Subaru Certifies New Upstart Auto Retail Build & Price Product To Create Sales Opportunities For Retailers Faced With Vehicle Inventory Shortages

Rhea-AI Summary

Upstart (NASDAQ: UPST) has become the first partner in Subaru's Certified Digital Tools Program's new 'Build and Price' category. This innovative product allows car buyers to browse and build vehicle deals online, even for cars not currently in stock. With the forecasted inventory shortages, Upstart aims to enhance the purchasing experience for consumers and provide Subaru retailers with valuable customer insights. The service is available to Subaru retailers at no additional cost or as a standalone option for $175 per month.

Positive

• First partner in Subaru's new 'Build and Price' category, enhancing brand visibility.
• Innovative solution addressing inventory shortages, improving customer experience.
• Dynamic pricing feature allows for tailored vehicle options for consumers.
• Available at no extra cost for enrolled Subaru retailers, promoting adoption.

Negative

• Potential over-reliance on inventory levels could hinder sales if shortages persist.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced it is now certified as the first partner in the new 'Build and Price' category in the Subaru Certified Digital Tools Program. Upstart Auto Retail's Build & Price product was developed to help turn inventory challenges into opportunities for more retailers.

Built on top of Upstart Auto Retail’s innovative digital retail platform, Build & Price allows car buyers to go through the process of browsing, shopping, and building deals online for vehicles that are not currently in stock or even in transit to the store. Subaru retailers can then work with customers on options and sourcing.

“Many manufacturers are forecasting inventory shortages for this year and next. This is going to make it challenging for consumers to buy the car they truly want.” said Michia Rohrssen, GM of Upstart Auto Retail. “The Upstart Auto Retail Build & Price product is an innovative way to help customers get started online and for Subaru retailers to provide extra value early in the purchase process.”

Customers are empowered to pre-build a year, make, and model of vehicle, while also making several other build selections. They’re also presented with dynamic pricing associated with the build combination they’ve chosen. Every submission includes pertinent customer information, their vehicle selection, and build preferences.

“As a retailer, there is nothing more powerful than having everything you need, right up front, to structure a deal a customer is ready to say yes to,” said Shane Fouch, General Sales Manager at Byers Subaru. “With the B&P product, we now have the ability to fulfill nearly every customer vehicle request.”

Build & Price is available to Subaru retailers enrolled with Upstart Auto Retail via the Subaru Certified Digital Tools Program at no additional cost or as a standalone option for $175 per month.

About Upstart

Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks to expand access to affordable credit. By leveraging Upstart's AI platform, Upstart-powered banks can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005222/en/

Press

Mike Nelson

press@upstart.com

Source: Upstart Holdings, Inc.

FAQ

What is Upstart's new product with Subaru?

Upstart's new product, 'Build and Price', allows car buyers to browse and build vehicle deals online, even for cars not in stock.

How does Upstart's 'Build and Price' help car buyers?

It enables consumers to pre-build vehicles and see dynamic pricing associated with their choices, improving the buying experience.

What costs are associated with Upstart's 'Build and Price' for Subaru retailers?

The service is available at no additional cost for enrolled Subaru retailers or as a standalone option for $175 per month.

What position does Upstart hold in Subaru's Certified Digital Tools Program?

Upstart is the first partner in the new 'Build and Price' category of Subaru's Certified Digital Tools Program.

How does Upstart's product address inventory shortages?

With many manufacturers forecasting inventory shortages, Upstart's 'Build and Price' product helps retailers provide more options to customers early in the purchase process.