Disrupting the Auto Industry Customer Experience by Digitalization
TEMPE, Ariz. and SAN FRANCISCO, Oct. 11, 2022 /PRNewswire/ — DriveTime, the biggest privately owned used automobile gross sales and finance firm within the nation, is proud to announce that it may well now confirm earnings for almost all of consumers in seconds. No longer the times of printing paystubs and different stipulations, DriveTime has created a course of for patrons to digitally add their paperwork and obtain a assessment response inside seconds by the usage of AI – based mostly optical character recognition (OCR) expertise.
This vital buyer expertise improve has been achieved by a partnership with Informed.IQ, a expertise firm utilized by monetary establishments to immediately and precisely confirm mortgage origination knowledge. Informed.IQ has grow to be the fastest-growing provider of automation software program to the auto finance trade and now counts the vast majority of the nation’s prime auto lenders as clients.
For a number of months, the 2 firms have collaborated to implement the cutting-edge software program, permitting DriveTime clients to electronically add their required paperwork for an auto mortgage utility, eliminating burdensome paperwork and vastly lowering the period of time wanted to get their loans accepted. Typically, the auto mortgage utility course of can take wherever from hours to days. With DriveTime’s new course of, clients can count on that point to be decreased to mere seconds, making it extra handy to get their loans accepted shortly to allow them to drive away fortunately of their new automobiles.
“At DriveTime, we continuously request feedback from our customers. Simplifying the stip upload and income verification process has been at the top of their list. DriveTime is proud to offer this digital capability to allow customers of all financial backgrounds to seamlessly get their auto loan application reviewed and approved in a fast, easy manner,” mentioned Brandon Kreitinger, Vice President at DriveTime.
“It’s been a wonderful working with the dedicated team at DriveTime to bring this new venture to life,” mentioned Justin Wickett, CEO of Informed.IQ. “Gone are the days of having to obtain physical composite documents to complete sales. We are proud to support DriveTime as it continues to find ways to support its diverse customers across the country.”
Over the previous 25 years, DriveTime has made a reputation for itself as a number one innovator within the U.S. auto trade. The firm ensures a car-buying expertise like no different, boasting 99.9% approval odds, no-pressure gross sales advisors, personalised financing choices, and 135+ dealerships. Customers can view hundreds of automobiles on the corporate’s web site and get personalised financing phrases with the clicking of a button. This new performance of providing a digital stip add course of with actual time earnings verification is one other massive leap ahead in disrupting the auto-buying expertise and reworking the shopper journey.
About DriveTime:
Headquartered in Tempe, Arizona, DriveTime is the biggest privately owned used automobile gross sales and finance firm within the nation. With greater than 135 dealerships, 3 operation facilities, and 15 reconditioning facilities throughout the nation, DriveTime’s 4,000+ workers are targeted on getting the fitting buyer in the fitting automobile, on the proper phrases. Starting with choice at public sale, DriveTime sources over 200 completely different automobile makes and fashions. Each automobile is then despatched to reconditioning facilities for inspection earlier than being delivered to the dealership. Once on the lot, DriveTime’s no-haggle pricing mannequin and perception in transparency present a pressure-free gross sales atmosphere for each buyer. Using its proprietary scoring expertise and financing mannequin, DriveTime helps clients get into the automobile that is proper for them, no matter their credit score scenario.
About Informed.IQ:
Informed.IQ makes use of AI and ML to immediately confirm earnings, property, residence, insurance, auto and credit score stipulations, and extra, enabling real-time, dependable credit score selections with out bias. Our fashions course of tons of of doc varieties and consumer-permissioned knowledge sources, automating stipulation clearance. In 2021, Informed processed over 3.4 million credit score purposes, automating $110+ billion in mortgage originations to date. The answer automates verifications with 99% accuracy in seconds with no humans-in-the-loop.
Originally targeted on auto lending, the place six of the highest ten auto lenders use Informed, monetary establishments now use Informed for mortgages, bank cards, private and pupil loans, and automated checking account openings. Visit informediq.com and comply with Informed on LinkedIn.
SOURCE InformedIQ
