© Can Stock Photo / gunnar3000
Online financial services aggregator SuperMoney will shift the approach of its auto loan portal by yearend to integrate dealers earlier in the process and offer consumers access to real-time inventory, Founder and Chief Executive Miron Lulic told Auto Finance News.
“It’s definitely challenging on the purchase side to get anything funded, because dealers are flipping customers once they get into a dealership,” Lulic said. “Instead of focusing solely on the financing side, we want to focus on lead generation for dealers so that we get these high-quality prospects who have been preapproved for financing, and then we can get into lead sales for dealerships.”
Since launching the auto portal in August 2017, SuperMoney has facilitated more than $200 million in financing requests through a network of lending partners that includes Chase Auto Finance, BMW Financial Services, Santander Consumer USA, and others, according to its website. Lulic declined to disclose a full list of lenders, however auto is SuperMoney’s fastest growing segment compared with other consumer financial products such as mortgages and credit cards.
Most of SuperMoney’s customers have subprime credit, prompting the company to seek more lenders in that credit tier.
“As an aggregator, we’re trying to bring in more options for everyone,” he said. “Maybe people who are more subprime tend to be seeking out the loans more aggressively, whereas someone with better credit just expects a better rate [at the dealership.]”
Source : AutoFinanceNews
