AutoQuoter digital services for banks, credit unions, and finance companies, generates loan and transactional revenue while improving the reach of digital banking services.
Features and Functionality:
- Automotive marketplace with local dealers’ inventory
- Direct-to-consumer to indirect lending
- Submit an application
- Present real-time credit decision for vehicle of interest
- Integrate insurance carriers and agency management system for vehicle coverage
of shoppers are open to the idea of buying completely online
of franchise dealers say their customers have used digital retailing tools more since covid-19
of smartphone owners have used their device for an online purchase in the past 6 months
The benefits of AutoQuoter for Lenders
AutoQuoter Lender Solutions
For lenders, the demands of the digital consumer align well with solutions and services that are available for the digital banking consumer.
With AutoQuoter, lenders can further extend the offering of an automotive loan or lease to begin on their website or launch from a mobile banking app. Banking customers can find vehicles of interest or be paired with vehicles that fit their credit worthiness.
For direct auto loans, AutoQuoter can incorporate existing loan documents into the consumer digital signing process.
Indirect auto loan programs involving dealer relationships nearby are a critical part of the transition from the lender’s website to the in-store visit. AutoQuoter is integrated into dealer CRMs, DMS platforms, and credit app portals such as Dealertrack. Lenders are able to enhance the relationship by becoming a new digital channel partner like many other car-buying services.
AutoQuoter for Lenders
AutoQuoter was built on the foundation of expanding services to the consumer via the website or mobile banking app for lenders.
The consumer is provided an opportunity to find a vehicle of interest using the available inventory from dealerships within a certain distance from the branch, within a county, or across state lines.
While intended for indirect auto loan programs, there is a direct loan model. For indirect programs, organizations such as Dealertrack have provided a platform to connect dealers and lenders. AutoQuoter connects the consumer to this vast ecosystem without the need for software engineers or web developers.
There are 3 main components to the AutoQuoter offering:
- Inventory Microsite
- Credit Application
- Document Upload
Direct to Consumer to Indirect
AutoQuoter has teamed up with HomeNet and can obtain the inventory feed directly from the dealer
AutoQuoter uses the same credit application dealerships send to lenders via Dealertrack
AutoQuoter enables approved buyers to upload a copy of their driver’s license and other documents in advance of the meeting with the dealer