Benzinga | Aug 4, 2021 09:05AM EDT

TrueCar Teams Up With AutoFi To 'Provide Car Shoppers a Seamless Financing Experience;' Terms Not Disclosed

TrueCar, Inc. (NASDAQ:TRUE), the most efficient and transparent online destination to find a car, has teamed up with AutoFi, the leading commerce platform for end-to-end digital automotive sales and financing, to provide customers with an easy and seamless process to explore auto financing directly from the TrueCar marketplace.

This new experience will allow consumers who have configured payments on TrueCar and are ready to make a car purchase to apply for financing through their chosen dealer, powered by AutoFi's Lending as a Service.

Consumers are then able to see the offers from a variety of lenders, compare them and decide what's right for their needs. Once they've selected their financing options, including chosen protection products, they can quickly complete the transaction with their dealer.

"AutoFi is a FinTech pioneer in the automotive segment and a proven digital retailing solution used by thousands of dealers. We're excited to partner with them to enable the discovery of auto finance options for our customers. It is yet another way we want to give TrueCar shoppers the best experience possible while making a car purchase," said Mike Darrow, CEO & President at TrueCar.

These new capabilities are a key step in TrueCar's path toward enabling a marketplace-based end-to-end auto buying experience. Consumers can explore pricing, a value for their trade-in, accurate monthly payments, and soon auto financing offers and protection products all on the TrueCar platform.

"TrueCar is laser focused on using leading technology to enhance the consumer experience," said Kevin Singerman, CEO and co-founder at AutoFi. "AutoFi is excited to partner with TrueCar to extend our digital sales and financing solutions, beyond just the dealership's website, but to TrueCar's vast audience of millions of car shoppers."