Chase recently announced a partnership with a financial technology company called AutoFi, which helps customers select and finance vehicles through their dealers' website. It's the first time a national bank working on the AutoFi platform.
“AutoFi helps dealers provide a fast and easy digital car-buying experience that consumers want,” CEO of Chase Auto Finance, Mark O’Donovan said. “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.”
According to Chase's research, almost half of the consumers want to purchase and finance cars online.
The platform is a digital retail that connects dealers with buyers and lenders. The bank will deliver the financing terms online via AutoFi's platform, instantly.
Kevin Singerman, CEO of San Francisco-based AutoFi stated, “We are thrilled to partner with Chase. We share a common vision of using technology to deliver a delightful consumer purchase experience." He also said, “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 partnership is the latest example of the bank working with a fintech company to help customers. In the past, Chase has partnered with small business lending, mortgage origination, mobile, and business-to-business payments.