Santander Consumer USA, one of the nation’s largest subprime auto lenders, is launching a digital car-shopping and finance platform with AutoFi.
The new tool will “streamline and enhance” dealership interactions with the auto finance company, Santander said Tuesday ahead of the lender’s second-quarter earnings.
The digital product suite will enable dealers to “self-service” across key vehicle underwriting interaction points with the lender.
Consumers who use the platform can identify vehicles at participating dealers that fit their budget. Listings will also include stipulations from Santander, so shoppers know ahead of time what is needed to ensure faster loan approval and purchase.
These “transaction-ready” shoppers will be directed to participating dealership websites and showrooms, the statement said.
The initial products mark the first iteration of a multiyear partnership between Santander and AutoFi, and they will be available to select dealers in the coming months with a national rollout planned in 2022.
Santander, of Dallas, also operates Chrysler Capital, the private-label lending unit of Santander and Stellantis. The giant lender serves 3.1 million borrowers.
The tools will be accessible to both Stellantis and non-Stellantis dealerships, AutoFi CEO Kevin Singerman told Automotive News.
“Traditionally, finance has not been part of the consumer search and shopping journey,” he said. “This partnership with Santander represents a major step forward in bringing that…