Upstart continues solution development to leverage AI for auto financing
Then last week, the company announced the availability of Upstart Auto Retail software, which includes AI-enabled financing.
Upstart explained the cloud-based solution can offer a “superior” vehicle-buying experience for both consumers and dealerships because this new software will provide access to Upstart-powered auto financing for the first time.
Upstart Auto Retail is the evolution of Prodigy Software, which was acquired by Upstart in April. So far this year, Upstart said in a news release, the number of dealerships signed up to use its software has nearly tripled.
One of those users is Del Grande Dealer Group (DGDG), one of the largest family-owned dealer groups in the San Francisco Bay Area. According to that news release, DGDG has used Upstart’s tools for more than a year.
“The auto selling solution we’ve been using from Upstart has empowered our salespeople to make the buying process more transparent and helped sell more vehicles at a higher profit,” DGDG vice president of finance Tony Corini said. “Now by adding Upstart-powered financing, we look forward to approving more borrowers and continuing to develop our No Brainer checkout experience.”
With the addition of Upstart-powered financing, Upstart said more dealerships will be able to instantly offer affordable financing to more of their customers.
While Upstart said it is currently rolling out AI-powered financing to a limited number of dealers, the company pointed out that it will be available early next year to all dealers using the platform.
“Buying a car is an iconic and memorable experience for most Americans, but the financing step is where things often unravel,” Upstart chief executive officer and co-founder Dave Girouard said. “Upstart Auto Retail will provide millions of consumers with a car buying experience worthy of 2021, including that all-important financing step.”