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 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.”
