Business
Upstart Introduces Digital Finance and Online Sales Applications to Offer a Fully Digital Auto Retail Experience
SAN MATEO, Calif.--(BUSINESS WIRE)-- Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, today announced that it will add two
About this update from Upstart Holdings, Inc.
[{"type":"text","content":" SAN MATEO, Calif.--(BUSINESS WIRE)--\nUpstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, today announced that it will add two new applications to its Auto Retail platform – Digital Finance and Online Sales – to offer dealerships a seamless online to in-store car-buying experience, from search to signing. Upstart will showcase the applications at the National Automobile Dealers Association Show (NADA) in Dallas, Texas, Jan. 26-29.\n\nUpstart Auto Retail combines online and in-store digital retail capabilities with financing and manager tools to help dealerships create an omnichannel car-buying experience. In the second quarter, Upstart will add:\n\n\nDigital Finance: Enables a frictionless signing and contracting process, with automated verification, more loan approvals, and next-day funding powered by Upstart’s AI – and no new sales process required for dealers.\n\n\nOnline Sales: Enables the completion of a car purchase entirely online, including financing and e-signing contract documents.\n\n\nBoth applications can be customized to a dealership’s existing software solutions or workflows.\n\n“Engaging customers with a seamless experience – whether shopping from the comfort or their homes or in-store – is the key to winning in the next generation of auto retail,” said Jeremy Nowling, Sales and Digital Retailing Director at Rohrman Auto Group, one of the largest family-owned auto groups in the U.S. “We are excited to continue our partnership with Upstart as it introduces a new range of increasingly flexible and cutting-edge retail and financing software solutions for dealerships.”\n\nAs of Q4 2022, Upstart was the second fastest-growing auto retail software in the U.S., according to Automotive Market Data. In addition to Rohrman, Upstart has also partnered with Del Grande Dealer Group (DGDG), the largest family-owned automotive group in the Bay Area, and 780 dealerships across the U.S.\n\n“In 2022, we launched a successful pilot program with Upstart to extend our leadership in creating a best-in-class digital experience,” said Jeremy Beaver, CEO of DGDG. “We expect to make further progress this year by completing our start-to-finish omnichannel sales approach. Upstart has enabled DGDG to help customers that would have otherwise not had access to reasonably priced auto financing options.”\n\n“Buyi...