Chase Partners with AutoFi to Deliver Digital Car-Buying for Dealerships across the Country
Chase is the first national bank on the AutoFi platform.
NEW YORK, NY Jan 11, 2018 Chase announced today a partnership with AutoFi, a financial technology company that helps customers select and finance vehicles through their automotive dealers’ website and reduce the time it takes to complete the sale. Chase is the first national bank on the AutoFi platform.
“AutoFi helps dealers provide a fast and easy digital car-buying experience that consumers want,” said Mark O’Donovan, CEO of Chase Auto Finance. “Our customers are our top priority – both dealers and car buyers. We want to provide them with the best financial experience whether they are in a dealership or online.”
Nearly half of consumers want to purchase and finance vehicles online, Chase’s research has found.
The AutoFi digital retailing platform connects dealers with buyers and lenders. Chase will deliver financing terms online through the AutoFi platform, often within seconds.
“We are thrilled to partner with Chase. We share a common vision of using technology to deliver a delightful consumer purchase experience,” said Kevin Singerman, CEO of San Francisco-based AutoFi. “Our partnership brings tremendous value to the dealer community leveraging the breadth of Chase’s full spectrum lending and automated capabilities to deliver a comprehensive digital retailing solution to dealers across the nation.”
This is the latest example of Chase working with a leading fintech company to help customers with their finances. Other recent partnerships have addressed small business lending, mortgage origination, mobile payments, and business–to-business payments.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.6 trillion and operations worldwide. Chase serves nearly half of America's households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,200 branches, 16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com
AutoFi is a financial technology company transforming the way cars are bought and sold. The company’s platform allows auto dealers to sell vehicles completely online by connecting buyers with lenders in a fast, easy and transparent process. AutoFi’steam includes industry leaders from enterprise software, finance, automobile and consumer sectors who previously worked at companies including Lending Club, PayPal, and SunGard. AutoFi’s investors include Ford Motor Credit Company, Crosslink Capital, Lerer Hippeau Ventures and Laconia Capital Group. For more information, visit www.autofi.com.
Shannon O'Reilly, Shannon.Oreilly@jpmorganchase.com