Upstart Introduces Digital Finance and Online Sales Applications to Offer a Fully Digital Auto Retail Experience

Rhea-AI Summary

Upstart (NASDAQ: UPST) is enhancing its Auto Retail platform with two new applications: Digital Finance and Online Sales, aimed at improving the car-buying experience for dealerships. These applications will be showcased at the NADA Show in Dallas from January 26-29. Digital Finance streamlines the signing process with automated verification and quicker loan approvals, while Online Sales allows complete online car purchases. Upstart's offerings cater to the evolving needs of consumers for a seamless online and in-store experience. The new tools are customizable, supporting existing workflows for dealerships.

Positive

• Launch of Digital Finance and Online Sales applications to enhance dealership operations.
• Streamlined car-buying process with automated verification and next-day funding.
• Second fastest-growing auto retail software provider in the U.S. as of Q4 2022.

Negative

• None.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, today announced that it will add two new applications to its Auto Retail platform – Digital Finance and Online Sales – to offer dealerships a seamless online to in-store car-buying experience, from search to signing. Upstart will showcase the applications at the National Automobile Dealers Association Show (NADA) in Dallas, Texas, Jan. 26-29.

Upstart Auto Retail combines online and in-store digital retail capabilities with financing and manager tools to help dealerships create an omnichannel car-buying experience. In the second quarter, Upstart will add:

• Digital Finance: Enables a frictionless signing and contracting process, with automated verification, more loan approvals, and next-day funding powered by Upstart’s AI – and no new sales process required for dealers.
• Online Sales: Enables the completion of a car purchase entirely online, including financing and e-signing contract documents.

Both applications can be customized to a dealership’s existing software solutions or workflows.

“Engaging customers with a seamless experience – whether shopping from the comfort or their homes or in-store – is the key to winning in the next generation of auto retail,” said Jeremy Nowling, Sales and Digital Retailing Director at Rohrman Auto Group, one of the largest family-owned auto groups in the U.S. “We are excited to continue our partnership with Upstart as it introduces a new range of increasingly flexible and cutting-edge retail and financing software solutions for dealerships.”

As of Q4 2022, Upstart was the second fastest-growing auto retail software in the U.S., according to Automotive Market Data. In addition to Rohrman, Upstart has also partnered with Del Grande Dealer Group (DGDG), the largest family-owned automotive group in the Bay Area, and 780 dealerships across the U.S.

“In 2022, we launched a successful pilot program with Upstart to extend our leadership in creating a best-in-class digital experience,” said Jeremy Beaver, CEO of DGDG. “We expect to make further progress this year by completing our start-to-finish omnichannel sales approach. Upstart has enabled DGDG to help customers that would have otherwise not had access to reasonably priced auto financing options.”

“Buying and financing a car is an important financial milestone, and Upstart is continually evolving to help dealerships meet customers where they are,” said Dave Girouard, co-founder and CEO of Upstart. “As more consumers opt for a digital car-buying experience, the new Digital Finance and Online Sales applications will enable dealerships to deliver the buying experience that consumers expect.”

Upstart’s Digital Finance and Online Sales applications will be available for demo at NADA at Booth 5420.

About Upstart
Upstart (NASDAQ: UPST) is a leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI marketplace, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates across races, ages and genders, 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/20230119005252/en/

Upstart

Tom Brennan

press@upstart.com

Source: Upstart

FAQ

What is Upstart's new offering announced on January 19, 2023?

Upstart announced the launch of its Digital Finance and Online Sales applications to improve car-buying experiences.

Where will Upstart showcase its new applications?

Upstart will showcase its new applications at the NADA Show in Dallas, Texas from January 26-29, 2023.

How does Upstart's Digital Finance application benefit dealerships?

The Digital Finance application streamlines the signing process with automated verification and facilitates quicker loan approvals.

What is the significance of Upstart's new Online Sales application?

The Online Sales application enables dealerships to complete car purchases entirely online, enhancing the customer experience.

What recognition did Upstart receive as of Q4 2022?

Upstart was recognized as the second fastest-growing auto retail software provider in the U.S.