CARS UNLOCKS INSTANT CREDIT APPROVALS POWERED BY CREDITIQ, DEALER KEEP CONTROL IN DIGITAL FINANCE
CHICAGO, March 8, 2022 /PRNewswire/ — Autos.com Inc. (“CARS”), the leading automotive marketplace platform offering a robust set of digital solutions, has activated its new turnkey digital financing technology powered by CreditIQ. It will be available to dealers on the CARS platform – at no additional cost – at the National Automobile Dealers Association (NADA) Convention & Expo in London Las Vegas at 11-13 March.
According to a recent CARS survey, 76% of buyers in the market plan to do all the paperwork and financing online. Likewise, 66% of dealers prefer their customers to complete the majority of their car buying process online¹.
“We are pleased to see the CARS family have joined forces with CreditIQ and their technology to expedite the transaction for the dealer and limit the customer’s time at the dealer with approval processes built into the technology,” he said Blake Granthaman early adopter of CreditIQ technology and Director of Business Development and Internet Sales for Rusty Wallace ChevroletGM one Clinton, Tennessee.
CreditIQ’s instant loan approval technology allows buyers to apply for financing on merchant websites and Cars. com Marketplace to get an instant decision from a merchant’s selected lending partners. The company’s unique “BYOL” (Bring Your Own Lender) approach – an industry first – ensures that the technology can be implemented without the need to change a retailer’s existing in-store processes or back-end systems.
“The data clearly shows that consumers and dealers alike are ready to digitize the car buying process, and with the right technology, it’s a lot easier than many dealers think,” said Bill Liatsis, vice president at CARS and founder of CreditIQ. “With CreditIQ, merchants don’t need to change anything in their funding process, systems or lenders. You plug in and go, and immediately start attracting happier, pre-approved customers. The extra time gained allows traders to discuss their valuable financial products for greater profitability while stepping right past the price haggling. They have great cars and willing buyers who want the option to move forward. We want to make sure our dealers have the opportunity to offer this option.
The new digital financing technology from CARS is now available to its customers as added value March 11. Traders can schedule an appointment to view a demo and learn more here or visit the CARS booth (#3421) in the West Hall at the Las Vegas Congress Center during NADA Expo.
¹CARS consumer metrics, December 2021
CreditIQ, a Cars.com Inc. company, enables dealers and OEMs to increase the speed and profitability of their customer experience through instant financing approvals. Built to work seamlessly with 800+ lenders and 1,700 technology integrations, CreditIQ provides the most flexible fintech solution for local merchants to improve and accelerate their existing processes and backend systems. Now part of the connected CARS platform, CreditIQ can convert in-market buyers into pre-approved customers by funding deals directly from Cars.com, Dealer Inspire sites and the modern end-to-end retail solution Online Shopper. For more information visit http://www.creditiq.com.
ABOUT CARS.COM INC.
CARS is the leading automotive marketplace platform, offering a robust set of digital solutions that connect car buyers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicagothe company provides buyers with the data, resources and digital tools they need to make informed purchasing decisions and connect seamlessly with automotive dealerships. In a rapidly changing market, CARS enables dealers and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence in-market buyers, increase inventory turns and gain market share.
In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider developing solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which empowers dealers and OEMs to harness the untapped power of digital video by connecting Cars.com’s pure audience of car buyers in the marketplace, DealerRater, a leading platform for car dealer rating and reputation management, automotive fintech platform CreditIQ and Accu-Trade Group, a leading provider of vehicle acquisition technology and appraisal data.
The full suite of CARS properties includes Cars.com™, inspire traders®, FUEL™, DealerRater®, CreditIQ™, Accu Trade™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information visit www.autos.com.
SOURCE Cars.com Inc.