SAN MATEO, Calif.–(BUSINESS WIRE)–Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced its new Upstart Auto Retail online platform, which offers an enhanced user experience along with new features . Upstart will showcase its new platform and announce new OEM support and certification at the National Automobile Dealers Association Show (NADA) in Las Vegas, NV on March 11, 2022.
Adoption of Upstart Auto Retail among car dealerships grew nearly 4x1 in 2021 through its unique combination of in-store customization for resellers and online access for customers. Additionally, VW is the latest OEM to announce support for Upstart Auto Retail. Upstart introduced AI-powered financing in 2021, so dealerships can offer affordable financing to more of their customers.
“Dealers on our online platform see 66% of their traffic2 come from mobile devices. If you want to deliver the modern shopping experience that today’s car shoppers expect, you absolutely need a world-class mobile experience,” said Michia Rohrssen, GM of Upstart Auto Retail, “ Buying a new car is not always a linear process, so we designed the new mobile-first online platform not only to adapt to customers’ mobile usage, but also to give the reseller more options to customize for each type of buyer and pace of purchase.
The new version of the online experience will introduce innovative design and features, such as:
To better serve the nearly two-thirds of customers who visit Upstart Auto Retail dealer websites from mobile devices, this mobile approach gives them access to dealer inventory the way they like to shop – on their mobile phone, tablet or desktop computer. Navigator.2 This online and in-store experience gives the salesperson instant insight into customer interests and buying behavior, so they’re better prepared to structure deals when shoppers walk into the dealership.
Many car buyers have a general idea of the car they would like, but are also open to similar models. The navigation mode allows you to filter to search, sort, find and compare the vehicles that interest you throughout the purchase journey.
Improved shopping flow
Every dealership wants to curate a car buying experience around how their customers want to shop. The new shopping flow can be fully configured by a reseller, including rearranging steps, adding or removing steps, hiding steps based on shopper activity, and more.
Save and finish later
Buying a vehicle can be an amazing experience and it’s not something that needs to be rushed. For shoppers who need a bit more time, a “Complete Later” button is now prominently displayed so a customer can save their progress to come back to it later.
Additional OEM and dealer support
VW is the latest OEM to support Upstart Auto Retail, bringing the total number of manufacturers to six, including Toyota, Lexus, Subaru, Mitsubishi and Kia. Plus, top franchise dealerships from 37 top brands3, like Ford, Honda and BMW, rely on Upstart Auto Retail to sell billions of dollars worth of new and used cars and increase customer satisfaction. Nearly $4 billion in vehicles were sold through the Upstart Auto Retail platform in 20214.
Upstart Auto Retail is also expected to introduce a new device-agnostic in-store platform and make its AI-powered financing solution available to more customers across the country later this year.
Upstart Auto Retail’s digital retail platform seamlessly combines the online and in-store experience with financing and management tools, allowing car buyers to browse, buy and close deals as they wish. The Upstart Auto Retail digital retail platform consists of four key components: online, in-store, real-time approvals, and manager portal. The price for the full platform is $599 per month.
Upstart (NASDAQ: UPST) is an artificial intelligence-powered lending platform that partners with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, banks and credit unions powered by Upstart can have higher approval rates and lower loss rates for every race, ethnicity, age and sex, while simultaneously delivering the exceptional digital lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, Calif., and Columbus, Ohio.
1 Based on a comparison of the total number of Upstart rooftop dealerships in the fourth quarter of 2020 and the total number of Upstart rooftop dealerships in the fourth quarter of 2021
2 Based on mobile user visits to dealerships using the Upstart automotive retail platform during Q4 2021
3 Based on the number of brands sold through the Upstart Auto Retail platform as of March 4, 2022
4 Based on the final sale price of all vehicles sold during the period from January 1, 2021 to December 31, 2021