Benzinga | Jun 9, 2021 04:09PM EDT

AutoWeb Reports New Strategic Relationship With CreditIQ For Streamlining Of Car-Buying Process

Collaboration Enables Consumers to Calculate Payment Options as Part of AutoWeb's Search Funnel

TAMPA, Fla., June 09, 2021 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (NASDAQ:AUTO), a robust digital marketing platform providing solutions for automotive dealers, agencies and OEMs, today announced a strategic relationship with CreditIQ, a software and service company that enables dealers to provide seamless digital retail experiences to consumers, to provide AutoWeb's visitors access to CreditIQ's retail-ready platform. The collaboration enables shoppers using AutoWeb's search funnel to calculate car payments on a vehicle of interest, streamlining the car buying process for buyers and sellers.

"As we continue to evolve and expand matchmaking capabilities that bring dealers and consumers together, our relationship with CreditIQ enables us to enhance the user experience on our digital marketing platforms by offering OEM-captive and independent lender finance and lease payment offerings to consumers as they make their purchase decisions," said Jared Rowe, president and CEO of AutoWeb. "We're thrilled to incorporate CreditIQ's innovative technology into our consumer experience and could not be more impressed with its technology and its talented team. As we move forward, we expect this relationship to evolve and help us further amplify the caliber of our products and solutions."

AutoWeb began layering these types of new retail-ready components into its consumer experience earlier this year. Providing this additional value supports the company's ability to create more tailored profiles of buyers using its sites to understand what kind of shopping experience they're looking for--enabling AutoWeb to better match them to the sellers that can provide an experience within their preferred parameters, thus improving the process for both parties.

After running a successful test, AutoWeb's analyses showed that introducing digital retailing tools resonated with its consumers. By embedding these features into the later stages of its lead funnel, 39 percent of the consumers who were presented with this functionality engaged with it, and 9 percent of those consumers completed a secondary digital retailing conversion event. These high rates of engagement validate AutoWeb's ongoing product evolution efforts, as they show the potential growth opportunities that greater matchmaking capabilities can help facilitate.

"Our collaboration with AutoWeb provides car buyers easy access to Credit IQ's next-generation digital retail technology to research payment options when they identify a vehicle of interest, giving shoppers the ability to properly evaluate the best vehicle purchase for their budget," said Bill Liatsis, co-founder and CEO of CreditIQ. "We look forward to continuing to work closely with AutoWeb to support its product evolution and performance goals."