BacklotCars, an online wholesale automotive marketplace, announced recently dealer-driven improvements to its inventory finance business line Float by BacklotCars.
BacklotCars has run its financing unit since 2016. Thousands of purchases on the marketplace have since been financed by the company, and BacklotCars has aggressively expanded Float after recent rounds of funding. Float by BacklotCars has doubled its penetration rate within the marketplace and monthly originations have grown 5x year-over-year.
Driven by feedback from current users and upgraded technology, Float by BacklotCars now tailors plans on a more individualized basis.
"We built Float to be a more transparent and flexible way to pay for inventory," said Ryan Davis, Co-Founder of BacklotCars. "The ability to give dealers a more personalized experience will help us further our mission to make wholesale easy."
When a BacklotCars user applies for Float, the company will now personalize a flat-fee structure based on the applicant's credit quality and financing needs. Dealers who are approved pay one flat fee on purchases every 45 days or daily. Float focuses on a transparent fee structure with no interest or surprise fees and fewer curtailments.
"Building Float in the early stages of the marketplace has been an advantage to both BacklotCars and our dealers," said Justin Davis , CEO of BacklotCars. "The feedback and data we have gathered the last three years informed the improvements we have made and plan to make throughout the rest of the year."
BacklotCars has expanded rapidly in 2019 and now operates in more than 30 states nationwide. Float by BacklotCars works with users in a large portion of those markets.
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