NEWS: Automotive Retail and FinTech Startup, Digital Motors, Partners With Lender
Digital Motors has entered into a strategic partnership with another fintech company, eLEND Solutions, with the goal of an integrated auto buying and financing experience, according to a May 27 press release. Financial terms of the partnership were not released.
The Irvine startup said that this integration enables auto dealers to get precise information about each customer’s credit qualifications, which can then expedite the sales cycle — all from the convenience and safety of the customers’ homes.
Through this integration, buyers of new or used vehicles of all major brands can make purchases directly from the dealership’s website and instantly apply for leasing or financing online.
Digital Motors launched two years ago to provide online “stores” for car dealerships, as an extension to their existing websites. Car buyers are presented with lease and finance offers on VIN-specific vehicles in inventory.
Now with eLEND Solutions, consumers can now instantly apply for credit online and get access to the same lease and finance options as they would at an in-person dealership.
With more and more customers buying cars remotely, the startup believes that dealerships need robust online stores that enable them to make transactions with customers, instead of just capturing leads.
Andy Hinrichs — previously the co-founder and CEO of AutoGravity — is the CEO of Digital Motors. Hinrichs and a global team of award-winning digital executives and entrepreneurs founded Digital Motors in 2018.
eLEND Solutions offers the retail auto industry a certified, secured platform that enables consumers and dealers to exchange information like credit applications, credit reports and compliance data.