seamless transaction experience. This initiative aligns with Truist's commitment to combining technology and personal service for better customer trust.

Positive

• Partnership with AutoFi expands car financing options for customers.
• Clients can access real-time financing offers alongside competitors.
• Supports nearly 1,000 automotive dealers on the AutoFi platform.

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• None.

CHARLOTTE, N.C., Dec. 8, 2021 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC), through its Dealer Finance and Regional Acceptance business groups, today announced a partnership with commerce platform company AutoFi. Under the agreement, financing options will be available to clients who are shopping for a car through a dealer that partners with Truist or Regional Acceptance as well as the AutoFi platform. This will enable clients to create and submit an online credit application.

"We are delighted to provide our clients with the ability to look at their car financing options quickly, conveniently and at their own discretion," said Bill Jones, head of Dealer Retail Services at Truist. "We're also enthusiastic about supporting our dealers that subscribe to the AutoFi service. These dealers have made a commitment to providing a seamless, transparent, and safe digital transaction for clients. Truist's partnership with AutoFi delivers on our commitment to offer 'Technology plus Touch equals Trust.'"

With the AutoFi service, clients who apply online will see the Truist financing offer next to several competitors. Clients using this service get the benefit of seeing available financing options in real time. Truist sees AutoFi as a technology company that delivers a trustworthy experience to all credit applicants in an equitable, transparent and easy-to-use experience.

"The addition of Truist to AutoFi's lender network will provide consumers with more transparency and options on their digital car buying journey. We look forward to partnering with Truist to help redefine the future of automobile online sales and finance by making it easier and more equitable than ever before," said Kevin Singerman, CEO and co-Founder at AutoFi.

Clients will be able to use the new service beginning immediately. Truist Dealer Finance and Regional Acceptance have almost 1,000 automotive dealer relationships using the AutoFi platform today.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $530 billion as of September 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

About AutoFi
AutoFi is a financial technology company transforming the way cars are bought and sold. The company's platform enables auto dealers to thrive in the new digital-first economy. Additionally, its suite of API's offer Lending as a Service no matter where or how the sale begins. AutoFi will now include Truist and Regional Acceptance as part of its network of trusted lenders. For more information visit www.autofi.com.

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SOURCE Truist Financial Corporation

FAQ

What is the significance of Truist's partnership with AutoFi?

The partnership enables Truist clients to access a broader range of car financing options quickly and transparently, enhancing the digital car buying experience.

When does the new financing service through AutoFi start?

The new service is available immediately for clients using the AutoFi platform.

How many automotive dealers are currently using AutoFi with Truist?

Nearly 1,000 automotive dealers are using the AutoFi platform with Truist.

What benefits does Truist's financing offer via AutoFi?

Clients can view Truist's financing offers in real-time alongside competitive options, providing transparency and convenience.