Santander Consumer USA Holdings Inc. (NYSE: SC, or the Company) today announced that it will work with automotive technology leader AutoFi to streamline and simplify the car-buying process for consumers, while giving dealers a robust digital sales channel.
AutoFi connects dealers, consumers and lenders to provide a more convenient, efficient and transparent experience when researching and purchasing vehicles. AutoFi’s platform allows consumers to lease or purchase a new or used car through a dealership’s website whether they shop online, in the dealership or both. AutoFi’s network of lenders provides consumers with a range of real-time financing options and the ability to customize their financing terms. AutoFi can then guide consumers through trade-in valuation and optional additional products for their vehicle.
“Working with AutoFi is a win for consumers and a win for dealers,” said Rich Morrin, SC’s President of Chrysler Capital and Auto Relationships. “Our customers get a faster, easier and more personal car-buying experience, and the technology facilitates a more streamlined process for our dealers. Santander Consumer USA’s digital strategy has always been about connecting consumers to cars they love and want to drive, with payments they can afford. AutoFi’s platform, along with SC’s digital platform RoadLoans.com, helps us do just that.”
“Santander Consumer USA has a clear focus on using technology to enhance the customer experience,” said Kevin Singerman, CEO of San Francisco-based AutoFi. “Working with Santander will help expand the digital market for dealerships, making it easier for a wider array of consumers to secure online financing. Together, we look forward to delivering a convenient and transparent vehicle purchase journey.”
Santander InnoVentures (SIV) is Banco Santander’s financial technology venture capital fund, which will make an investment in AutoFi. SIV funds companies globally to support their growth and success, and connect them with Santander’s businesses to enable mutually beneficial strategic relationships. Manuel Silva Martínez, Partner and Head of Investments at SIV, on the investment in AutoFi: “Customers demand the same digital and ecommerce-like experience when buying a car as they do in other areas of their lives. AutoFi is enabling car manufacturers, dealers and car selling platforms to adapt to the changing customer needs, while building what we believe will be an industry-changing business. We are very happy to support AutoFi as we shape the future of the auto finance industry together.” Mr. Silva Martínez will join AutoFi’s Board as Board observer.
About Santander Consumer USA
Santander Consumer USA Holdings Inc. (NYSE: SC) (“SC”) is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 2.6 million customers across the full credit spectrum. The Company, which began originating retail installment contracts in 1997, has a managed asset portfolio of approximately $49 billion as of December 31, 2017, and is headquartered in Dallas. (www.santanderconsumerusa.com)
About Santander InnoVentures
Santander InnoVentures is Banco Santander’s $200 million corporate venture fund. It is tasked to find and qualify prospective fintech businesses that will help Santander innovate with a purpose – either to transform the bank or serve customers better. As an active investor, Santander InnoVentures provides capital, scale and expertise to help ambitious founders build and grow their fintech business internationally.
Since launching in 2014, the fund has invested in 19 portfolio companies and an impressive 70% of the fund’s portfolio companies are now in commercial engagements with Santander Group.
AutoFi is a financial technology company transforming the way cars are bought and sold. AutoFi’s platform allows auto dealers to sell vehicles completely online by connecting buyers with lenders in a fast, easy and transparent process. AutoFi’s team includes industry leaders from enterprise software, finance, automobile and consumer sectors who previously worked at companies including LendingClub, PayPal and SunGard. AutoFi’s investors include Ford Motor Credit Company, Crosslink Capital and Lerer Hippeau Ventures. For more information visit www.autofi.com.