Investment continues to be pushed into new technology designed to respond to how consumers want to purchase and finance their next vehicle.

The newest development involves the captive associated with one of the Big 3 domestics.

Financial technology company AutoFi on Thursday announced it has raised $10 million in Series A funding. The latest funding round includes existing investors Crosslink Capital, Ford Motor Credit, and Lerer Hippeau Ventures.

“AutoFi’s pioneering platform helps us make the consumer experience faster, smoother and simpler when they are ready to buy and finance a new vehicle,” said Lee Jelenic, Ford Motor Credit’s vice president of marketing. “We continue collaborating with AutoFi to add dealers who want to offer online vehicle buying and financing for their customers.”

Along with the additional financial resources, AutoFi said the firm also has entered into a strategic agreement with Tricor Automotive Group to bring its solution to dealerships across Canada.

The company highlighted the new funding will allow AutoFi to broaden its solution with new manufacturers and auto finance companies, expand internationally, and continue to build on its strong, and growing, new- and used-vehicle finance business.

Working with Tricor Automotive Group, one of the largest retail groups in Canada with more than 200 dealerships across every major automotive brand, AutoFi will launch in the Canadian market beginning in 2018.

These announcements arrived as AutoFi has expanded from enabling dealers to offer their customers online purchase and financing of new and used vehicles, to offering leasing as well. The company continues to build on its collaboration with Ford Motor Credit to enable digital financing for new-vehicle purchases in select Ford and Lincoln dealerships across the United States.

“AutoFi has experienced strong growth this year,” AutoFi chief executive officer Kevin Singerman said in a news release. “I’m excited that this new round of funding will help us accelerate that growth with our dealer, manufacturer, and lender partners — both here in America, and now Canada in the year to come.

“Customers all over the world want to be able to purchase a car the same way they make all their other purchases, which is at their own pace, in a transparent and straightforward way. AutoFi can help them do that,” Singerman continued.

AutoFi can allows consumers to lease or purchase a new or used vehicle digitally from a mobile device in the dealership showroom or remotely through a dealer’s website. The company's network of finance companies enable it to approve financing online in a matter of minutes and gives customers the option to customize their financing terms.

Autofi can then guide customers through trade-in valuation and additional products to help customers protect their investment.

“We recognize that consumer expectations for car buying are changing and will have a profound impact on our industry,” Tricor Automotive Group chief executive officer Joe Campbell said. “We have chosen to be leaders in the market to adopt new technology.

“We have associated with AutoFi because we believe their consumer-centric solution and strong team aligns with our vision to create a seamless digital purchase experience,” Campbell added.