TransUnion Empowers Digital Auto Buyers with a More Personalized Shopping Experience, Allowing them to Secure Monthly Payment Information Directly from Lenders

Rhea-AI Summary

TransUnion (NYSE: TRU) has launched a new digital lending solution, Auto Payment Shopper, in partnership with CarNow. This tool offers a personalized car shopping experience by integrating financial institutions with real-time dealer inventory. It allows consumers to filter vehicles based on their desired monthly payments and check prequalification from lenders online. The solution aims to streamline the car buying process, reduce application drop-off, and improve consumer insights into financing options and costs, thereby enhancing the overall automotive shopping experience.

Positive

• Introduction of Auto Payment Shopper enhances consumer car shopping experience.
• Integration of real-time dealership inventory improves accessibility.
• Prequalification capabilities allow better financial decision-making.
• Reduces application drop-off rates, improving lead quality for dealers.

Negative

• None.

Enhanced digital lending solution offers a personalized car shopping experience with interactive price-point filtering tool and real-time dealer inventory

CHICAGO, March 09, 2022 (GLOBE NEWSWIRE) -- To make researching and purchasing a vehicle more interactive and seamless, TransUnion (NYSE: TRU) has partnered with CarNow to better equip financial institutions with the digital lending solution Auto Payment Shopper℠. As a result, consumers will benefit from a more user-friendly and personalized car shopping experience that addresses current industry challenges such as auto affordability and availability.

Auto Payment Shopper’s technology combines decisioning technology with real-time dealership inventory, providing a direct alignment between lender and preferred dealer networks. This empowers consumers to more efficiently filter available vehicles by their desired monthly payment and know which vehicles they are prequalified to purchase – all in the comfort of their home.

“Consumers have increasingly digitized the shopping aspect of their lives, including buying large ticket items such as cars, and many consumers continue to show a preference toward conducting as much of that process as possible online,” said Satyan Merchant, senior vice president and automotive business leader at TransUnion. “The prequalification capabilities of Auto Payment Shopper affords consumers the flexibility of accurately comparing a variety of vehicles by monthly payment directly with the lender – which allows consumers to make a more informed choice as to what car is ultimately the best fit for their budget.”

Traditionally, consumers who were in the market to buy a car would first navigate the process of selecting a make and model through a dealership or manufacturer. Securing financing was typically a disjointed endeavor which often resulted in a lack of clarity from sticker price to determining the monthly payment amount or overall end cost.

Auto Payment Shopper streamlines the car shopping process by providing financial institutions with a branded turnkey microsite that is directly integrated with their preferred dealer networks. Lenders can also take steps to simplify the application process to save significant time and expense by directly obtaining consumer documents and offering capabilities such as scheduling a test drive or to add protection products. This results in decreased application drop-off and generating more quality leads for dealers.

The interactive shopping tool also offers consumers more insight into the costs that come with a car by enabling them to select various loan terms to personalize payments as well as additional options such as calculating trade-in value. Users are able to look at immediately available vehicle inventory as well as the ability to filter for what they have prequalified for and the amount they can afford for a more interactive and seamless car shopping experience.

For more information, please visit https://www.transunion.com/industry/auto-lending.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

Contact	Dave Blumberg TransUnion
E-mail	dblumberg@transunion.com
Telephone	312-972-6646

FAQ

What is Auto Payment Shopper by TransUnion (TRU)?

Auto Payment Shopper is a digital lending solution that offers consumers a personalized car shopping experience by integrating real-time dealership inventory with prequalification from lenders.

How does TransUnion's new digital lending solution work?

It allows consumers to filter available vehicles by their desired monthly payments while providing insights into financing options and costs.

When was Auto Payment Shopper launched?

Auto Payment Shopper was launched on March 9, 2022.

What are the benefits of using Auto Payment Shopper for consumers?

Consumers can enjoy a more interactive and seamless car shopping experience, with the ability to prequalify for loans and filter vehicles by affordability.

How does Auto Payment Shopper impact auto dealers?

It helps dealers generate more quality leads and decrease application drop-off rates by streamlining the application process.