Ally Financial made a pair of moves this week to enhance its position as a provider that can cater to shoppers who are looking to complete at least some of the financing process online.
First, Clearlane — Ally’s online auto financing platform — announced the development of Clearmatch, a digital service that will allow customers to be approved for financing on vehicles in dealer inventories.
Then, Ally and Drive Motors entered into a strategic relationship naming Ally the preferred finance company for Drive Motors. The agreement provides Ally with the opportunity to receive consumer financing applications submitted digitally by dealerships using Drive Motors’ software, which is an e-commerce solution for dealership websites.
“Drive Motors’ cutting-edge business model offers dealers a convenient way to allow customers to shop for cars online from local businesses they know and trust, helping consumers feel more confident and in control,” said Tim Russi, president of auto finance at Ally. “We’re thrilled to work with Drive Motors to be the sole provider of financing to power these digital transactions for dealers across the country.”
Drive Motors’ software can integrates as a native part of the dealer’s website so it becomes part of the overall online experience. The Drive Motors technology can incorporate the valuation of a trade-in and aftermarket products sales, as well as Ally financing.
Customers need to go to dealerships to finalize paperwork and pick up vehicles; some dealerships offer vehicle delivery as well, adding even more convenience for consumers.
Drive Motors facilitates more than 1,000 vehicle sales a month, nationwide.
“I’m excited to announce our new relationship with Ally Financial, just in time for NADA,” said Aaron Krane, chief executive officer of Drive Motors. “Ally shares our obsession with the customer experience, and I’m confident this will ‘10X’ the value for any dealer using Drive Motors.”
Meanwhile, Ally Financial also took actions with Clearmatch.
With Clearmatch, shoppers will get pre-qualified for financing online and then be able to browse the inventory at dealerships participating in the program to find a vehicle in their price range. Once customers select a vehicle, they will be able to get approved for financing digitally.
“Clearmatch will transform the car-buying experience, improving the process for both consumers and dealers. For consumers, it’s all about speeding up the process,” said Jeff Danford, senior vice president of Clearlane. “We help consumers explore their options, so when they get to the dealership they’re ready to finalize the purchase and financing with the dealer and drive home in their vehicle.”
Clearlane is launching a pilot of the new service, which will allow dealers to present their inventory and pricing online, and lets customers select vehicles in real-time from dealer inventories and apply for financing online. Clearmatch will be rolled out to dealers on a regional basis starting in late April.
Through Clearmatch’s online application process, customers will be able to:
1. Get pre-qualified without any impact to credit score.
2. Browse vehicles from multi-dealer inventories.
3. Compare offers from multiple financing sources.
4. Have their financing applications approved directly by the financing source.
Once they have completed the online process, customers can take their approval certificate to the dealership where the dealer will work with them to finalize the purchase and financing. Since much of the vehicle and finance shopping was done at the consumer’s convenience, time needed for closing at the dealership is significantly reduced.
“Clearmatch will allow customers to easily take care of their financing online and have a faster close at the dealership – which can be a key dissatisfier,” Danford said. “Meanwhile, dealers will benefit from happier, more satisfied customers.”
Ally launched Clearlane last April to connect consumers digitally with finance providers who can provide vehicle financing quickly and easily. For more information about Clearmatch or Clearlane, visit www.clearlane.com.