Now BMW is taking a fresh look into the car buying process as it recently announced it will be investing in AutoFi.
AutoFi is a US-based company and retail platform that lets consumers buy and finance their new car and can choose from several financial institutions including those from outside of the dealership. The company has several partnerships with several financial institutions and consumers only need to fill out a credit application to a handful of lenders and get immediate responses. AutoFi believes this drives consumer engagement, completes more sales conversions, and increased F&I penetration.
The company is focused on providing consumers looking to buy a car with a path to both retail and financing solutions. If a consumer purchases a car from a dealership then AutoFi offers financing products. If a consumer chooses to shop and buy online then AutoFi facilitates the sale.
“The AutoFi team has built a cutting-edge solution providing transparency through connecting key stakeholders in the auto financing industry: financial institutions, dealers and consumers,” said Baris Guzel of BMW i Ventures.
“We are convinced that AutoFi has the potential to be the industry standard checkout for all automotive transactions, and we are thrilled to join the journey.”
The company believes the software it is developing isn't designed to remove traditional dealerships out of the retail process. AutoFi aims to update dealer websites so consumers can make fewer trips to the dealership while encouraging easier car sales.
BMW wants to push further into new ways to purchase cars and the company believes by investing in AutoFi they will be investing in its future. The investment is also a push into growing sales, improving customer support, and increasing its ability to adapt and evolve its product offerings.