Upstart Enhances AI-Powered Auto Financing Platform to Boost Dealership Efficiency

Upstart Unveils Upgrades to Auto Financing Platform | PYMNTS.com

Artificial intelligence (AI) lending marketplace Upstart has introduced enhancements to its auto retail platform. The updates, announced Wednesday (Jan. 15), help car dealers streamline financing and close sales more quickly. "With consumer confidence and vehicle sales on the rise, and the majority of car buyers still preferring to complete their purchase at a dealership, the ability to deliver a high-quality in-store experience -- including financing -- is imperative for dealers," Upstart said in a news release. "Upstart's new In-Store and Financing capabilities make that possible by saving crucial time in the showroom and generating deals with higher margins." The new enhancement includes a redesigned layout that places "critical profit information and key workflows upfront for easy access." This lets sales managers adjust deal details such as payment and financing options into one view. There's also a new credit dash that offers initial, complimentary FICO Auto Scores on soft pulls, a downloadable credit report, and fraud and compliance checks for each customer. "This enables dealers to better prepare for a customer's visit to the showroom, make informed financing decisions, and streamline approvals without the need to switch between multiple service providers," the release said. PYMNTS wrote last month about auto dealers' embrace of AI. This move has driven revenue gains for these car sellers, according to a recent survey by auto customer information company Fullpath. That survey also showed that four out of five car dealerships plan to increase their AI spending during 2025, using the technology for areas like customer support, personalized marketing campaigns and optimization of digital advertising. As PYMNTS wrote, this "tech is transforming the traditional dealership model by analyzing customer data gathered during sales to personalize offers and provide digital tools that give consumers more control over their purchases." Other dealerships have added AI-powered chatbots to their websites to promptly address customer inquiries and schedule appointments, improving response times substantially. "With AI platforms, dealerships gain a comprehensive view of the buying experience from start to finish, including online browsing habits and past purchase history, allowing them to accurately predict who is most likely to buy and when," David Boice, the CEO and co-founder of Team Velocity, a B2B automotive tech company, said in an interview with PYMNTS.

Upstart Unveils Enhanced Showroom and Auto Financing Solutions that Boost Dealership Sales, Elevate Customer Experience - Upstart Hldgs (NASDAQ:UPST)

Upstart UPST, the leading AI lending marketplace, today announced the largest and most significant set of product enhancements to the In-Store and Financing solutions on its Auto Retail platform. The enhancements empower dealerships to more easily configure and efficiently manage the sales process, desk deals, streamline financing workflows, and close sales more quickly. With consumer confidence and vehicle sales on the rise, and the majority of car buyers still preferring to complete their purchase at a dealership, the ability to deliver a high-quality in-store experience -- including financing -- is imperative for dealers. Upstart's new In-Store and Financing capabilities make that possible by saving crucial time in the showroom and generating deals with higher margins. "Upstart Auto Retail has vastly improved how our sales and F&I teams operate, speeding up the deal process and making it easier to get customers the financing they need to buy the car they want," said Chad Bouchard, General Manager of Ron Bouchard Honda and Kia. "Now, we're selling as many as five more cars per salesperson per month." Upstart Auto Retail offers a fully connected and customized retailing platform that can cut the deal time in half and drive more sales -- whether dealers sell using a single point of contact or multiple teams, or credit first or pencil first. The new enhancements include: Faster, Flexible Desking: A redesigned layout puts critical profit information and key workflows upfront for easy access. Sales managers can adjust all deal details -- including multiple down payment options and finance, lease, and cash options -- in one view with just a few clicks. These details can be presented to customers through an easily customizable digital payment worksheet. The result: Salespeople can now desk deals in under a minute. Deeper Credit Insights: A new credit dashboard offers initial, complimentary FICO Auto Scores on soft pulls, a downloadable credit report, and fraud and compliance checks for every customer at credit app submission -- all within Upstart Auto Retail. This enables dealers to better prepare for a customer's visit to the showroom, make informed financing decisions, and streamline approvals without the need to switch between multiple service providers. More Efficient, Profitable Financing: In addition to halving the number of steps needed to complete a loan, a new AI-powered offer and rehashing module displays approvals from Upstart and other lenders. Offers with lower APRs or better terms are proactively highlighted so finance managers pick the right offer to close the deal. Upstart dealer partners have leveraged these features to generate loan-to-value ratios as high as 185% and realize higher profits overall. "Upstart is delivering innovative, modular solutions that address the evolving needs of dealers and their customers, from car shopping to financing," said Alex Rouse, Upstart's General Manager of Auto. "By further optimizing the desking and financing processes, we now offer an even more seamless and efficient car-buying experience -- from the customer's couch to the showroom floor." The In-Store and Financing enhancements are available to dealerships nationwide. To learn more, and see the desking tool in action, go here. Upstart will showcase its full auto retail platform at the National Automobile Dealers Association Show (NADA) in New Orleans, Jan. 23-26. Visit us at Booths 2119 and 2127 to see a demonstration. About Upstart Upstart UPST is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart's AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Founded in 2012, Upstart's platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar "relief" loans. Upstart is based in San Mateo, California, and also has offices in Columbus, Ohio and Austin, Texas. View source version on businesswire.com: https://www.businesswire.com/news/home/20250115673226/en/ Tom Brennan [email protected] UPSTUpstart Holdings Inc$61.467.82%WatchlistOverviewMarket News and Data brought to you by Benzinga APIs